Market Research Future published a research report on “Personal Emergency Response Systems Market Research Report – Global Forecast till 2024” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2024.
Global Personal Emergency Response Systems Market is gaining prominence from the growing semiconductor industry. Market Research Future suggested that the global personal emergency response systems market is touted to expand at 7.3% CAGR and would achieve a valuation of USD 5,032.5 Million from of USD 1327.7 Million in 2018, during the forecast period (2018-2024). Increasing geriatric population is the significant factor that is driving the market to a greater extent.
Personal emergency response systems refer to the devices that let the elderly or disabled individuals get assistance in case of emergencies. These devices are designed for wearing on wristbands or neck pendants that alerts at the time of emergency when required.
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Market Drivers & Trends
The market is gaining traction owing to the implementation of policies to increase the quality of home healthcare in support of independent living, development, and innovative healthcare services. It is the trend of living of individuals independently has also encouraged the mass adoption of this product, thus thriving the growth at a rapid pace.
At the same time, the proliferation of IoT and similar connected technologies have also emerged as a significant factor behind the market’s growth over the years. With this, such technology will also force the market to gain prominence during the forecast period as well. On the other hand, rising ownership of smartphones and wearable devices, especially for health monitoring, have also contributed extensively to the market’s growth. The necessity for convenient and user-friendly medical alert devices are also to motivate the global Personal Emergency Response Systems Market and would cater the same in the market’s growth period.
On the flip side, the factor of risk in consideration with data security of individuals is posing to limit the market’s growth during its growth period and would result in less adoption of personal emergency response systems across the world.
According to the study, MRFR has segmented the global personal emergency response systems market into the elements of type and end-user.
- In terms of type: Landline, mobile (Wireless, Cellular, and GPS-based) and standalone (Transmitters, Standalone Voice Communicator, Wandering System, R-cube/V-cube Monitoring System) are the segments.
- In types of end-user: Home-based users, senior living facilities, and assisted living facilities are the segments.
The prominent players in the global personal emergency response systems market are – Alertone Standalone PERS, LLC (US), Koninklijke Philips N.V. (Netherlands), ADT Corporation (US), Valued Relationships, Inc. (US), Nortek Security & Control LLC. (US), LifeStation, Inc. (US), Bay Alarm Medical (US), Medical Guardian LLC (US), Tunstall Healthcare Group Ltd. (UK), GreatCall (US), Guardian Alarm (US), MobileHelp (U.S) among others.
Depending on geographical analysis, the global personal emergency response systems market is studied across the key regions of Asia-Pacific, North America, Europe, and the rest of the world.
Among these, North America and Europe at present observed technology up-gradation and established many medical devices, one of them is the personal emergency response systems. These devices have been used in government institutes in developing regions and many other medical as well as residential areas. Thus, the region observed a leading notion for the personal emergency response systems market during the forecast period which caused due to the shift from fee to value-based healthcare services in the region.
The Asia Pacific is also observed to be a significant motivator of the market throughout the forecast period due to the growing healthcare sector mainly in countries like India, China, and Japan. These regions are continuously contributing to the medical industry, the healthcare sector by implementing research and developments, which resulted in the invention of personal emergency response systems. Its high adoption in these regions have significantly cultivated the market since past years and would continue motivating the market to grow throughout the growth period.
- Professional service providers
- Research and development companies
- Market research and consulting firms
- Solution providers
- Component standards organizations
- Component investors
- System Integrators
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