The global personal emergency response system market refers to the device used by an aging population and driven by many factors such as the rising number of health-conscious people, high adaptation rates, and new technology innovations.
The global personal emergency response systems market expected to spur market share by USD 3.3 billion with exponential CAGR in the forecast period from 2020-2027. The increase in the elderly population, the trend to promote the independent life of the elderly, the expansion of the introduction of personal action emergency response systems, health care reform, government financial support, and other factors promote the growth of this market.
The personal emergency response system is a medical alert system that notifies friends and family in case of falling or medical emergencies. The personal emergency response system is beneficial for senior citizens as millions of senior citizens fall every year.
The development of the emergency industry can not only provide material security, technical support, and professional services for preventing and responding to emergencies. To meet the ever-increasing demand for emergency products and services in all aspects of society and to enhance emergency rescue ability to respond to emergencies and resist the risks of the whole community.
Moreover, the ability is also conducive to adjusting and optimizing the industrial structure and promoting independent innovation and technological progress in related industries. Vigorously developing the emergency industry is an important task to improve the ability and level of response to emergencies and to ensure high-quality economic development.
The development of advanced sensors for fall detection, the implementation of AI and IoT for personal emergency response systems, and the large-scale use of R&D funds have also contributed to the department’s growth.
The personal emergency response system is raising its market demand for users of assisted living facilities that will help grow the highest compound annual growth rate. The geriatric patients, older people with diabetes, chronic obstructive pulmonary disease (COPD), and heart disease are prone to fall, and if left untreated, it may cause serious injury. Therefore, a personal emergency response system provides independent, assisted living facilities for the elderly and can use emergency services.
The medical costs increase year by year due to the rise of chronic diseases such as cardiovascular diseases, cancer patients, and others. Therefore, medical insurance companies need to improve their competitiveness by merging with other companies or outsourcing services. For hospitals and doctors, this means saving costs while providing better services. Patients are increasing to take control of their health by adopting a personal emergency response system that analyzes patients’ health and reduces the chances of emergencies.
Based on type, the global personal emergency response systems market classified into Landline, Mobile, and Standalone. The mobile PERS segment dominated the largest market share in the global emergency response systems market. The mobile personal emergency response system (mobile PERS) functions perform a similar role, such as a landline personal emergency response system. However, the difference between mobile PERS and landline PERS is that instead of cables and connecting wires, it uses a combination of GPS, cellular, and Wi-Fi technologies. It also refers to standalone personal emergency response systems that are individual devices equipped with transmitters, monitoring systems, and communication systems.
Moreover, with the rising nuclear families and older population, the emergency industry is also propelling to reduce financial costs for the government when dealing with natural disasters, accidents, and public safety hazards. Also, mobile PERS is useful for older people having diabetes, chronic obstructive pulmonary disease (COPD), heart disease, etc. It is due to the high risk of falling and the possibility of serious injury.
Based on end-use, the global personal emergency response systems market categorized into Home-based Users, Senior Living Facilities, Assisted Living Facilities. Home-based users dominate the largest end-use segment in the global personal emergency response systems market in the forecast period from 2020-2027. It mainly owes to provide emergency help to an individual in case of emergency as personal emergency response systems devices are connected with phones or alarm and are programmed to signal a response center upon activation of help or a push button. The person receiving the signal at the end through radiofrequency can interact with patients to decide what action to take.
Moreover, patients using personal emergency response systems have reported many satisfactory results and have helped them increase control over their lives. Also, it partially reduced dependency on others, and more importantly, gives is peace of mind. Therefore, all these favorable factors will continue to augment the global personal emergency response system’s growth.
Based on geography, the global personal emergency response systems market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America is the world’s fastest-growing global personal emergency response systems market, accounting for the largest share. It is mainly due to the rising disposable income of the population, the tradition of independent living, rising older people, and emerging cases of chronic diseases propelling the market share and adoption of personal emergency response systems in North America.
Companies such as Alertone Services LLC, Cisco Systems, Inc., Nortek Security and Control, VRI, Honeywell International, Inc., Tunstall, Robert Bosch GmbH, GreatCall, Inc., Koninklijke Philips NV, ADT Inc and others are key players in the global personal emergency response systems market.
Personal emergency response systems are the systems that enable help in an emergency by pushing a button.
New technological innovations, a rising number of health-conscious people, and high adaptation rates are key factors to drive the growth of the personal emergency response systems market.
Globally, the personal emergency response systems market will reach USD 3.3 billion.
The personal emergency response systems market is growing at a CAGR of 7.3% during the forecast period.
Home-based Users, Assisted Living Facilities, and Senior Living Facilities are the key end-user industries of personal emergency response system products.