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The booming home healthcare market due to an increment in the global geriatric population is leading to an augmented demand for personal emergency response systems (PERS). As per the evaluations of IndustryARC report, the global PERS market size value stood at $4,139.75m as of 2017, and the opportunities will grow at a healthy compound annual growth rate (CAGR) of 6.22% during the forecast period 2018 to 2023.The personal emergency response systems market research report is comprised of well-marshaled facts, figures, and statistics along with detailed documentation of trends, opportunities, and challenges that are foreseeable in the future. Furthermore, the report documents all the players in the personal emergency response systems market with their revenue share in the market. The IndustryARC report is titled “Personal Emergency Response Systems (PERS) Market: By Device (Landline-based PERS, Mobile PERS and Standalone Devices); By End-User (Home-based, Senior Living Facilities and Assisted Living Facilities); By Components (Smoke Detectors, Fall Detection Sensors, Flood Detectors, Bed Sensors, Pull-Cord Residential); By Geography - Forecast (2018-2023)". This report covers personal emergency response systems market Size by device and end-user, personal emergency response systems market share by top 5 companies and also the market share by start-ups during the forecast period.
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PERS Market: Leading Segments
North America had the maximum PERS market revenue of $2,874.6m as of 2017 and was followed by Europe. Even though APAC had relatively lesser revenue share, the PERS market is projected to boom owing to the developments in the healthcare infrastructure and growing awareness about the PERS in countries such as India, China, Indonesia, and others.
The PERS market is segment based on end-users that include home healthcare, senior living facility, and assisted living facility. Owing to the proliferation of home healthcare facilities in the regions such as North America and Europe, the home segment of the PERS market observed higher revenue. However, there is a disruption in the market with a lot of senior living facilities emerging worldwide which will cause this segment to grow at a substantial CAGR of 13.41% during the forecast period 2018-2023.
PERS Market: Trends and Growth Drivers
Need for Affordable Monitoring Devices –
The pervading home healthcare services are creating a requirement for affordable monitoring devices, which in turn is driving the PERS market. There is a significant surge in the sales of home health monitoring tools for the safety of the geriatric population. The traditional personal emergency response systems will be integrated with sensors in the near future, which will further increase the revenue in the PERS market.
Mobile PERS Market to Cause Disruption in the Healthcare Industry –
Smartphones have penetrated all the industries, especially healthcare. Nowadays, the Internet of Things (IoT) has enabled the monitoring devices to be fully integrated with mobile phones which create a better user experience. This trend is poised to observe a definite growth in the PERS market.
Regulations Imposed By Government in the Healthcare Sector –
Governments worldwide are now emphasizing on optimizing operations at hospitals as there is a dire need of reducing the healthcare expenditure. Regulations under acts such as the Affordable Care Act (ACA) and Hospital Readmissions have made it imperative for hospitals to provide efficient and prompt emergency care, which is driving the PERS market.
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PERS Market: Competitive Landscape
Some of the key companies providing personal emergency response systems as identified in the market intelligence report that are ahead of the curve are ADT Security Services, Alerton Services LLC, Bay Alarm Medical Company, Carelineuk Monitoring Limited, Galaxy Medical Alert Systems Ltd., Life Alert Emergency Response, Inc., Life Guardian Technologies LLC, Lifestation, Inc., Logimark, LLC, Mobilehelp, Koninklijke Philips N.V. (Lifeline), Mytrex Inc. DBA Rescue Alert, Tunstall Healthcare (UK) Ltd., and Valued Relationships, Inc.
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