Global Personal Emergency Response System Market Propelled by Increasing Popularity of Home Healthcare Services12 Apr 2016
Technological innovations are driving healthcare to new heights, according to a market study on the global personal emergency response system market by Transparency Market Research. The report looks into the proceedings of the said market for the 2015-2023 period. Data about the market’s expected development in this period is presented in the report, titled “Personal Emergency Response Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023.”
A personal emergency response system (PERS) is an electronic gadget that allows individuals to seek assured help in the event of an emergency. These devices are connected to other gadgets such as cell phones and are coded with instructions to notify a response center in the instance of activation of the emergency protocol. In PERS, the emergency button is a radiofrequency activating device and is mostly sported around the wrist or neck to enable easy activation in the event of an emergency. The person at the receiving end of a PERS transmission can even communicate with the wearer of the device to decide the course of action.
The market for personal emergency response systems is largely driven by the trend of utilization of advanced technology for access to healthcare in the event of a medical emergency. The functionality of PERS involves raising an alarm for medical attention, which avoids unnecessary hospital stays for individuals with chronic diseases. Thus, analysts expect that the home healthcare segment will be the most lucrative for the PERS market during the forecast period.
According to the U.S. Census Bureau, the pool of senior citizens is expected to reach 74 million by 2025. Globally, the senior citizen pool will reach 1.2 billion by 2025. A large number of senior citizens are expected to opt for home healthcare for cost and emotional reasons. For instance, a survey carried out by the American Association of Retired Persons (AARP) found that 90% of baby boomers wished to live in their home as they headed towards old age. Individuals using PERS are in better control of their life, have reduced dependency on family. These favorable factors will propel the growth of the personal emergency response system market.
Competition-wise, the PERS market is highly concentrated owing to the presence of several players. Nevertheless, the increasing market attractiveness is drawing the attention of new players and participation in this worthwhile market is rising. This will intensify the competition in the market in the near future. The report mentions top players in the global personal emergency response systems market such as Philips Lifeline, Life Alert Emergency Response Inc., Numera Inc., and ADT LLC.
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