HYDERABAD, India and MINNEAPOLIS, March 1, 2016 /PRNewswire/ --
According to the Market Report, "Personal Emergency Response Systems (PERS) Market Analysis - By Type (Landline-based PERS, Mobile PERS and Standalone Devices); By End Users (Home-based, Senior Living Facilities and Assisted Living Facilities) - With Forecast (2015-2020)", the market for PERS is estimated to reach 8.4 USD Billion by 2020 at a high CAGR.
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Rise in aging population across the globe is creating a need to provide emergency medical systems which are used by wide patient pool and people in general, to ensure safety and security in case of any unseen emergency or any critical situation. The usage of personal emergency response systems is increasing with the growing demand for home healthcare devices across the globe as they promise safety and medical security while being affordable and easily accessible. In the past, the PERS devices were limited to use by the elderly population. However, the advanced and innovative PERS available currently in the market cater to needs of a diverse population, including people with chronic diseases, disabled people and people needing post-operative monitoring and care.
PERS devices have been in the market since past few decades and are being actively adopted by people in a few developed regions such as North America and Europe. This can be attributed to the increased investments into R&D enabling entry of new and innovative PERS solutions into the market. Since early 2000s, mobile PERS have been available in the market and are slowly gaining a significant share in the overall PERS revenue. Similarly, standalone PERS devices were under R&D for the last 10 years and have been very recently introduced into the market.
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According to IndustryARC analysis, the global Personal Emergency Response Systems Market will grow at a CAGR of 5.8% and reach $8.4 Billion by 2020. Home-based mobile systems segment which is operated through landline telephone is the largest revenue-yielding segment in the PERS market. The highest revenue in the landline-based PERS market was generated in APAC region followed by North America and Europe. In 2015, North America and Europe held 40% and 37% share respectively, in the global PERS. These regions are mature and have an established subscriber base. The PERS Market in these regions will further grow due to technological advancements and rising awareness towards personal healthcare and monitoring systems.
The growing demand for Mobility and Technological advances in PERS Market.
The mobile personal emergency response systems market is likely to grow substantially owing to the boom in the number of smartphone users and the mobility it provides to senior citizens in terms of active lifestyle. The development of smartphones catering to older people with features such as large screen and high quality speaker have enabled their adoption across this age group. There is a huge potential for PERS market to grow in the mobile technology segment, further driven by new advancements in 3G and 4G technology. In China and India, the penetration rate of Smartphone is 81% and 17%, with a huge scope for mobile based PERS.
Although there is a growth in the mobile personal emergency response systems market owing to the mobility it provides, it is expensive than the traditional medical alert systems and have few technological limitations such as limited accessibility range of GPS which can be a challenge for PERS manufacturing companies.
PERS market in the landline-based PERS and mobile PERS segments are dominated by Philips Lifeline and Health Watch Inc. supported by a large network of distributors and suppliers. Other Major Players that have had a considerable market share are LifeAlert, Alert1, Tunstall and BayAlarm Medical and ADT, owing to a loyal customer base. The top players occupy over 75% share in the PERS market. All the companies have comparable product portfolio but the main difference in their market share is due to the quality, safety and reliability of emergency monitoring services provided by them. The established PERS companies are investing considerably into development of new products and expansion into new geographical regions. However, for the new players venturing into the PERS market, the absence of a distribution channel and lack of brand reputation will lead to fierce competition.
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