The report “Medical Alert System/Personal Emergency Response System Market by Type (Landline, Mobile, Standalone), End User (Home-Based Users, Senior Living Facilities, and Assisted Living Facilities), and Geography – Global Forecast to 2023″, published by MarketsandMarkets™, the market is expected to grow from USD 6.61 Billion in 2017 to USD 9.22 Billion by 2023, at a CAGR of 5.7% between 2017 and 2023.
The increasing aging population and adoption of PERS as a supportive tool for independent living, technological developments in healthcare wearable, advancement in communication and connectivity technologies, and mobility benefits are the major driving factors for the growth of the PERS market.
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mPERS market expected to grow at the highest CAGR during the forecast period
The Mobile PERS (mPERS) market is expected to grow at the highest CAGR during the forecast period. mPERS is gaining popularity as it allows senior citizens to lead a more independent and healthy lifestyle. Advancements in personal safety monitoring technology have expanded the market and provided home security dealers the opportunity to expand traditional security offerings. Decreasing use of landlines, which was the previous communication technology used in PERS units, is causing the widest reactive changes in the PERS industry, as companies have to reformulate the available communication technologies in their solutions. Previously, landline connection was necessary for a medical response service; however, technologies such as cellular, GSM, and VoIP-compatible options are addressing this gap.
Emerging markets create growth opportunities for PERS
Personal Emergency Response System Market is an established trend in the developed regions of North America and Europe. Due to favorable regulations and policies in these regions, medical alert systems are rapidly being adopted. As the market in developed countries is nearly saturated, market players have shifted their focus towards developing regions, especially the emerging economies of Asia as well as the Pacific region where the home healthcare market has great potential. Emerging markets such as China, India, Brazil, Indonesia, and the Philippines offer significant growth opportunities for personal emergency response systems. To meet the demand for round-the-clock monitoring and care of senior citizens, various companies are strategically focusing on increasing the sales of personal emergency response systems (PERS) with the help of innovative and user-friendly products.
Home-based users held the largest share of the PERS market in 2016
Home-based users held the largest share of the overall PERS market in 2016 and are expected to dominate the market till 2023. The PERS market for assisted living facilities is expected to register the highest CAGR during the forecast period.
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North America expected to hold the largest share, while APAC projected to witness the highest CAGR
North America is expected to hold the largest share and dominate the PERS market between 2017 and 2023. The converging trends of aging population, technological advancement, and favorable government policies are driving the growth of the PERS market in North America. In Asia Pacific (APAC), the expenditure on healthcare has increased over the past few years because of the significant increase in the per capita income. This factor encourages people to opt for better and more reliable healthcare options.
The major players in the PERS market include Koninklijke Philips N.V. (Netherlands), ADT Corporation (US), Tunstall Healthcare Group Ltd. (UK), Valued Relationships, Inc. (US), and Medical Guardian LLC (US).