Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Personal Emergency Response Systems Market – Insights
Personal emergency response system (PERS) is a device that is used to alert emergency services in the event of a fall, emergency, or any risk situations. Such devices have the potential to mitigate some of the adverse consequences of emergency cases. Mobile PERS, landline PERS, and standalone devices are some of the types of PERSs.
The global personal emergency response systems market is estimated to account for US$ 8,410.1 Mn in terms of value by the end of 2027.
Global Personal Emergency Response Systems Market: Drivers
Increasing geriatric population is expected to propel growth of the global personal emergency response systems market over the forecast period. For instance, according to the World Health Organization, geriatric population is expected to reach 2 billion by 2050, up from 900 million in 2015.
Moreover, increasing healthcare expenditure is also expected to aid in growth of the market. For instance, according to the Centers for Medicare & Medicaid Services (CMS), health spending in the U.S. is projected to grow at an average rate of 5.5 percent per year for 2018-27 and to reach nearly US$ 6.0 trillion by 2027.
North America region held dominant position in the global personal emergency response systems market in 2019, accounting for 47.7% share in terms of value, followed by Europe.
Figure 1. Global Personal Emergency Response Systems Market Share (%), by Region, 2019
Source: Coherent Market Insights Analysis (2020)
Global Personal Emergency Response Systems Market: Restraints
High cost of PERSs and services is expected to hinder growth of the global personal emergency response systems market. PERS is subscription-based, which may be monthly, quarterly or annual. The cost of the system ranges from US$ 600 to US$ 750.
Moreover, low adoption of PERS in emerging economies is also expected to limit growth of the market. High cost and low awareness of services are some of the factors that lead to low adoption of PERS in emerging economies.
Global Personal Emergency Response Systems Market: Opportunities
R&D in fall detection is expected to offer lucrative growth opportunities for players in the market. For instance, in February 2020, researchers from Shandong University, China, reported use of impulse–radio ultra-wideband monostatic radar and development of a learning model that combines convolutional layers and convolutional long short term memory to extract robust spatiotemporal features for fall detection.
Moreover, increasing adoption of wearable technologies is also expected to aid in growth of the market. For instance, companies such as Samsung and Apple offer digital watches with fall detection.
Mobile Devices segment in the global personal emergency response systems market was valued at US$ 1,350.6 Mn in 2019 and is expected to reach US$ 3,113.0 Mn by 2027 at a CAGR of 11.0% during the forecast period.
Market Trends/Key Takeaways
Increasing adoption of telecare is expected to create conducive environment for market growth. For instance, in April 2019, Doctor on Demand, a U.S.-based telemedicine provider, signed a partnership with Humana to create a new health plan that is focused on virtual primary care.
In Europe, market players are focused on offering GPS-enabled PERSs. For instance, AHS Monitoring Ltd. offers GPS-enabled security systems in Europe.
Global Personal Emergency Response Systems Market: Competitive Landscape
Major players operating in the global personal emergency response systems market include, Koninklijke Philips N.V., LifeWatch Services, Inc., Tunstall Healthcare, ADT LLC, Medical Guardian LLC, MobileHelp, and Bay Alarm Company.
Global Personal Emergency Response Systems Market: Key Developments
Major players in the market are focused on adopting collaboration strategies to expand their product portfolio. For instance, in November 2019, MobileHelp, a provider of mobile PERS, announced it is integrating its user and caregiver capabilities with Amazon’s Alexa platform.
Similarly, in July 2019, Tunstall Healthcare, the U.K.-based provider of digital health and connected care solutions and services, partnered with Telefónica Empresas, a telecommunications operator, for the provision of solutions and services for remote patient management in Spain.