Personal Emergency Response System Market
Number of pages: 100 | Report Format: PDF | Published date: March 10, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 5.84 billion |
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Revenue Forecast in 2031 |
US$ 9.70 billion |
|
CAGR |
5.8% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023-2031 |
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Historical Year |
2021 |
|
Segments Covered |
Product, Connectivity, End-user, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global personal emergency response system market was valued at US$ 5.84 billion in 2022 and is expected to register a revenue CAGR of 5.8% to reach US$ 9.70 billion by 2031.
Personal Emergency Response System Market Fundamentals
A personal emergency response system, or PERS, is a device or service that allows individuals to call for help during emergencies. The system connects the distressed individual with a trained operator who can assess the situation and dispatch emergency services. This system can alert family members or caregivers to the current situation. Sometimes, the system detects a fall and automatically calls for help. These PERSs are available in various forms, including wearable pendants, wristbands, and even smartwatches. Many devices also incorporate GPS tracking, which allows emergency responders to pinpoint the individual’s location in the event of an emergency situation. The older population and individuals with disabilities commonly use this PERS. For instance, individuals with medical conditions, such as epilepsy or heart disease, may benefit from a PERS device. The benefits of PERS extend beyond just providing emergency assistance. In addition to traditional PERS devices, mobile apps provide similar functionality. These apps can be installed on smartphones and offer emergency calling, GPS tracking, and automatic fall-detection features. While PERS can be a valuable tool for those in need, it is not a substitute for emergency services. With technological advances, PERS devices are becoming more versatile and accessible, making them valuable tools for individuals of all ages and abilities.
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Personal Emergency Response System Market Dynamics
The expanding elderly population significantly drives revenue growth in the global personal emergency response system market. Due to aging, their immune systems weaken, making them more vulnerable to illnesses including osteoarthritis, chronic obstructive pulmonary disease, and diabetes mellitus, increasing the demand for care at home. On the other hand, homecare increases the chance of misevents, such as falls, abrupt trauma, and strokes, thereby propelling the demand to install the PERS.
The global market is thriving due to the increasing focus of players on technological advancements in the personal emergency response system industry. Moreover, the increasing prevalence of diseases and disorders, such as heart strokes, Alzheimer’s disease, or epileptic seizures, raises the risks of medical emergencies, requiring attention from healthcare specialists. Such factors are expected to considerably expand the worldwide personal emergency response system market.
Consumers and clinicians may control risks at home due to technological improvements, such as PERSs, and other devices, such as pharmaceutical care management, home safety, activity sensors, and location-based solutions. Traveling long distances is a major concern for older adults due to age-related health difficulties. In this situation, the value-added benefit of linked healthcare solutions, such as PERSs for older people, allows them to send an alarm during uncertain times. This allows hospital personnel to conduct remote patient monitoring or assist patients at home, reducing the expense of continuous hospital visits. These factors are expected to drive the personal emergency response system market during the forecast period.
Improved healthcare infrastructure, increased acceptance of home healthcare devices, and increased smartphone usage are expected to drive market development throughout the projection period. Additionally, rising awareness of the advantages of PERSs and technical improvements in healthcare services and facilities are fueling market expansion.
However, the high cost of PERS can affect sales, as well as low adoption of the technology in low and middle-income economies due to the high cost of these devices/systems are some of the factors expected to have a negative impact on the revenue growth of the global personal emergency response system market.
Personal Emergency Response System Market Ecosystem
The global personal emergency response system market has been analyzed from four perspectives: product, connectivity, end-user, and region.
Personal Emergency Response System Market Treatment by Product
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Based on the product, the global personal emergency response system market can be further segmented into mobile devices, landline devices, standalone devices, and mobile apps.
The mobile devices segment leads the global personal emergency response system market. Mobile PERS devices are highly portable and can be easily carried around by the user. This allows the user to call for help in an emergency, regardless of location. These devices are typically equipped with wireless connectivity, allowing them to connect to cellular networks or Wi-Fi. This ensures that the user can call for help from anywhere, and the emergency response center can locate the user in case of an emergency. Mobile PERS devices are also convenient, as they do not require installation or wiring. Moreover, mobile devices have advanced features, such as fall detection, GPS tracking, and two-way communication. These features make them more effective in providing emergency assistance to users. Furthermore, these devices are often more cost-effective than traditional PERS systems, as they do not require installation or maintenance costs. This makes them accessible to a wider range of users, including those who cannot afford traditional PERS systems.
Personal Emergency Response System Market by Connectivity
Based on the connectivity, the global personal emergency response system market can be further segmented into wired and wireless.
The wireless connectivity segment accounts for the largest revenue share. Increasing demand for sophisticated and innovative patient monitoring systems is likely to fuel the revenue growth of this segment. Wireless PERSs allow the continuous monitoring of patient health and data storage in the cloud. Authorized people can access stored data by using a computer system. In addition to monitoring, these wireless personal response systems show vital indicators and create signals during emergencies. Improvements in IoT (Internet of Things) technologies and applications in the healthcare domain have further enabled market participants to build and provide fully wireless devices. The expanding prevalence of chronic illnesses, such as diabetes and cancer, has increased consumer adoption of this device globally. In addition, the rising disposable income and an increasing focus on a healthy lifestyle are expected to drive steady revenue growth in this segment over the forecast period.
Personal Emergency Response System Market by End-user
Based on the end-user, the global personal emergency response system market can be segmented into home-based users, assisted living facilities, hospitals, and others.
The home-based users segment registered for the largest revenue share in 2022. Home-based users are regulated enterprises that hire carers to provide in-home care to those in need. Home-based users can prove to be a great help to seniors by maintaining their independence. Home-based users widely use personal emergency responses for better and enhanced patient support. Personal emergency response and GPS systems are frequently utilized to mitigate the long-term consequences of falls or medical emergencies. Fall injuries are prevalent among the elderly and those suffering from chronic conditions. These factors together contribute to the revenue growth of the home-based user segment.
Hospitals have a high demand for PERSs as they need to ensure the safety and security of their patients. PERS enables patients to call for help in an emergency, ensuring they receive timely medical attention. Additionally, with an increasingly aging population, there is a greater need for healthcare services. Hospitals need to ensure that their elderly patients are safe and secure, thus, resulting in high investment in PERS systems. Moreover, many governments across the globe are investing in healthcare infrastructure to meet the growing demand for healthcare services. This has led to an increase in the number of hospitals, which has led to a rise in the demand for PERS systems. In addition, with technological advancements, PERS systems have become more advanced and effective. Hospitals are investing in these systems to ensure access to the latest technology and provide the best possible care to their patients. These factors are, thus, responsible for the notable revenue growth of the hospital segment.
Personal Emergency Response System Market by Region
Based on the region, the global personal emergency response system market can be segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Asia Pacific is estimated to be the emerging region in the global personal emergency response system market. This growth can be attributed to improving healthcare facilities and services, rising healthcare expenditure, and growing adoption of advanced technologies. Moreover, hospitals and healthcare facilities in various regional countries are increasingly focusing on incorporating PERSs to monitor better and collect critical health information from their patients. These factors are expected to drive market revenue growth in the region over the forecast period.
Personal Emergency Response System Market Competitive Landscape
The prominent players operating in the global personal emergency response system market are:
Personal Emergency Response System Market Strategic Developments
The global personal emergency response system market was US$ 5.84 billion in 2022.
The mobile devices segment dominates the global personal emergency response system market with the largest revenue share.
The personal emergency response system market is expected to reach US$ 9.70 billion during the forecast period.
The high cost of PERS, resulting in a low adoption rate in low-income economies, impedes global market revenue growth.
Major players in the global personal emergency response system market include Koninklijke Philips N.V., Cisco Systems Inc., Cape Cod Healthcare Inc., Bay Alarm Medical, and Honeywell International Inc.
*Insights on financial performance are subject to the availability of information in the public domain