Summary
A New Market Study, titled “Personal Emergency Response Systems Market Upcoming Trends, Growth Drivers and Challenges” has been featured on Market Research Future.
Complete Report Details @ https://www.marketresearchfuture.com/reports/personal-emergency-response-systems-market-4522
Overview
The global personal emergency response systems market was valued at USD 3,675.0 million in 2019; it is estimated to reach USD 5,540.2 million in 2025 with a compound annual growth rate of 7.4% during the study period 2020–2025. Market Research Future (MRFR), in its report, envelops segmentation and drivers to provide a better glimpse of the market in the coming years. The trend of independent living across the globe has encouraged the adoption of personal emergency response systems (PERS) by individuals. These systems are used by elderly or differently-abled individuals who cannot avail assistance via traditional methods. PERS comprises a transmitter-enabled electronic device which is connected to a base unit. The device comes with a button to provide alerts to the emergency help centers instantly. With the advances in technology, these devices can be connected with the home Wi-Fi to continuously monitor and track the activities of individuals resulting in quicker response time in case of emergencies. Various hospitals, medical centers, and living facilities have installed these systems to prevent their patients from leaving the premise or getting hurt.
Competitive Analysis
The key players of the global Personal Emergency Response Systems Market are 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), among others.
In December 2018, ADT partnered with West Corporation, a technology-enabled services provider, to enhance customer experiences with 911 emergency communications. Through this partnership, ADT uses West Corporation’s emergency response link (ERL) to help ensure the homes and businesses monitored by ADT are benefited from the most accurate location data available so that the correct response teams are deployed faster.
In July 2019, Tunstall Healthcare formed a partnership with Telefónica Empresas to provide solutions and services for remote patient management in Spain.
In April 2018, Nortek Security and Control introduced free access to its EverThere basic service and access to an optional health tracking service for its existing Numera Libris mobile personal emergency response solution.
In September 2017, Alertone Services LLC launched a mobile medical alert system—Kelsi Pro—to keep seniors safe and independent. This system was primarily introduced for older adults living alone and seniors who are more prone to falls.
Segmental Analysis
The global Personal Emergency Response Systems Market has been segmented based on type, end user, and region.
Based on type, the global market has been segmented into landline personal emergency response systems, mobile personal emergency response systems, and standalone personal emergency response systems. Among these, the mobile personal emergency response system segment dominated the global personal emergency response system market in 2019; it is estimated to maintain its dominance throughout the forecast period. On the other hand, the standalone personal emergency response system is expected to register the highest CAGR of 7.7% during the study period, 2020–2025. The mobile personal emergency response systems segment has been further segmented into cellular emergency response systems, wireless emergency response systems, and GPS-based emergency response systems. Whereas, the standalone personal emergency response system has been segmented into transmitters, standalone voice communicator, wandering system, and R-cube/V-cube monitoring system.
Based on end user, the global market has been segmented into home-based users, senior living facilities, and assisted living facilities. Among these, the home-based user segment dominated the market in 2018; it is expected to maintain its dominance throughout the forecast period. Personal emergency response systems are installed at residencies to ensure the safety of elderly individuals by monitoring and tracking their day-to-day activities. These systems alert the emergency response centers and family members regarding any crisis or mishap. The growing aging population and the rising demand for independent living have resulted in the increased adoption of personal emergency response systems by home-based users. Elderly individuals opt for senior living facilities in case of a lack of attention and care from their families. It becomes imperative for such facilities to install personal emergency response systems for monitoring and tracking every individual. The systems are installed in bedrooms and bathrooms, which helps nurses and other caregivers to provide immediate assistance in case an alert is triggered by the system.
The global Personal Emergency Response Systems Market, by region, has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and Central & South America. North America accounted for the largest market share of 37.45% in 2019, with a market value of USD 1,376.1 million; the market is expected to register a CAGR of 7.9% during the forecast period. Europe was the second-largest market in 2019, valued at USD 1,091.0 million; the market is projected to exhibit a CAGR of 6.3%. However, the market in Asia-Pacific is expected to register the highest CAGR of 8.8%. The growth in North America can be attributed to factors such as rise in geriatric population and healthcare reforms in the region. Furthermore, the shift from fee to value-based healthcare services in the US has created a demand for digital health care products and devices, which increases the demand for PERS.
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