The report "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", published by MarketsandMarkets™, the market is expected to grow
from USD 6.61 Billion in 2017 to USD 9.22 Billion by 2023, at a CAGR of 5.7% between 2017
and 2023.
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 are the major driving factors for the
growth of the PERS market.
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mPERS market expected to grow at the highest
CAGR during the forecast period
The Mobile PERS (mPERS) market is expected to
grow at the highest CAGR during the forecast period. mPERS is gaining popularity
as it allows senior citizens to lead a more independent and healthy lifestyle.
Advancements in personal safety monitoring technology have expanded the market
and provided home security dealers the opportunity to expand traditional
security offerings. Decreasing use of landlines, which was the previous
communication technology used in PERS units, is causing the widest reactive
changes in the PERS industry, as companies have to reformulate the available
communication technologies in their solutions. Previously, landline connection
was necessary for a medical response service; however, technologies such as
cellular, GSM, and VoIP-compatible options are addressing this gap.
Emerging markets create growth opportunities
for PERS
Personal Emergency Response System Market is
an established trend in the developed regions of North
America and Europe. Due to favorable
regulations and policies in these regions, medical alert systems are rapidly
being adopted. As the market in developed countries is nearly saturated, market
players have shifted their focus towards developing regions, especially the
emerging economies of Asia as well as the
Pacific region where the home healthcare market has great potential. Emerging
markets such as China, India,
Brazil, Indonesia,
and the Philippines offer significant growth
opportunities for personal emergency response systems. To meet the demand for
round-the-clock monitoring and care of senior citizens, various companies are
strategically focusing on increasing the sales of personal emergency response
systems (PERS) with the help of innovative and user-friendly products.
Home-based users held the largest share of
the PERS market in 2016
Home-based users held the largest share of
the overall PERS market in 2016 and are expected to dominate the market till
2023. The PERS market for assisted living facilities is expected to register
the highest CAGR during the forecast period.
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North
America expected to hold the largest share, while APAC projected to
witness the highest CAGR
North
America is expected to hold the largest share and dominate the PERS market
between 2017 and 2023. The converging trends of aging population, technological
advancement, and favorable government policies are driving the growth of the
PERS market in North America. In Asia Pacific (APAC), the expenditure on healthcare has
increased over the past few years because of the significant increase in the
per capita income. This factor encourages people to opt for better and more
reliable healthcare options.
The major players in the PERS market include
Koninklijke Philips N.V. (Netherlands), ADT
Corporation (US), Tunstall Healthcare Group Ltd. (UK), Valued Relationships,
Inc. (US), and Medical Guardian LLC (US).
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