Personal emergency response systems are devices that work like a distress whistle for the digital age. True to their name, these systems send out a distress signal to signified recipients, alerting them of the personal emergency that the wearer is suffering and thus facilitating a timely response.
A global personal emergency response system market is usually synced with a smartphone to enable wireless connectivity. A switch worn at a level that would be easily accessible during emergencies, usually around the neck or the wrist, has to be pushed to activate a personal emergency response system. Thereafter, the system automatically sends a message to the intended recipient. Advanced personal emergency response systems even allow the caller to converse with the recipient, allowing him/her to explain the precise nature of the personal emergency.
Rising Geriatric Population Fuels Personal Emergency Response Systems Market
Personal emergency response systems are mainly used by people who have conditions that may necessitate urgent medical care but often lack the mobility to get to a hospital in time. Thus, personal emergency response systems are a natural fit for the geriatric population.
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The global geriatric population is rising steadily; according to the U.S. Census Bureau, the geriatric population in the U.S. is set to more than double from its current value till 2025, reaching 74 mn. By 2025, the global geriatric population is also expected to more than double, and will in the process exceed 1 bn. The higher tendency of the geriatric population to require healthcare services will enable the rapid rise of the global personal emergency response market in the coming years.
Demand for Home Healthcare Boosts Personal Emergency Systems Market
The rising geriatric population benefits the global personal emergency response systems market in another way: by increasing the demand for home healthcare services.Due to the comfort provided by staying in the familiar environs of their homes, the elderly often prefer receiving medical care in their homes instead of getting admitted into hospitals. It is also less costly than hospitalization, and also helps hospitals use their resources effectively. Up to 90% of baby boomers have shown the inclination to receive medical treatments in their own households. This has elevated the demand for various services and devices required in a home healthcare setting, such as nurses, biological sensors, and remote monitoring. Personal emergency response systems are also a major part of the home healthcare scenario, as they are the easiest way of alerting the medical authority about an emergency.
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Influx of New Players to Shape Market Growth Trajectory
At present, the global personal emergency response systems market is dominated by a few major players, since profit margins haven’t climbed to sustainable levels yet and acceptance of the devices remains low. Major players currently dominating the personal emergency response systems market include Tunstall Healthcare, Philips Lifeline, ADT LLC, Life Alert Emergency Response, Inc., and Numera, Inc.
However, with the rising popularity of personal emergency systems, many new players are expected to venture into the market in the coming years. The market is expected to witness a high amount of tie-ups between personal emergency response system manufacturers and healthcare providers such as physician offices and hospitals.
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