The Personal Emergency Response Systems Market to satiate amidst innovation
The global Personal Emergency Response Systems Market is expected to grow at a stupendous rate In Upcoming Years. Today calls for prediction tools that are powered by AI to optimize the usage of the resources available. This could also help in crisis management. As such, key market participants are likely to invest in predictive analytics for condoning unforeseen circumstances. These would be preventive steps taken by the enterprises on the whole.
The Personal Emergency Response Systems Market will be worth US$ 4.0 Billion at a CAGR of 7% between 2019 to 2029. With seamless digital exploration on the anvil, greater patient volume is likely to be enclosed worldwide with no geographical barriers to hold back. Telehealth is there is added to the digital transformation wave, thereby revolutionizing the healthcare vertical.
Rising elderly population and need for continuous patient monitoring have boosted the adoption of personal emergency response systems (PERS), globally. Technological advancements in mobile personal emergency response system devices such as automatic fall detection and medication reminder features are expected to fuel overall personal emergency response systems market growth during the forecast period.
The growing adoption of smartphones by the geriatric population is one of the main factors that supports the introduction of software and applications, as such, enabling the growth of the personal emergency response systems market.
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- Koninklijke Philips N.V
- LifeWatch USA
- ADT Inc.
- Medical Guardian LLC
The global PERS market was valued US$ 4.0 Bn in 2018 and is expected to exhibit a CAGR of 7% during the forecast period (2019–2029).
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Key Takeaways of Personal Emergency Response Systems Market Study
Landline-associated devices dominated the personal emergency response systems market in terms of revenue, and are expected to hold nearly half of the PERS market share.
Wearables and sensor-based transmitters are able to track the location of patients during emergency situations. This feature is expected to be one of the growth driving factors.
The demand for personal emergency response systems among home-based users is expected to gain traction during the forecast period.
North America is expected to be a significant revenue generating region in the global personal emergency response systems market, owing to the higher adoption rate of these systems by the geriatric population for medication reminder and health monitoring.
Innovative product launches are boosting the growth of the personal emergency response systems market.
For instance, in December 2019, LifeStation, a leading provider of medical alert monitoring systems for elderly people, launched LifeStation Mobile LTE with a monitoring center of LifeStation, staffed with its team of certified emergency care specialists, enabling seniors to get help quickly.
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“Innovative product launches including remote patient monitoring, fall alerts, rhythmic disorder data, and location tracking, and increase in the adoption rate of these systems among home-based elderly people are expected to stimulate significant market growth.”- says a PMR Analyst.
Improved and Efficient Service Offerings – Strategic Focus of Manufacturers
Key players in the personal emergency response systems market are providing a supporting link between users and emergency healthcare service providers through their products. Care@Home from Essence Group learns and adapts to an individual’s daily behavior, and provides alerts with different levels of severity based on variance from the daily routine. In-Home Medical Alert from Bay Alarm Medical sends alerts to trained emergency operators, family, friends, neighbors, and, if necessary, 911 emergency services, by pressing a button.
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More Valuable Insights on Personal Emergency Response Systems Market
Persistence Market Research offers a unique perspective and actionable insights on personal emergency response systems in its latest study, presenting historical demand assessment from 2014–2018 and projections for 2019–2029.
The global personal emergency response systems market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader. The study provide compelling insights on the personal emergency response systems market on basis of product type (landline devices, mobile devices, standalone devices, mobile applications), and end user (home-based users, assisted living facilities, hospitals), across five major regions.
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