Medical Alert System/Personal Emergency Response System Market by Type (Landline, Mobile, Standalone), End User (Home-Based Users, Senior Living Facilities, and Assisted Living Facilities), and Geography - Global Forecast to 2023
“Increasing aging population across the globe and favorable healthcare reforms are fostering the growth of the PERS market”
The personal emergency response system (PERS) market is expected to be worth USD 9.22 billion by 2023, growing at a CAGR of 5.7% between 2017 and 2023. The growth of this market is attributed to the increasing aging population and adoption of PERS as a supportive tool for independent living, technological developments in healthcare wearable, advancement in communication and connectivity technologies, and mobility benefits. However, the occurrence of the false alarm in the personal emergency response system is a restraining factor inhibiting the growth of the PERS market.
“Technological developments in healthcare wearables and constant innovations in technology and easy adaptability of medical alert devices are fostering the growth of PERS market”
There has been a continuous improvement in PERS technologies such as smartphone application, wearable devices, auto-fall detection sensors, and enhanced global positioning system (GPS), which helps senior citizens to access PERS devices easily and conveniently. Substantial advancements in both the medical and technological fields have contributed significantly to increasing the life expectancy, as people are living longer, healthier lives. Advancements in personal safety monitoring technology have expanded the market and provided home security dealers the opportunity to expand traditional security offerings.
“North America and Europe are the major regions for the growth of the PERS market”
North America held the largest share of the PERS market in 2016. Europe is also one of the potential regions for the overall PERS market. Asia Pacific (APAC) is expected to register the highest CAGR in the PERS market during the forecast period.In North America, the reimbursement policies and government regulations are conducive to the development of the home healthcare sector, which is also a significant driver for the increased sales of personal emergency response system (PERS), especially among senior citizens with limited income or meager pension.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key experts. Following is the breakup of the profile of primary participants:
• By Company Type: Tier 1 – 23%, Tier 2 – 34%, and Tier 3 – 43%
• By Designation: C-Level Executives – 35%, Directors – 29%, and Others – 36%
• By Region: North America – 45%, Europe – 26%, APAC – 17%, and RoW – 12%
The prominent players in the PERS market are Koninklijke Philips N.V. (Netherlands), ADT Corporation (US), Tunstall Healthcare Group Ltd. (UK), Valued Relationships, Inc. (US), Medical Guardian LLC (US), Nortek Security & Control LLC. (US), Legrand Assisted Living & Healthcare (UK), Alertone Services, LLC (US), LifeStation, Inc. (US), Bay Alarm Medical (US), LifeFone (US), GreatCall (US), Guardian Alarm (US), Connect America (US), Life Alert Emergency Response, Inc. (US), and MobileHelp (US).
The report estimates the market size and future growth potential of the PERS market across different segments such as type, end user, and geography. Moreover, the report includes the industry trends, market dynamics, and competitive analysis of the key players in the PERS market, along with their company profiles, competitive leadership mapping, and recent developments.
Key Benefits of Buying the Report:
The report would help market leaders/new entrants in the PERS market by providing them the closest approximations of the revenue numbers for the PERS segments and subsegments. This report would help stakeholders to better understand the competitor landscape and gain insights to better position their businesses and make suitable go-to-market strategies. This report also helps the stakeholders to understand the pulse of the PERS market and provides them information on the key market drivers, restraints, challenges, and opportunities.