Market Overview
The growth of the global personal emergency response system (PERS) market is thriving on the back of the increasing focus of the players for technological advancements in the personal emergency response system industry, coupled with the increasing prevalence of diseases and disorders, for instance heart strokes, Alzheimer or epileptic seizures that raises the risks of medical emergency situations, demanding attention from healthcare specialists, which is also contributing to the greater adoption of PERS amongst the geriatric population worldwide. Such factors are anticipated to promote significantly towards the growth of the global personal emergency response system (PERS) market.
The global personal emergency response system (PERS) market reached a value of around USD 2800 million in the year 2018 and is expected to garner a value of around USD 4600 million by the end of 2027 by registering a CAGR of around 6% across the globe over the forecast period 2019-2027. Further, the worldwide market of personal emergency response system (PERS) is anticipated to achieve an incremental $ opportunity of around USD 270 million in the year 2027 as compared to the previous year.
Growth Highlights based on Region during 2018-2027
The global personal emergency response system (PERS) market is segmented by regions into North America, Latin America, Europe, Asia-Pacific and Middle East and Africa. Among these regions, the market of North America personal emergency response system (PERS) market is driven by U.S. and Canada, where U.S. held the dominant market share of around 79% during the year 2018. The growth in the nation can be attributed to the presence of a robust healthcare infrastructure backed by the support of the government of the nation. Additionally, the personal emergency response system (PERS) market in North America held a market share of around 35% in the year 2018 and is anticipated to grow with a CAGR of around 6% during the forecast period.
Further, China, India, Japan, South Korea and Australia are some of the prominent countries that are driving the growth of the personal emergency response system (PERS) market in Asia Pacific, where China accounted for the largest market share of around 24% in the year 2018 and is further anticipated to register a CAGR of around 6% during the forecast period. On the other hand, India is anticipated to grow with the highest CAGR of around 7% during the forecast period.
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The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Market Segmentation Synopsis
By Type
The global personal emergency response system (PERS) market has been segmented on the basis of type into landline, mobile and standalone. The landline segment with around 45% share in the year 2018, occupies the largest market share of personal emergency response system (PERS) across the globe. Additionally, the landline segment is anticipated to cross a value of around USD 2200 million by the end of 2027 by registering a CAGR of around 6.5% during the forecast period. Further, the standalone segment is sub-divided into transmitters, standalone voice communicator, wandering system, R-cube or V-cube monitoring system. The transmitters segment, which held a market share of around 37% in the year 2018 is anticipated to cross a value of around USD 400 million by the end of 2027.
Market Drivers and Challenges
Growth Indicators
The presence of a large number of geriatric populations around the globe along with the increasing number of dependents, especially the disabled and elderly, who need greater care and attention for health, is raising the need for versatile mode of notification systems that can help them get medical attention in case of an emergency. Moreover, with the rising incidences of chronic diseases amongst people around the globe is also raising the need for the deployment of such personal emergency response system (PERS). On the other hand, several business strategies which include product launch and deliberate partnerships taken by the key players in the healthcare industry is also anticipated to drive the growth of the global personal emergency response system (PERS) market. Moreover, rising adoption of smartphone, not just amongst the young population, but also amidst the elderly, coupled with the growing healthcare infrastructure around the world backed by the increasing investments of government to develop healthcare infrastructure and focus on R&D activities are some of the factors anticipated to drive the growth of the global personal emergency response system (PERS) market.
Barriers
The high cost associated with the personal emergency response system (PERS), which might affect the sales of the players, coupled with low adoption of the technology in low and middle-income nations owing to the high price of personal emergency response system (PERS) are some of the factors anticipated to impact negatively towards the growth of the global personal emergency response system (PERS) market.
Top Featured Companies Dominating the Market
Some of the affluent industry leaders in the global personal emergency response system (PERS) market are ADT Inc., Tunstall Group, Life Alert Emergency Response, Inc., Bay Alarm Medical, Valued Relationships, Inc., Medical Guardian, LLP, GreatCall, Alertone Services, LLC, Nortek Security and Control and Koninklijke Philips N.V.
