Market Research Future published a research report on “Personal Emergency Response Systems Market Research Report – Global Forecast till 2024” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2024.
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 Systems Market 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.
Get Free Sample Report @ https://www.marketresearchfuture.com/sample_request/4522
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 PERS market 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.
The prominent players in the global personal emergency response systems market are – Alertone Standalone PERS, LLC (US), Koninklijke Philips N.V. (Netherlands), ADT Corporation (US), Valued Relationships, Inc. (US), Nortek Security & Control LLC. (US), LifeStation, Inc. (US), Bay Alarm Medical (US), Medical Guardian LLC (US), Tunstall Healthcare Group Ltd. (UK), GreatCall (US), Guardian Alarm (US), MobileHelp (U.S) among others.
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.
- Professional service providers
- Research and development companies
- Market research and consulting firms
- Solution providers
- Component standards organizations
- Component investors
- System Integrators
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.