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Personal emergency response systems market | Coherent Market Insights

North America expected to lead the market during forecast period with market valuation US$ 175.1 Mn by 2027.

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Personal emergency response systems market | Coherent Market Insights

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  1. Coherent Market Insights Market Research and Business Consulting Services https://www.coherentmarketinsights.com/ COVID-19 Impact Tracker

  2. PERSONAL EMERGENCY RESPONSE SYSTEMS MARKET ANALYSIS Personal Emergency Response Systems Market,ByProduct (Landline Devices, Mobile Devices, Standalone Devices, Mobile Apps), By End User (Home Based Users, Assisted Living Facilities, Hospitals), and By Region (North America, Latin America, Europe, Asia Pacific, Middle east & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2019 - 2027

  3. The global personal emergency response systems market is estimated to account for US$ 8,410.1 Mn in terms of value by the end of 2027. Drivers • Increasing geriatric population is expected to propel growth of the global personal emergency response systems market over the forecast period. For instance, according to the World Health Organization, geriatric population is expected to reach 2 billion by 2050, up from 900 million in 2015.

  4. Moreover, increasing healthcare expenditure is also expected to aid in growth of the market. For instance, according to the Centers for Medicare & Medicaid Services (CMS), health spending in the U.S. is projected to grow at an average rate of 5.5 percent per year for 2018-27 and to reach nearly US$ 6.0 trillion by 2027. • North America region held dominant position in the global personal emergency response systems market in 2019, accounting for 47.7% share in terms of value, followed by Europe.

  5. Figure 1.Global Personal Emergency Response Systems Market Share (%), by Region, 2019

  6. Market Restraints • High cost of PERSs and services is expected to hinder growth of the global personal emergency response systems market. PERS is subscription-based, which may be monthly, quarterly or annual. The cost of the system ranges from US$ 600 to US$ 750. • Moreover, low adoption of PERS in emerging economies is also expected to limit growth of the market. High cost and low awareness of services are some of the factors that lead to low adoption of PERS in emerging economies.

  7. Market Opportunities • R&D in fall detection is expected to offer lucrative growth opportunities for players in the market. For instance, in February 2020, researchers from Shandong University, China, reported use of impulse–radio ultra-wideband monostatic radar and development of a learning model that combines convolutional layers and convolutional long short term memory to extract robust spatiotemporal features for fall detection.     • Moreover,increasingadoption of wearable technologies is also expected to aid in growth of the market. For instance, companies such as Samsung and Apple offer digital watches with fall detection.

  8. Mobile Devices segment in the global personal emergency response systems market was valued at US$ 1,350.6 Mn in 2019 and is expected to reach US$ 3,113.0 Mn by 2027 at a CAGR of 11.0% during the forecast period.

  9. Market Trends • Increasing adoption of telecare is expected to create conducive environment for market growth. For instance, in April 2019, Doctor on Demand, a U.S.-based telemedicine provider, signed a partnership with Humana to create a new health plan that is focused on virtual primary care. • In Europe, market players are focused on offering GPS-enabled PERSs. For instance, AHS Monitoring Ltd. offers GPS-enabled security systems in Europe.

  10. Competitive Section Major players operating in the global personal emergency response systems market include, Koninklijke Philips N.V., LifeWatch Services, Inc., Tunstall Healthcare, ADT LLC, Medical Guardian LLC, MobileHelp, and Bay Alarm Company.

  11. Key Developments  • Major players in the market are focused on adopting collaboration strategies to expand their product portfolio. For instance, in November 2019, MobileHelp, a provider of mobile PERS, announced it is integrating its user and caregiver capabilities with Amazon’s Alexa platform. • Similarly,inJuly 2019, Tunstall Healthcare, the U.K.-based provider of digital health and connected care solutions and services, partnered with TelefónicaEmpresas, a telecommunications operator, for the provision of solutions and services for remote patient management in Spain.

  12. Request Sample Report • Request Customization • Download PDF Brochure • Talk to Analyst Reference: https://www.coherentmarketinsights.com/market-insight/personal-emergency-response-systems-market-3664

  13. About Us Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. What we provide: • Customized Market Research Services • Industry Analysis Services • Business Consulting Services • Market Intelligence Services • Long term Engagement Model • Country Specific Analysis

  14. Contact Us Mr. Shah Coherent Market Insights Pvt.Ltd. Address: 1001 4th Ave, #3200 Seattle, WA 98154, U.S. Phone: +1-206-701-6702 Email: sales@coherentmarketinsights.com

  15. Thank You! Kindly follow CMI Social Media Profiles for the latest company updates Facebook Linkedin Twitter https://www.coherentmarketinsights.com/

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