New York, US, Aug. 25, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global Personal Emergency Response Systems Market information by Type, End-User and Region – forecast to 2027” the market was valued at USD 3,675.0 Million in 2019; it is estimated to reach USD 5,540.2 Million in 2025 with a compound annual growth rate of 7.4%.
Dominant Key Players on Personal Emergency Response Systems (PERS) Market Covered Are:
- ALERTONE SERVICES LLC (US)
- Cisco Systems, Inc. (US)
- Nortek Security and Control (US)
- VRI (US)
- Honeywell International Inc. (US)
- Tunstall (UK)
- Robert Bosch GmbH (Germany)
- GreatCall Inc. (US)
- Koninklijke Philips NV (Netherlands)
- ADT (US)
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Personal Emergency Response Systems Market Drivers
Trend of Independent Living to Boost Market Growth
The trend of independent living worldwide has encouraged the adoption of personal emergency response systems by people. Such systems are used by differently-abled individuals or elderly people that cannot avail assistance through traditional methods. This will boost market growth.
Personal Emergency Response Systems Market Opportunities
Growing Adoption of Mobile Smartphone-Based Applications to offer Robust Opportunities
Rising adoption of mobile smartphone-based applications for senior citizens’ health management and improvements in medical alert services will offer robust opportunities for the market in the forecast period.
Personal Emergency Response Systems Market Restraints
Data Security Issues to act as Market Restraint
Concerns regarding data security and high cost incurred to manufacture personal emergency response systems may act as market restraints over the forecast period.
Personal Emergency Response Systems Market Challenges
Lack of Sufficient Knowledge to act as Market Challenge
The lack of sufficient knowledge on the use of systems in rural areas coupled with dearth of skilled technicians in monitoring the systems may act as market challenges over the forecast period.
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Segmentation of Market Covered in the Research:
By application, the mobile personal emergency response system segment will lead the market over the forecast period. It is likely to grow at a 6.8% CAGR by 2027.
By end user, the home-based users will dominate the market over the forecast period.
Regional Analysis
North America to Precede Personal Emergency Response Systems Market
North America will precede the market over the forecast period. Rise in geriatric population and healthcare reforms, high concentration of key market players, the rising acquisition of personal emergency response systems, growing elderly population, severe and chronic concerns for older people, rise in chronic and technological advances in healthcare industries, growing adoption in the US and Canada, the presence of a robust healthcare infrastructure, support of the government, and improved healthcare infrastructure are adding to the global personal emergency response systems market growth in the region.
APAC to Have Admirable Growth in Personal Emergency Response Systems Market
The Asia Pacific region will have admirable growth in the market over the forecast period. Booming healthcare sector, growing geriatric population and the number of differently abled individuals, development of hubs for clinical trials and diagnostic methods for curbing the prevalence of chronic diseases and thus looking to reduce expenses on consultation and other healthcare expenditures, the region having received several investments and funding from foreign investors to increase the manufacturing and adoption of PERS across Taiwan, Japan, and China, growing awareness, rising government initiatives towards the home healthcare sector, and increasing number of research activities for the betterment of elder patients in assisted living centers are adding to the global personal emergency response systems market growth in the region. Besides, improving healthcare infrastructure, and growing use of home healthcare devices are also adding market growth.
Browse In-depth Market Research Report (110 Pages) on Personal Emergency Response Systems (PERS) Market:
https://www.marketresearchfuture.com/reports/personal-emergency-response-systems-market-4522
COVID-19 Analysis
The COVID-19 crisis has affected every sector on its own way. The global economy too has been hit negatively at the time of the pandemic. Owing to the strict implementation of the lockdown almost every industry was adversely impacted and was also shut down. Some industries in parallel to this have experienced a positive growth regardless the outbreak. The personal emergency response systems (PERS) market has faced the brunt of the outbreak. The government imposed lockdown led the factories in shutting down and there has been a pause in the production of devices. Besides, the supply chain system too was disturbed owing to the lack of transportation mobility that impeded the market growth. Post lockdown, the market is likely to grow instantly. Owing to COVID, the hospitals are at high risk for elderly people. Non-COVID patients are on the lookout for telemedicine with PERS to remain connected with emergency response centers at all time. This is likely to have a positive effect on the market growth.
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Industry Updates
Medical Guardian will soon collaborate with Black+Decker to come up with a new personal emergency response system to offer innovative consumer health and wellness solutions. This will help in promoting confident mobility for active older Americans.
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
