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).
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- Koninklijke Philips N.V
- LifeWatch USA
- ADT Inc.
- Medical Guardian LLC
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.
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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.
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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.
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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.
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 Report
- How much is the personal emergency response systems market worth?
The global personal emergency response systems market is estimated to reach US$ 5.4 Bn in the year 2021. It could be termed as the market following linear transition.
- What will be the sales forecast for personal emergency response systems market?
The global personal emergency response systems market is poised to be worth US$ 8.3 Bn by the year 2031.
- What was the last 5 year market CAGR?
The global personal emergency response systems market witnessed a CAGR of 6.5% between 2015 and 2020.
- What are the key trends of the personal emergency response systems market?
The latest trend is that of geriatric population switching over to smartphone apps to track health data and receive reminders regarding medication. Effective marketing and positioning of these alert devices is what trending in this market right now.
- What is driving demand for personal emergency response systems?
Emergence of two-way voice communication and ease in going for emergency calls along with ongoing technological advancements are driving the demand for personal emergency response systems
- What is the market share of top 5 players?
The top 5 players (Cape Cod Healthcare Inc., Philips, MedicAlert Foundation, Bay Alarm Medical, and Honeywell International Inc.) hold more than 50% of the overall market share.
- What are the top 5 countries driving demand?
The top 5 countries driving demand are the US, The Netherlands, UK, Japan, and Korea.
- What is the North America’s market Outlook?
North America dominates the personal emergency response systems market backed by the US.
- At what percentage personal emergency response systems market is going to register growth in Europe?
Europe is expected to register growth at the rate of 6% between 2021 and 2031.
- What are the key market statistics in Korea and Japan?
Japan and Korea are taking the personal emergency response systems market by storm.