Global Medical Alert System/Personal Emergency Response System Market - Segmented by Type, End-User and Geography - Growth, Trends and Forecasts (2018 - 2023)
Personal emergency response systems (PERS), also known as medical emergency response systems, allow users to call for help when in an emergency by pushing a button. It has three components: a small radio transmitter, a console connected to the telephone, and an emergency response center that monitors calls. The global medical alert system/personal emergency response system market is expected to register a CAGR of 5.5% during the forecast period, 2018 to 2023.
Increasing Aging Population across the Globe
With the rapid increase in elderly population, there is a growing need for medical alert systems in residences. Moreover, among the elderly people falls are one of the most common causes of injury. According to the American Hospital Association, more than one-third of adults aged 65 years and above suffers from a fall each year, and it leads to several other chronic problems if not dealt in time.
Most of the elderly people want comfort of their homes instead of going for other options, such as nursing homes and assisted living facilities. According to the American Association of Retired Persons, 90% of the people aged 65 years and above want to remain in their homes for as long as possible. With the help of medical alert systems, the elderly can age in the comfort of their own homes. Moreover, caregivers have easy access to help via medical alerts.
Technological developments in healthcare wearables, increasing penetration of smartphones in healthcare, and constant innovations in technology and easy adaptability of PERS devices are some of the other drivers of the market.
Low Practicability and Acceptability of Technology among Senior Citizens
The adoption of new technology among the elderly generation is less as they as they have difficulty coping with the technological upgradation. Moreover, for a person requiring such a technology the burden of the current ailments is so much that they are unable to perform things properly.
Additionally, overall cost associated with the system is high and knowledge pertaining to the new technology used in PERS system is low. These factors are also restraining the market growth.
North America to Dominate the Market
The global medical alert system/personal emergency response system market is segmented by type, end user, and geography. By geography, the market is segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
North America dominates the market due to the converging trends of aging population, technological advancement, and favorable government policies.
Key Developments in the Market
- January 2018: ADT added video alarm verification services to its award-winning ADT Pulse® Platform
- January 2018: Medical Guardian launched Freedom Guardian, a smart watch designed specifically for seniors’ everyday use as well as for emergencies.
Reasons to Purchase This Report
- Market analysis for the global medical alert system/personal emergency response system market, with region-specific assessments and competition analysis on a global and regional scale
- Analyzing various perspectives of the industry with the help of Porter’s five forces analysis
- The treatment type that is expected to dominate the market
- Regions that are expected to witness fastest growth during the forecast period
- Identify the latest developments, market shares and strategies employed by the major market players
- 3 months analyst support along with the Market Estimate sheet (in excel)
- 1. Introduction
- 1.1 Market Definition
- 2. Research Methodology
- 3. Executive Summary
- 4. Key Inferences
- 5. Market Overview
- 5.1 Current Market Scenario
- 5.2 Porter's Five Forces
- 5.2.1 Bargaining Power of Suppliers
- 5.2.2 Bargaining Power of Consumers
- 5.2.3 Threats of New Entrants
- 5.2.4 Threat of Substitute Products and Services
- 5.2.5 Competitive Rivalry within the Industry
- 6. Drivers, Restraints, Opportunities And Challenges Analysis (Droc)
- 6.1 Market Drivers
- 6.1.1 Increasing Aging Population Across the Globe
- 6.1.2 Technological Developments in Healthcare Wearables
- 6.1.3 Increasing Penetration of Smartphones in Healthcare
- 6.1.4 Constant Innovations in Technology and Easy Adaptability of PERS Devices
- 6.2 Market Restraints
- 6.2.1 Overall Cost Associated with the System is High
- 6.2.2 Lack of Know-how Pertaining to the New Technology Used in PERS System
- 6.3 Opportunities
- 6.3.1 Advancements in Communication Technologies
- 6.3.2 Emerging Markets Create Growth Opportunities for PERS
- 6.3.3 Thriving Healthcare Market to Create Need for Affordable Medical Alert Devices
- 6.4 Key Challenges
- 6.4.1 False Alarm Decreasing the Efficiency of PERS
- 7. Market Segmentation
- 7.1 By Type
- 7.1.1 Landline PERS
- 7.1.2 Mobile PERS
- 7.1.3 Others
- 7.2 By End User
- 7.2.1 Home-based Users
- 7.2.2 Senior Living Facilities
- 7.2.3 Assisted Living Facilities
- 7.3 By Geography
- 7.3.1 North America
- 7.3.1.1 United States
- 7.3.1.2 Canada
- 7.3.1.3 Mexico
- 7.3.2 Europe
- 7.3.2.1 France
- 7.3.2.2 United Kingdom
- 7.3.2.3 Germany
- 7.3.2.4 Italy
- 7.3.2.5 Spain
- 7.3.2.6 Rest of Europe
- 7.3.3 Asia-Pacific
- 7.3.3.1 India
- 7.3.3.2 China
- 7.3.3.3 Japan
- 7.3.3.4 Australia
- 7.3.3.5 South Korea
- 7.3.3.6 Rest of APAC
- 7.3.4 Middle East & Africa
- 7.3.4.1 GCC
- 7.3.4.2 South Africa
- 7.3.4.3 Rest of Middle East & Africa
- 7.3.5 South America
- 7.3.5.1 Brazil
- 7.3.5.2 Argentina
- 7.3.5.3 Rest of South America
- 8. Competitive Landscape
- 8.1 Mergers And Acquisition Analysis
- 8.2 Agreements, Collaborations & Partnerships
- 8.3 New Products Launches
- 9. Key Players
- 9.1 ADT Corporation
- 9.2 Bay Alarm Medical
- 9.3 Philips Lifeline
- 9.4 Life Alert Emergency Response Inc
- 9.5 VRI Inc
- 9.6 Tunstall
- 9.7 Medical Guardian Llc
- 9.8 Alertone Services Llc
- 9.9 Greatcall
- 9.10 Rescue Alert
- 9.11 Logicmark
- 9.12 Nortek Security And Control
- 10. Future of the Market
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