PERSONAL EMERGENCY RESPONSE SYSTEMS MARKET ANALYSIS

The global personal emergency response systems market is estimated to be valued at US$ 6.47 Billion in 2023 and is expected to exhibit a CAGR of 6.8% during the forecast period (2023-2030).

Analysts’ Views on Global Personal Emergency Response Systems Market:

The market for personal emergency response systems is predicted to grow as a result of the rising prevalence of chronic diseases including Alzheimer's, epilepsy, multiple sclerosis, etc., as well as the rise in elderly patients. The market for personal emergency response systems is anticipated to grow rapidly because of the chronic conditions that cause the elderly population to fall at any time. For instance, in January 2021, according to the National Council on Aging, Inc., falls are the leading cause of fatality for older adults, with one dying from a fall every 19 minutes. Fall Call Solutions, which was founded by physicians specializing in trauma care who have treated thousands of fall victims, is out to radically reduce that number.

Figure 1. Global Personal Emergency Response Systems Market Share (%), by Product, 2023

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Global Personal Emergency Response Systems Market – Driver

Increasing healthcare expenditure and increasing chronic diseases

Increase in the adoption of healthcare advancement with the increasing geriatric population can tend to drive the personal emergency response systems market. In December 2022, USAID (United State Agency International Development), an independent agency of the U.S. federal government that is primarily responsible for administering civilian foreign aid and development assistance, announced a US$ 415 Million Partnership with Five African Nations to accelerate Primary Health Care in Côte d’Ivoire, Ghana, Kenya, Malawi, and Nigeria. Resilient primary healthcare-oriented health systems, anchored by a robust and well-supported health workforce, can improve life expectancy, increase health equity, and respond intuitively to disease outbreaks and emerging health threats. A majority of services supported across USAID are delivered as components of primary health care.

Figure 2. Global Personal Emergency Response Systems Market Value (US$ Billion), by Region, 2023

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Global Personal Emergency Response Systems Market- Regional Analysis

Among regions, North America is estimated to hold a dominant position in the global personal emergency response systems market over the forecast period. North America is estimated to hold 41.5% of the market share in 2023. In the upcoming years, the demand for personal emergency response systems in the North American market is anticipated to rise sharply due to factors including the rising prevalence of chronic diseases like Alzheimer's disease and the rising prevalence of falls among the elderly. Thus, the rise in global personal emergency response systems market growth over the forecast period.

Global Personal Emergency Response Systems Market – Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.

COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as China, India, Saudi Arabia, the U.A.E., Egypt, and others are facing problems with the transportation of drugs from one place to another.

However, the COVID-19 pandemic had a positive impact on the global personal emergency response systems. Increase in care of personal with increase prevalence of Covid-19, led to increase in the demand for personal emergency response systems market. For instance, in September 2021, according to an article published in journal of Sensors, the importance of using wearable devices to monitor COVID-19 symptoms and provides a systematic review of the use of wearable’s in the healthcare system. The review discusses the types of wearables available, their accuracy in diagnosing patients, and the challenges that need to be overcome to make them more effective. These devices is used by the older pateints to carry out diagnosis during pandemic and can also used as personal equipment againt covid-19.

Global Personal Emergency Response Systems Market Segmentation:

The global personal emergency response systems report is segmented into Product, End User, and Region.

By Product, the market is segmented into landline devices, mobile devices, standalone devices, and mobile apps. Out of which, the mobile devices segment is expected to dominate the personal emergency response systems market during the forecast period and this is due to the increase in the adoption of mobile devices by the geriatric population. Although they acquire technology at a somewhat slower rate than younger generations, older individuals are today more online than they were five years ago. Different smartphone technologies and e-health platforms are used by a chosen group of older folks who are more prosperous and well-educated.

By End User, the market is segmented into home based users, assisted living facilities and hospitals. Out of which, the home based users segment is expected to dominate the market over the forecast period and this is due to the increasing needs of the geriatric population having chronic diseases. For instance, on May 23, 2023, Connect America, the nationally recognized innovator in virtual connective care solutions in the home that enable older adults and those living with chronic conditions to stay safe and well in place, announced the release of CareSage, its next-generation analytics and reporting platform. CareSage turns critical health data into actionable information by providing insights that enable earlier interventions and more proactive care to support patient and member populations living at home. The newly released version of the platform delivers line-of-sight into an individual’s wellness, including incident outcomes, activity and mobility, and future risk of emergency transports or hospital admissions.

Among all the segmentations, the end user segment has the highest potential due to the increasing prevalence of chronic diseases over the forecast period. For instance, in June 2020, according to an article published by Springer Nature in the Journal of BMC (BioMed Central) Geriatrics, the study states that persons with certain combinations of chronic diseases may have elevated fall risk and the risk is highest with multiple chronic conditions. Multiple chronic disease cluster participants were, in general, older, less physically active, overweight, at risk of malnutrition, and had more geriatric conditions compared to the low chronic cluster.

Global Personal Emergency Response Systems Market Cross Sectional Analysis:

Rising incidence of falls of older patients due to chronic diseases in emerging economies is also expected to boost demand for personal emergency response systems in North America region. For instance, in March 2020, according to The Administration for Community Living, Between 2009 and 2019, the number of Americans age 45-64  increased by 4% from 80.3 million to 83.3 million. The number of Americans age 60 and older increased by 34% from 55.7 million to 74.6 million.

Global Personal Emergency Response Systems Market: Key Developments

In January 2021, FallCall Solutions LLC, a developer of telemonitoring software solutions for the geriatric population, announced the release FallCall Detect, a patented technology that combines the power of smart fall detection with a comprehensive personal emergency response system (PERS). FallCall Detect connects to FallCall Solution's platform-agnostic emergency assistant app that provides a user's support community with fall alerts, location, heart rate and battery updates, and pairs with FallCall's affordable medical monitoring service.

In June 2021, Essence SmartCare, a developer of pioneering IoT (The Internet of Things) platforms for market-leading healthcare and senior care providers, announced that it had been awarded Connected World’s2021 IoT Innovations Award for its MDsense advanced (Artificial Intelligence) AI-based fall detection solution. MDsense is the first multi-dimensional fall detection solution available to the global care market. While alternative solutions rely on wearable devices and panic buttons that often lack efficiency due to compliance challenges, MDsense is a non-wearable solution employing advanced AI algorithms to immediately detect a fallen individual. The system provides round-the-clock monitoring, enabling caregivers to react quicker to verified falls by eliminating the risk of missed falls and minimizing false alerts.

On March 29 2023, Essence SmartCare, a developer of pioneering IoT platforms for market-leading healthcare and senior care providers, announced the launch of its latest SmartCall service offering, an automatic, intuitive virtual call system to optimize follow-up care for seniors receiving home-based care. The SmartCall system incorporates a variety of features, from pre-scheduled and on-demand calls to simplified data collection and the creation of structured reports

In July 2020, MobileHelp, a provider of mobile personal emergency response systems (mPERS) and healthcare technology solutions, announced the availability of a new telehealth service to deliver in-home care. Using the telehealth service – exclusively available as an add-on service option to existing MobileHelp subscribers – customers will now have 24/7 access to a physician, with no additional co-pay or insurance required.

Global Personal Emergency Response Systems Market: Key Trends

Rising demand for personal emergency response systems, advancement in technological platforms like the Internet of Things (IoT), and artificial intelligence

Rising demand for fall detection for older pateints along with chronic diseases is expected to drive the global personal emergency response system market.  For instance, in November 2022, Kami Vision, an artificial intelligence (AI) services company announced Fall Detect by KamiCare, the world’s first AI fall detection and assistance system available at home that does not require a wearable or pull alarm. Fall Detect by KamiCare, a product of Kami Vision, a firm that specializes in computer vision and offers AI solutions to businesses, SMBs, and consumers, assists in identifying and preventing elder fall risk. With inexpensive vision AI, two-way audio, private incident verification, and other features, Fall Detect by KamiCare decreases fall risk by 60%, avoids needless and expensive hospitalizations by as much as 80%, and empowers caregivers to respond swiftly and prevent future accidents.

Global Personal Emergency Response Systems Market: Restraint

Low awareness of services and low adoption of personal emergency response systems

Older patients with chronic diseases have less exposure to the use of e-health services as not frequent exposure to the use of mobile phones is expected to hamper the growth of the personal emergency response systems market. For instance, in August 2021, according to an article published in BMC Public Health, older adults often face unique challenges to accessing health services, including limited income or insurance, reduced mobility or disability, rural or remote location, and negative self-perceptions of aging (associated with lower health-related quality of life). Increasing awareness about e-Health services has substantial potential to improve access to, as well as support the provision of efficient and effective care for older adults

Global Personal Emergency Response Systems Market - Key Players

Major players operating in the global personal emergency response systems include Koninklijke Philips N.V., LifeWatch Services, Inc., Tunstall Healthcare, ADT LLC, Medical Guardian LLC, MobileHelp, Bay Alarm Company, AlertOne Services, LLC., Robert Bosch GmbH and GreatCall.