Increasing aging population as well as increasing prevalence of central nervous system (CNS) disorders are leading to various risks and emergency situations. Some of the main causes of risk situations among the elderly population are rising incidence of Alzheimer’s and strokes. According to an estimate by the World Health Organization, 12.5% of people aged 65 years and older and 45% of people aged 85 years and older suffer from Alzheimer’s disease. Also, nearly twice as many women as men suffer from the disease. Personal emergency response system (PERS) products such as landline devices, mobile devices, standalone devices and mobile applications are used to alert emergency services in the event of any emergency. Such devices have the potential to mitigate some adverse consequences. These systems can be used at home or in assisted living facilities and hospitals to save the aging and physically challenged individuals from life-threatening situations.
The global personal emergency response systems market is estimated to be valued at US$ 3,421.3 Mn in 2016, and is projected to witness stable growth across all regions over the forecast period. Factors such as introduction of high-end products by key players and increasing awareness among people about personal emergency response systems are expected to fuel demand for these devices.
Growth of the personal emergency response systems market is expected to be driven primarily by rising geriatric population opting for enhanced medical alert services. According to the United Nations Department of Economic and Social Affairs, the world’s aging population was 900.9 Mn in 2015 and is expected to reach 1.4 Bn by 2030. Also, availability of insurance program to low-income individuals in developed countries is another factor expected to boost overall growth of the personal emergency response system market in the near future. The personal emergency response systems market is also expected to be driven by increased penetration of smartphone-based mobile applications among senior citizens and technological advancements in personal emergency response systems such as two-way voice communication and medication reminder.
Key players in the personal emergency response systems market are focused on integrating advanced technologies such as LAN technology and cellular technology in a single device in order to gain competitive advantage in the market. Devices with both LAN and cellular technologies offer an advantage as users can shift to any one depending on the available source.
The market in North America is expected to expand at the highest CAGR in terms of value over the forecast period. Increasing prevalence of chronic diseases and rising healthcare spending are factors expected to further drive demand for personal emergency response systems. The number of companies that provide personal emergency response systems in North America is relatively high when compared to other regions. The presence of global players as well as local players has led to intense competition in the personal emergency response systems market in North America. To increase sales, companies are offering discounts and manufacturing cost-effective products.
Europe is the second-most lucrative personal emergency response systems market. Overall aging population is high in the region when compared to other regions and the region accounts for 11.2% population of those suffering from neurological disorders in the world. The market in Europe is expected to expand at a stable CAGR over the forecast period. Major companies based in Europe are looking to expand their base outside Europe to better cater to growing global demand for personal emergency response systems.
The Asia Pacific market is expected to expand at the highest CAGR, followed by Latin America and Middle East & Africa, over the forecast period. The personal emergency response systems market in Middle East & Africa accounts for a nominal share of the overall global market, but is expected to evolve over time with increasing technological advancements and rising awareness through promotional campaigns.
This Persistence Market Research (PMR) report examines the personal emergency response systems market for the period 2016 - 2024. The primary objective of the report is to offer updates and information related to market opportunities in the global personal emergency response systems market.
The global personal emergency response systems market report deals with personal emergency response systems, which are devices used to alert emergency services in the event of any emergency situation. Such devices have the potential to mitigate some of the adverse consequences of an emergency situation.
To understand and assess various opportunities in this market, the report is categorically split into three sections, namely market analysis by product type, end user, and region. The report analyzes the global personal emergency response systems market in terms of value (US$ Mn).
The report starts with an overview of the global personal emergency response systems market. In the same section, PMR covers the global personal emergency response systems market performance in terms of value. This section also includes PMR’s analysis of key trends, drivers, and restraints from supply and demand perspectives.
The next section of the report analyzes the market on the basis of product type and presents the forecast in terms of value for all the years till 2024. On the basis of product type,
The market has been segmented as follows:
The next section of the report analyzes the market on the basis of end user and presents the forecast in terms of value for all the years till 2024.
End user segments covered in the report are as follows:
The section that follows analyzes the market on the basis of regions in terms of value for the forecast period.
Regions covered in the report are as follows:
To arrive at the market size, the report considers market value of the global personal emergency response systems across the aforementioned geographies. The forecast presented in the report assesses the total revenue generated in the global personal emergency response systems market over the forecast period. When developing the market forecast, the starting point involves sizing up the current market, which forms the basis of the forecast on how the market is anticipated to take shape in the near future. For this, PMR referred to several subject matter experts in the personal emergency response systems domain. Given the characteristics of the market, we triangulated the outcome based on different analysis based on supply side, demand side, and dynamics of the market. In this report, quantification of data has been conducted along with provision of quality insights collected directly from the market through discussion with suppliers, distributors, and subject-matter experts.
We have also taken into consideration the year-on-year growth of the global personal emergency response systems market, based on regional growth analysis, to understand the predictability of the market and to identify the right opportunities in it.
As previously highlighted, the market for global personal emergency response systems is split into various segments on the basis of product type, end user, and region. All these segments have been analyzed in terms of Basis Point Share (BPS) to understand individual segment’s relative contribution to market growth. This detailed level of information is important for identification of various key trends in the global personal emergency response systems market.
Another key feature of this report is the analysis of the global personal emergency response systems market, by region, which is further segmented on the basis of countries and revenue forecast in terms of absolute dollar opportunity. Regional trends have been introspected, identified, and applied while forecasting the growth rates of the market. Additionally, the absolute dollar opportunity provided in the report is critical in assessing the level of opportunity that a provider can look to achieve from a sales perspective in the global personal emergency response systems market.
In this report, PMR has also developed a market attractiveness index for all three segments, namely product type, end user, and regional segments. This index is intended to help in identifying real opportunities in the market.
In the final section of the report, the global personal emergency response systems market landscape is included to provide report audiences with a dashboard view, based on categories of providers in the global personal emergency response systems product portfolio; their key developments and strategies have also been included wherever possible.
Key market participants covered in the report include