Home / All Categories / Life Sciences / Medical Devices / Global Personal Emergency Response Systems Market Analysis 2018-2029, by Manufacturers, Regions, Countries, Types, Applications and Forecast
Global Personal Emergency Response Systems Market Analysis 2018-2029, by Manufacturers, Regions, Countries, Types, Applications and Forecast
Global Personal Emergency Response Systems Market Analysis 2018-2029, by Manufacturers, Regions, Countries, Types, Applications and Forecast

Pages: 134       Published Date: Jul 18 2023       Category: Medical Devices       Report ID: HJR500902
The Personal Emergency Response Systems (PERS) industry has witnessed significant growth in recent years, with a projected market size of US$7074.6 million by 2022, according to HJResearch. Personal Emergency Response Systems are wearable devices or systems that enable individuals to get immediate help in case of emergencies. These systems typically consist of a wearable button or pendant that a user can press to send an alert to a monitoring center or designated contacts.

The primary use of Personal Emergency Response Systems is to provide safety and peace of mind to individuals who may require immediate assistance. These systems are particularly popular among elderly individuals, those with chronic illnesses, or people living alone. By simply pressing a button, users can connect with a monitoring center or alert their chosen contacts, who can then provide the necessary help or assistance.

The adoption of Personal Emergency Response Systems is growing rapidly, driven by factors such as the increasing aging population, rising healthcare costs, and the desire for independent living. The demand for these systems is expected to continue to rise, as more individuals seek ways to ensure their safety and well-being, both in their home environments and institutional settings.

The market for Personal Emergency Response Systems is segmented on the basis of end-users, with categories including home-based users, assisted living facilities, and hospitals. Home-based users are the largest segment, accounting for a significant portion of the market share. This can be attributed to the increasing preference for aging in place and the desire for independent living among elderly individuals.

In terms of manufacturers, the global Personal Emergency Response Systems market is dominated by key players such as Koninklijke Philips, LifeWatch, ADT Security Services, Medical Guardian, MobileHelp, and Bay Alarm. These companies have established themselves as leaders in the industry, offering a range of innovative products and services.

Looking ahead, the Personal Emergency Response Systems industry is expected to experience steady growth, with a compound annual growth rate (CAGR) of 6.24% through 2022. This growth can be attributed to factors such as the increasing awareness about the benefits of these systems, advancements in technology, and the expanding customer base. Additionally, the integration of artificial intelligence and Internet of Things (IoT) technologies into Personal Emergency Response Systems is expected to further drive market growth and enhance the functionality and effectiveness of these systems.

In conclusion, the Personal Emergency Response Systems industry is witnessing significant growth, driven by the increasing demand for safety and independence among individuals. With a projected market size of US$7074.6 million by 2022 and a CAGR of 6.24%, the industry offers lucrative prospects for manufacturers and service providers. As the market continues to evolve and technology advances, Personal Emergency Response Systems are poised to play a crucial role in ensuring the well-being and security of individuals in times of emergencies.

The SWOT analysis of the Personal Emergency Response Systems industry is as follows:

Strengths:
1. Aging population: With the increasing number of elderly individuals in many countries, the demand for personal emergency response systems (PERS) has been growing rapidly.
2. Technological advancements: PERS devices have evolved significantly over the years, incorporating advanced features such as fall detection, GPS tracking, and two-way communication, enhancing their effectiveness and appeal.
3. Cost-effective: PERS devices are typically more affordable than other forms of long-term care, making them accessible to a wider range of individuals.
4. Ease of use: PERS devices are designed to be user-friendly, enabling older adults to use them without any technical expertise.
5. Strong customer support: Providers of PERS devices often offer 24/7 customer support, ensuring that users can receive assistance and troubleshooting whenever needed.

Weaknesses:
1. Technological barriers: While PERS devices have become more advanced, some older adults may struggle to adopt and effectively use the technology.
2. Limited range: PERS devices generally have a limited range, with the user needing to be within a certain distance of the base station or wearable device for it to function properly.
3. Market saturation: The PERS industry has become increasingly competitive, with many providers offering similar products and services, leading to market saturation and potential price wars.

Opportunities:
1. Expansion into international markets: With the aging population trend observed globally, there are opportunities for PERS providers to expand their services and products to new markets.
2. Integration with smart home technology: PERS devices can be integrated with smart home systems, providing additional benefits and convenience to users.
3. Collaboration with healthcare providers: PERS providers can collaborate with healthcare institutions to provide a comprehensive care solution, ensuring that users receive the necessary assistance during emergencies.

Threats:
1. Security and privacy concerns: PERS devices transmit personal data and location information, which can be vulnerable to hacking or misuse, potentially creating privacy and security threats.
2. Competition from alternative solutions: There may be competition from alternative solutions, such as wearable devices with built-in emergency response features or other telehealth solutions.
3. Economic factors: Economic downturns or changes in healthcare policies can impact the purchasing power and demand for PERS devices.

Key players in global Personal Emergency Response Systems market include:
Koninklijke Philips
LifeWatch
ADT Security Services
Medical Guardian
MobileHelp and Bay Alarm

Market segmentation, by product types:
Landline Devices
Mobile Devices
Standalone Devices
Mobile Applications

Market segmentation, by applications:
Home-Based Users
Assisted Living Facilities
Hospitals

Purchase this Market Research Report

Single User License $3,200.00
Multi User License $5,800.00
Enterprise User License $5,800.00
Add to Cart Buy Now
goods_purchanse_ico goods_purchanse_ico goods_purchanse_ico goods_purchanse_ico goods_purchanse_ico