Globally, the size of Personal Emergency Response Systems Market to reach USD 5,540.2 Million, with approximately 7.4 % CAGR during forecast period 2025 to 2027 driven by the increasing geriatric population and the higher disposable income
The system is an emergency device used during a casualty incidence. In such a situation, the information is immediately passed to the health care facilities. It is primarily for disabled people and senior adults. The Personal Emergency Response Systems Market shows a good growth rate due to the widespread usage of smart devices and smartphones. The market will assure to show robust opportunities in the future years.
The growth of the senior population is highly demanding for these systems at home and in the medical sector. The increase in disposable income is driving the market's demand. Factors are stimulating the overall growth of the Personal Emergency Response System market. The technological solutions and the increase in the prevalence of diseases like heart failure, Alzheimer's, and epileptic seizures demand the immediate presence of specialists. These factors are accelerating the Personal Emergency Response Systems market demand. The health care sectors are highly investing in the systems to provide better health care. The awareness of immediate hospitalization during emergencies is demanding for these systems.
The COVID 19 pandemic has negatively impacted the growth of various industrial verticals. However, the demand for medical services and pharmaceutical companies was surging throughout the pandemic. The demand continues to grow post-pandemic as well. The shutting down of the manufacturing processes and the prolonged lockdown have severely impacted the growth of the Personal Emergency Response Systems industry in recent years. However, Post-pandemic, Non-COVID patients were looking for telemedicine and healthcare facilities and are increasingly adopting the Personal Emergency Response Systems. Such factors are positively impacting the overall growth of the Personal Emergency Response System industry.
The increasing geriatric population and the higher disposable income are the two major growth driving factors of the Personal Emergency Response System market. A recent report by World Health Organization shows that the geriatric population is expected to account for over 2 billion by the year 2050. Such factors are stimulating the overall growth of the Personal Emergency Response System market.
The health care expenditure in several regions is rapidly increasing as the diseases are due to improper care and delayed diagnosis. Such factors have increased the awareness regarding immediate hospitalization in the case of emergencies or symptoms. Therefore the severity of the illness or the casualties is significantly reduced.
The technological advancements and the increasing prevalence of diseases and chronic illnesses, heart failures, Alzheimer's and epileptic seizures, and some other medical emergencies are demanding the immediate attention of healthcare specialists. Such factors are increasing the Personal Emergency Response Systems market demand.
The Personal Emergency Response Systems are adopting smartphone-based applications and smart devices with advancing technologies, that are deployed with sensors, AI, and IoT technologies, which analyze the situation promptly and take the necessary action without any human assistance. Such factors are presenting lucrative opportunities for the overall growth of the Personal Emergency Response systems market.
The Personal Emergency Response Systems deploys subscription-based services which limit the services for the particular period. The costs of the subscription services are higher, even when no services are availed for the given time. Such factors lead to wastage of energy and cost spent for the purpose. Such factors are hindering the overall growth of the Personal Emergency Response Systems market.
Data security issues and privacy issues are expected to hinder the overall growth of the Personal Emergency Response Systems market. Since the personal information including the location and other private information is shared where the IoT technologies are involved the security threat rates are higher. Such factors are hindering the overall growth of the Personal Emergency Response Systems market.
The higher costs associated with installing the Personal Emergency Response systems are affecting the sales and the adoption in the lower economic range. Especially the middle-income nations are reacting negatively about the higher price range of the Personal Emergency Response systems.
On the other hand, the lack of technical knowledge and the skilled technicians to support the growth are considered as the major challenge for the overall growth of the Personal Emergency Response Systems market.
Cumulative Growth Analysis:
The Personal Emergency Response Systems in developed countries like the U.S was holding the market value of over USD 2.5 billion in the year 2020 amidst COVID 19. This is because of the increasing trend of independent living across the region. The older population across the globe is increasing and the necessity for urgent attention at any casualties is considered as the major market driver of the Personal Emergency Response Systems market. The global market value of the Personal Emergency Response Systems market was at USD 3,675.0 million in the year 2019 and the market value is expected to surpass USD 5,540.2 Million by the year 2025 while registering a CAGR of 7.74%. The primary consumers such as elderly and differently-abled people are not receiving immediate attention or help using the conventional Emergency response systems, therefore the Personal Emergency Response Systems market demand has been increasing in recent times. On the other hand, the hospitals, medical service facilities are increasingly adopting the Personal Emergency Response Systems to ensure the quality of service offered at such facilities.
Value Chain Analysis:
The growth of the Personal Emergency Response Systems market is highly influenced by potential end-users such as consumer electronics, IT and telecommunications, automotive, and others. The mobile Personal Emergency Response Systems market share was holding nearly 37.2% in the year 2019 with a market value of over USD 1362.9 million. The Emergence of Wireless communication such as GPS, cellular and Wi-Fi technologies are increasingly adopted by the Personal Emergency Response Systems that helps in an instant and hands-free communication and facilitate the services. On the other hand, the market players are collaborating with the telemedicine providers which help facilitate virtual primary care. Such factors are presenting lucrative opportunities for the overall growth of the Personal Emergency Response Systems market.
Based on Type:
Based on End-user:
Based on Component:
North America was holding a market share of over 37.45% in the year 2019 with a market value of over USD 1376.1 million. Since North America possesses an increasing geriatric population and several market players, the market value is expected to grow with a steady CAGR of 7.9%. The health care facilities are increasingly adopting the new technological advances and the American government is also providing health care facilities to the elderly population in recent years.
On the other hand, the Asia-pacific region is witnessing admirable growth in the Personal Emergency Response System market. The increasing number of geriatric population and the differently-abled individuals in the region is highly impacting the overall growth of the Personal Emergency Response systems market. The Asia-pacific region is growing with the aid of government incentives and foreign investments for the manufacturing and overall adoption of the Personal Emergency Response systems market.
Wearable Health Solutions Inc. Announced its plans to launch the Latest 4G Cellular PERS Device, the iHelp Max, in June 2022. Wearable Health Solutions Inc. (Wearable Health Solutions or the Company) is a manufacturer of proprietary personal medical alarm and home security devices.
LogicMark, Inc., a global provider of personal emergency response systems (PERS), IoT technology and health communications devices, and a growing Care Economy announced its financial and operational results for the fourth quarter and full-year ended December 31, 2021.
This report has covered:
|Market Size||USD 5,540.2 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, End-User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||ALERTONE SERVICES LLC (US), Cisco Systems, Inc. (US), Nortek Security and Control (US), VRI (US), Honeywell International Inc. (US), Tunstall (UK), Robert Bosch GmbH (Germany), GreatCall Inc. (US), Koninklijke Philips NV (Netherlands), and ADT (US)|
|Key Market Opportunities||Developing new infrastructure and adopting new technologies for increasing healthcare infrastructure.|
|Key Market Drivers||
the global personal emergency response systems market 2020 was poised at a substantial USD 3,675.0 Million in 2019
The global PERS market is slated to record about USD 5,540.2 Million in 2025 .
The global market for the global personal emergency response systems is poised to mature at a CAGR of 7.4% over the review period.
That are the factors hindering the growth of the global personal emergency response systems market?
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.
Based on type, the mobile segment (wireless, cellular, and GPS-based) accounted for the maximum market value in 2018, with a market share of USD 1.4 million; it is slated to register the highest CAGR during the review period.
The major market players acknowledged by MRFR in the global personal emergency response systems market are Cisco Systems, Inc. (the US), Honeywell International, Inc. (the US), Koninklijke Philips NV (Netherlands), Robert Bosch GmbH (Germany), among others.