Market Overview
Market Research Future (MRFR)’s recent report by asserts that the global personal emergency response systems market 2020 was poised at a substantial USD 3,490.2 Million in 2018 and is slated to record about USD 5 billion by 2024, at a CAGR of 7.3% over the review period.
Drivers and Restraints
The trend of independent living over the globe has encouraged the adoption of personal emergency response systems (PERS) by individuals. These systems are deployed by elderly or differently-abled individuals who cannot avail assistance via traditional methods. The aging population across the globe is a primary reason responsible for the adoption of personal emergency response systems and the consequent growth of its market. Furthermore, the adoption of smartphones by individuals has created a need for developing mobile-based emergency response applications by emergency help service providers. On the other hand, the high costs incurred in manufacturing PERS, along with concerns regarding data security, might hamper the market growth. Also, with the advent of IoT and similar connected technologies, the personal emergency response system market size has observed remarkable growth. Increasing the use of personal emergency response systems is the critical factor for lesser readmissions in hospitals. Thus, Medical alert systems make a positive impact by offering the opportunity for intervention and providing easy access to a patient’s home care provider through the day or night. Whereas, risks concerned with data security of individuals is a significant factor limiting the adoption of personal emergency response systems. Growing ownership of smartphones and wearable devices for health monitoring and the need for convenient and user-friendly medical alert devices are driving the growth of the personal emergency response systems market size over the review period.
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Segmental Analysis
The global market for personal emergency response systems has been analyzed based on type, end-user.
Based on type, the market has been divided into a mobile, landline, and standalone. The mobile segment (wireless, cellular, and GPS-based) accounted for the maximum market share in 2018, with a market value of USD 1.4 million; it is slated to register the highest CAGR during the review period. The standalone segment (standalone voice communicator, transmitters, wandering system, and R-cube/V-cube monitoring system) was assessed as the second-highest in 2018, while the landline segment was estimated at USD 918.0 million.
Based on end-user, the personal emergency response system market size has been segmented into home-based users, senior living facilities, and assisted living facilities. The home-based users' segment accounted for the largest market share in 2018; it is poised to register the highest CAGR over the assessment period. The senior living facilities segment was valued as the second-largest in 2018. The assisted living facilities segment was assessed at a relatively low market share in 2018.
Regional Analysis
The geographical analysis of the global market has been carried out in four major regions, namely the Asia Pacific, North America, Europe, and the rest of the world (including Latin America and the Middle East and Africa).
In terms of value, North America was considered as the largest share of the PERS market in 2016. Reimbursement policies and government regulations are playing an essential role in the development of the home healthcare sector in North America, which, consequently, is driving the growth of the PERS market in this region. Moreover, the growing aging population and growing demand for home healthcare devices by seniors who are health conscious are fuelling the growth of the PERS market.
Asia Pacific (APAC) is predicted to expand at the highest CAGR over the assessment period. Government initiatives such as Japan’s National Health Insurance (NHI) program and the Health Reform Program of China are expected to spread awareness among senior citizens regarding healthcare devices and numerous PERS devices, which is poised to drive the demand of the products.
Competitive Analysis
The major market players acknowledged by MRFR in the global market are Cisco Systems, Inc. (the US), VRI (US), Nortek Security and Control (US), Honeywell International, Inc. (the US), GreatCall, Inc. (the US), Koninklijke Philips NV (Netherlands), Tunstall (UK), Robert Bosch GmbH (Germany), Alertone Services LLC (US), and ADT (US) among others.
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Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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