New York, March 13, 2023 (GLOBE NEWSWIRE) -- The global personal emergency response systems market is currently valued at around US$ 5.7 Billion in 2023 And The Global Personal Emergency Response Systems Market is set to reach revenue of around US$ 11.8 Billion by the end of 2033. Sales of the market are set to witness growth at a CAGR of 6.4% between 2023 and 2033.
The North American region is expected to hold the largest share of the PERS market due to the presence of a large aging population and increasing awareness about PERS devices.
Personal emergency response systems (PERS) are wearable devices that allow individuals to alert their caregivers or emergency services in case of an emergency. PERS devices have gained popularity over the years as they provide independence to the elderly and disabled people to live their lives without the constant supervision of their caregivers. The PERS market has witnessed significant growth in recent years, owing to the increasing aging population, rise in chronic diseases, and advancements in technology. This report aims to provide an overview of the PERS market, including market size, growth factors, and key players.
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Growth Factors: The PERS market growth can be attributed to several factors, including the rise in the aging population, increase in the prevalence of chronic diseases, and advancements in technology. The aging population is more prone to falls and other emergencies, which has led to the increased adoption of PERS devices. According to the World Health Organization, the global population aged 60 years and above is expected to reach 2 billion by 2050, up from 900 million in 2015. Furthermore, the increasing prevalence of chronic diseases, such as diabetes, heart diseases, and cancer, has also led to the adoption of PERS devices, as they provide quick and easy access to emergency services.
Moreover, advancements in technology have led to the development of more sophisticated PERS devices, which are easy to use and offer various features such as GPS tracking, fall detection, and two-way communication. The increasing use of smartphones and the internet of things (IoT) has also led to the development of PERS devices that can be monitored remotely by caregivers and emergency services.
Competition Landscape
- Koninklijke Philips N.V
- LifeWatch USA
- Tunstall
- ADT Inc.
- Medical Guardian LLC
- MobileHelp
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Some key instances of development include:
- In 2019, Philips introduced the Philips Cares app which will allow to track your loved ones’ well-being and stay on top of their day-to-day care. GoSafe 2 is the newest addition to the Philips Lifeline mobile alert service family. This single piece system includes multiple, advanced locating technologies, fall detection capabilities and two-way voice communication all in a light, comfortable, easy-to-wear pendant.
- In January 2019, Tunstall completes sale of Tunstall America to Connect America, this divestiture forms part of Tunstall’s strategic transformation in recent years, as it moves towards a technology-enabled managed services business model. Also, the Tunstall Healthcare has announced it is expanding its Connected Health solutions portfolio with the acquisitions of Kanayo Software Inc. and EWII Telecare. The acquisitions add core expertise in Software and App development for the healthcare market into Tunstall Healthcare's established global expertise in integrated health and social care.
Personal Emergency Response System Market Segmentations-
- By Product:- Landline Devices, Mobile Devices, Standalone Devices, Mobile Apps
- By End User: - Home Based Users, Assisted Living Facilities, Hospitals
- By Region:- North America, Latin America, Europe, South Asia, East Asia, Oceania, Middle East and Africa
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