The global geriatric population is a witnessing steady rise and this has resulted in the demand for personal emergency response systems. A majority of the aging population prefers living alone or with caretakers. Caretakers include children who classify under the working class. Since the children are unable to take care 24x7 this is driving growth in the personal emergency response systems market. The global personal emergency response systems market is estimated to value US$3.42 bn in 2016 and is expected to rise at a steady CAGR of 8.0% for the forecast period of 2016 to 2024.
Patients with Alzheimer’s and Dementia Restraining Market
The global personal emergency response systems market is dependent on the user triggering the device to get help. But in the case of patients with dementia and Alzheimer’s, their lapse in memory or coherence might not trigger the panic mode in them, thus rendering the personal emergency response system moot. According to figures from the Unites Nations, over 900.9 million people came under the geriatric population demographic in 2015 and among that 12.5% of the population over the age of 65 suffered from Alzheimer’s and 45% of the population over 85 had Alzheimer’s. This accounts for a major chunk of the personal emergency response systems market target group, resulting in a major restraint.
Insurance Reimbursements Driving Demand in Low-income Groups
Personal emergency response systems are not affordable to all, making it difficult for lower-incomes groups to gain access. However, with insurance companies providing favorable reimbursements, the global personal emergency response systems market has received a tremendous boost. Moreover, a majority of the population has become tech savvy, including geriatrics, resulting in the rising use of smartphones. Players within the personal emergency response systems market have been teaming up with mobile app developers to offer consumers a wider range of emergency response systems. This has significantly driven the global market.
North America Surges Ahead of Europe in Global Personal emergency Response Systems Market
North America has the largest density of companies in the global personal emergency response system. Additionally, the region has a larger prevalence of people suffering from various chronic as well as CNS-related disorders. This rising expenditure on healthcare is one of the major factors responsible for the growth of the personal emergency response systems in North America. Apart from being the largest market for personal emergency response systems, the region is also expected to grow at the highest CAGR for the forecast period.
Europe comes in second and this growth can be attributed to the high demand for personal emergency response systems stemming from a massive geriatric population in the region. An increase in the number of people suffering from neurological disorders has also resulted in the high demand in the market. Asia Pacific and MEA possess immense scope for growth in the personal emergency response systems market. Recognizing this potential, several major companies in Europe are targeting consumers from other regions as well. Latin America is expected to grow at a slow CAGR due to the lack of awareness about personal emergency response systems among the population.
Key players in the global personal emergency response systems market include MobileHelp, Bay Alarm Company, Koninklijke Philips N.V, Medical Guardian LLC, Tunstall Healthcare Ltd., ADT Security Services, and LifeWatch USA.
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