Rising prevalence of disorders such as Alzheimer's disease, stroke, etc., especially in the elderly population, poses a risk of emergency situations. According to the World Health Organization, around fifty million people worldwide suffer from dementia, and there are nearly 10 million new cases every year, with almost 60% living in low- and middle-income countries. The global personal emergency response systems market is estimated to be valued at US$ 4.0 Bn in 2018, and is projected to witness stable growth during the forecast period. Factors such as introduction of technologically-advanced and miniaturization of products, along with rising awareness for personal emergency response systems among the geriatric population, are expected to fuel demand for personal emergency response systems (PERS).
Rising Adoption of Smartphone among Ageing Population Encouraging Manufacturers to Introduce Advanced Technologies
According to the United Nations Department of Economic and Social Affairs, the global ageing population is expected to reach 1.4 Bn by 2030, which makes broader availability of target customers for personal emergency response systems. Data from national surveys in 2015 in the U.S. revealed that, almost half of the baby boomers search online for some health-related issues such as ordering prescriptions or for any kind of health information. Growth in the personal emergency response systems market is expected to be driven by rising adoption of mobile smartphone-based applications for senior citizens’ health management and enhancements in medical alert services. Technological advancements in personal emergency response systems such as two-way voice communication and medication reminder notifications are also expected to propel the growth of the personal emergency response systems market.
Key players in the personal emergency response systems market are focused on integrating advanced technologies such as managing accounts for billing, sharing documents, and real-time access to personalized care plan. In January 2019, Philips Lifeline introduced Philips Cares app, which tracks patient’s well-being and offers medication reminder.
PERS Market: Remote Patient Monitoring to Reduce Economic Burden
Rise in ageing population has led to shortage of the labor force participation to population ratio. The rising proportion of ageing population, which is dependent on relatives and government support for healthcare and well-being, creates economic burden on government expenditure. Personal emergency response systems provide monitoring of the elderly in the form of preventive care. Remote patient monitoring enables mitigation of patients at risk and helps reduce hospitalization rate, improves therapy outcomes by continuous monitoring, and ultimately reduces healthcare costs. It benefits not only patients but also physicians, hospitals, federally qualified health centers and other care providers to understand and evolve services in the form of novel products.
Regional Analysis of Personal Emergency Response Systems Market
Increasing prevalence of chronic diseases and rising number of injuries from fall are factors expected to further drive demand for personal emergency response systems in North America. The concentration of companies offering personal emergency response systems in North America is relatively more as compared to other regions, resulting in intense competition in the PERS market in the region. To increase sales, companies are offering discounts and manufacturing cost-effective products. Europe is the second-most lucrative personal emergency response systems market. The overall ageing population in Europe is adopting smartphone-based applications and wearable devices. The region accounts for 11.2% population suffering from neurological disorders in the world.
PERS Market: Analysts’ Viewpoint
Increasing adoption and dependence of the geriatric population on smartphone applications for medication reminders, tracking health data, and preventive care are expected to increase the demand for personal emergency response systems. The demographic shift of the population pyramid from Stage 1 to Stage 4, globally, is anticipated to increase the availability of a larger target market for manufacturers during the forecast period. The positioning and marketing of alert devices strategically are anticipated to offer lucrative opportunities for companies existing in the value chain of the personal emergency response systems market space.
Personal Emergency Response Systems Market - Scope of the Report
Persistence Market Research (PMR) recently published a market study on the global market for personal emergency response systems (PERS). The study provides detailed assessment on key market dynamics, including the drivers, trends, opportunities restraints, and detailed information about the personal emergency response systems market structure. The PERS market study presents exclusive information about how the personal emergency response systems market will grow during the forecast period of 2019-2029.
Key indicators of market growth, which include Year-on-Year (Y-o-Y) growth of the market, and compounded annual growth rate (CAGR) are explained in PMR’s study in a comprehensive manner. This information can help readers understand the quantitative growth prospects of the personal emergency response systems market during the forecast period.
The study is relevant for stakeholders in the personal emergency response systems market, including personal emergency response systems manufacturers, suppliers, distributors, and investors, and can help them in developing appropriate strategies to grow in the market. Stakeholders in the personal emergency response systems market, investors, industry experts, researchers, and journalists, as well as business researchers can leverage the information and data presented in PMR’s study.
The study also includes statistics as well as facts related to macro as well as microeconomic factors that are impacting developments in the PERS market. It also offers actionable insights based on the future trends in the personal emergency response systems market. Furthermore, small businesses and new entrants in the personal emergency response systems market too can make use of the information presented in this study, based on which, they can make appropriate business decisions to gain momentum in the market.
Key Segments of Personal Emergency Response Systems Market
PMR’s study on the personal emergency response systems market offers information divided into three important segments— product type, end user and region. This report offers comprehensive data and information about the important market dynamics and growth parameters associated with these categories.
Key Questions Answered in PMR’s Personal Emergency Response Systems Market Report
Personal Emergency Response Systems Market: Research Methodology
In PMR’s study on the PERS market, a unique research methodology is utilized to conduct extensive research on the growth of the personal emergency response systems market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure accuracy and reliability of conclusions.
Secondary resources referred to analysts during the production of the personal emergency response systems market study include statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, who contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary resources and secondary resources acts as a validation from companies in the personal emergency response systems market, and makes PMR’s projection on the growth prospects of the personal emergency response systems market more accurate and reliable.