Personal Emergency Response Systems (PERS) Market is expected to generate a revenue of USD 8.20 Billion by 2028, Globally, at 5.5% CAGR: Brandessence Market Research
LONDON, Feb. 15, 2023 /PRNewswire/ -- The Global Personal Emergency Response Systems (PERS) Market was valued at USD 5.64 billion in 2021 and is anticipated to amass a valuation of USD 8.20 billion by 2028, registering a CAGR of 5.5% over the forecast duration of 2022-2029.
Personal emergency response systems consist of three major components namely, a radio transmitter, a console that can be connected with a mobile phone, and an emergency response unit. Through this, an individual can instantly ask for help in case of any medical emergence. The call is monitored in the emergency response unit and is forwarded to the concerned department. With rapid technological evolution, PERS systems can also be worn in the form of a small pendant or wearable device that is directly connected to the user's mobile phone.
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Global Personal Emergency Response Systems (PERS) Market Outlook (2022-2029)
The surging geriatric population base, growing prevalence of chronic diseases, and growing disposable income levels of the masses are primarily aiding the expansion of this business vertical.
Furthermore, widespread technological developments in the healthcare sector along with increasing R&D activities in the field are creating lucrative opportunities for this marketplace to prosper.
Alongside, increasing adoption of smart devices including wearables and growing cognizance regarding the benefits offered by these systems are adding traction to the growth of the Global Personal Emergency Response Systems (PERS) Market.
On the contrary, stringent regulatory norms pertaining to the adoption of these solutions along with the lack of adequate healthcare IT infrastructure across various nations are hampering the progression of this industry sphere.
The prominent players defining the competitive terrain of the Global Personal Emergency Response Systems (PERS) Market are Koninklijke Philips N.V., Medical Guardian LLC, AlertOne Services LLC, Bay Alarm Medical, Tunstall, GreatCall, Rescue Alert, LogicMark, ADT Security Services, VRI Inc., Life Alert Emergency Response Inc., Nortek Security and Control, Cape Cod Healthcare Inc., MedicAlert Foundation, Connect America, MobileHelp, Best Buy, and Aerotel Medical Systems Ltd.
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Which is the leading region in the Global Personal Emergency Response Systems (PERS) Market?
North America is expected to showcase lucrative development trends over the estimated timeframe. This is ascribed to the expanding geriatric population base, rising prevalence of chronic ailments, and growing health cognizance of the masses.
How is Asia Pacific performing in this business vertical?
Asia Pacific is reckoned to amass notable gains over 2022-2029 owing to the booming healthcare IT sector, rising adoption of smart devices and wearables, increasing disposable income levels, and growing popularity of remote health monitoring solutions.
Which is the fastest growing type segment in this market?
The mobile PERS segment has emerged as the fastest growing type segment in this industry since it is integrated with remote tracking facility and is also lightweight in nature.
Which end user segment is expected to garner significant returns over 2022-2029?
The home-based users segment is projected to capture a high revenue share over the analysis timeline due to the growing pervasiveness of long terms chronic diseases, rising popuarity of home healthcare, and surge in the geriatric population base.
Comparing the historical outlook and ongoing trends of this market
This industry has been garnering robust momentum over the assessment timeline owing to the emergence of various expansion propellants.
With a rapid surge in the geriatric population base, there has been an elevating demand for PERS across the globe. Elderly individuals are highly susceptible to chronic ailments and are also prone to accidents since they face mobility issues. Therefore, they require constant monitoring. But, many a times aged individuals value the independence more than anything and do not want anybody to look after them constantly. This in turn created the need for remote health monitoring solutions. With emergence response systems, older adults can easily informed the concerned person if they are facing any health based difficulty or have suffered any sort of injury. These factors are stimulating the overall dynamics of this business vertical.
PER systems are being integrated with a wide array of advanced features like GPS tracking, fall detection, and real time monitoring, among others. With the advent of AI technology, some of these solutions have also been equipped with the ability to automatically determine if the user is in need of any help. This is another growth catalysts for this industry sphere.
Apart from that, widespread internet proliferation worldwide, introduction of IoT, increasing adoption of smart devices, along with the growing health and safety cognizance of the masses are some of the additional factors influencing the development trajectory of this market vertical.
On Special Requirement Personal Emergency Response Systems (PERS) Market Report is also available for below region:
Middle East and Africa
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