As per our research report, the global PERS market size is estimated to grow at a CAGR of 5.3% from 2022 to 2027, and the market size is estimated to reach USD 5.29 Billion by 2027 from USD 4.09 Billion in 2022.
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PERS or personal emergency response systems are medical aid. Emergency systems provide the buyer with a transmitter device, which can be worn on the arms or around your neck. When this transmitter is activated/pressed/enabled, it sends signals to an emergency response center and connects your call to the center. The call center respondent will listen to your medical emergency, immediately assess the situation, and send help your way. These centers even keep a record of the patient’s medical history to be able to help adequately during any emergency. His system enables users to call for help by pushing a button. These devices are not covered by insurance companies and are to be bought/rented/leased by the consumer. They also charge a service and monitoring fee to the consumer every month. Therefore, this system is an excellent way to protect yourself from sudden or unexpected loss of life.
HOW DOES COVID-19 IMPACT THE PERS MARKET?
The COVID-19 pandemic brought chaos to many parts of the world. The substantial decline in the economies of many nations was caused by the accumulated losses endured by numerous enterprises, industries, and firms in both the goods and services sectors. Many corporate godowns had to close due to the limited delivery and transportation of commodities. Due to lockdowns and quarantines, a sizable part of service firms was shuttered. Nationwide unemployment increased, and government relief funds could not cover a significant portion of the economic loss. One of the most badly impacted industries was the healthcare industry, which had to deal with an influx of COVID-19 patients and a shortage of hospital supplies and qualified staff. In addition, many medical diagnoses and treatments for other departments and hospitals were delayed due to the epidemic.
However, the pandemic had a negative impact on the global PERS market. As the supply chain for the equipment was disrupted due to a lack of accessibility to transportation and production was halted due to lockdowns, the market suffered significant losses during the pandemic. However, in the post-covid-19 era, the market is expected to have substantial revenue due to more people opting for PERS to avoid risky situations. In addition, the older populations are even more cautious and appreciate the quick response of PERS and its connections with telemedicine which helps it assist at home. Therefore, the pandemic has had a mixed impact on the market.
The rising awareness majorly fuels the growth of the global PERS market among the common population regarding the importance of self-care and well-being. Moreover, the PERS is connected to modern technologies in the form of applications for android and ios systems and therefore promotes telemedicine and information technology in the healthcare industry. This encouragement of healthcare software, which enables at-home services for patients, is proving to be the vantage point of the market.
The PERS market is further driven by the growing chronic diseases and the need for social care services encouraged by propelling geriatric populations worldwide. In addition, medical emergency systems help to assist and protect a patient 24/7, day or night. The system serves as a protection for the consumers and ensures the safety of health.
Therefore, the market is supported by people with diseases that could lead to emergencies like cardiac problems, diabetes, asthma, cancer, etc., and helps them reach out for help whenever they need it. These system benefits are much appreciated, especially in a post-pandemic world, accelerating the growth of the global PERS market.
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SEGMENTS COVERED UNDER THIS REPORT:
- Mobile Based
- Landline Based
By End User:
- Home-Based Users
- Senior Living Facilities
- Assisted Living Facilities
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
KEY MARKET INSIGHTS:
Based on the type, owing to the benefits of a handy technological device like a mobile phone, the mobile-based segment dominated the PERS market in 2021 and is expected to continue dominating the market throughout the forecast period. The accessibility, ease of use, GPS, wireless connectivity, and advanced 4G reach are all the benefits associated with a mobile phone leading to the segment’s dominance in the market. In addition, the prevalence of mobile phones in the modern world is also a reason for its dominance.
Based on the end-user, the home-based user segment dominates the market as the PERS service is the most needed in a home care setting. A personalized emergency response service is the most vital when a person is in the safety of their home and does not expect any accidents to occur. People are the most relaxed and not on guard at home, so when a medical emergency occurs, they are caught by surprise and often are delayed help. As a result, the home-based segment dominates this market. Additionally, assisted living at home requires PERS systems for the patient’s continuous monitoring.
North America is expected to dominate the market for PERS worldwide during the forecast period. This dominance is due to the rising geriatric populations and incidences of chronic diseases in countries like the US and Canada. The market in the region is also on the rise due to the increase in cases where the elderly fall and injure themselves. Old age weakens the body, and even the slightest of injuries can be fatal to a patient. Therefore, the prevalence of falling cases is driving the region’s market. In addition, according to the reports from the CDC, around 50% of the adults in the US have at least two chronic diseases as of a 2017 report.
The European market is right behind North America and is expected to hold a big chunk of the revenue for the market during the forecast period. This region’s advancement is due to the technological innovations in the areas and the growing public awareness about self-health care and rising geriatric populations.
The Asia-Pacific and Latin American markets are on the rise due to recent support from governments in countries like India, China, Japan for the Asia-Pacific, and Brazil for Latin America. In addition, the need for better healthcare infrastructures and services, the rise in disposable incomes, and lenient government policies are drawing revenue towards these regions.
The market for the Middle East and African countries is developing because of innovations in the field and the demand and application of PERS in the region.
KEY MARKET PARTICIPANTS:
- ADT Corporation
- Life Guardian Technologies LLC
- Koninklijke Philips N.V.
- Tunstall Healthcare Group Ltd
- Bay Alarm Medical Company
- Philips Electronics N.V.
- Alert One Services LLC
- Medical Guardian LLC
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