The personal emergency response systems market will demonstrate a steady revenue rise. Rapid advances in healthcare technology would drive market growth. Market Research Future (MRFR) confirms that the global personal emergency response systems market will escalate from USD 6.97 BN in 2022 to USD 11.23 BN by 2030, growing at a 6.15% CAGR during the review period (2023-2030).
Besides, the growing demand for innovative solutions to address the rising need for personal safety and proactive wellness monitoring will boost the market size. The growing geriatric population, increased awareness of personal safety, and advancements in wearable technology influence the personal emergency response systems market revenues.
Various firms have recently developed and tested prototypes of PERS, prospective business models, and operating concepts. While the concurrence of multiple elements may lead to PERS developments, legal and regulatory constraints may prevent it from becoming widespread. Like other disruptive technologies, PERS has yet to reach a point where innovation is not hindered, and federal, state, and local governments sufficiently safeguard the public.
Leading personal emergency response systems market players are
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Personal Emergency Response Systems Market – Segments
The market report is segmented into types, components, end-users, and regions. The type segment is sub-segmented into standalone PERS, transmitters, R-cube monitoring systems, standalone voice dialers, wandering systems, medical alarm systems, landline PERS, mobile PERS, wireless, GPS, and cellular.
The component segment is sub-segmented into smoke detectors, bed sensors, pull-cord residential, fall detection sensors, flood detectors, and others. The end-user segment is sub-segmented into nursing homes, home-based users, assisted living facilities, hospices, and senior living facilities. By region, the personal emergency response systems market is segmented into the Americas, Asia-Pacific, MEA, Europe, and the rest of the world.
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Personal Emergency Response Systems Market – Regional Analysis
North America dominates the market with a large presence of key PERS providers. The US is a leading market in North America in terms of embracing this modern technology. Several American start-ups are collaborating to develop and apply these technologies locally. A roadmap for getting the PERS into commercial use will be laid out over the next 5-6 years. The growing focus on offering affordable medical care fuels the adoption of PERS, positively impacting the market growth in North America.
Global PERS Market – Competitive Analysis
The highly competitive personal emergency response systems market appears fragmented, with many well-established players. Mergers & acquisitions, collaboration, and innovations remain the key trends for the leading players. Such strategic approaches support the growth and expansion plans of these key players.
Industry/ Innovation /Related News:
May 31, 2023 — Wearable Health Solutions Inc. launched a new direct-to-consumer (DTC) website to sell its personal emergency response systems across the globe. The new website, 1800medalert.com, launched by the wearable health solutions provider, aims to bring its innovative PERS to customers worldwide. Through this user-friendly online platform,
the company intends to increase margins & profitability and further support its plans to increase competitive share and brand awareness. The move will streamline the company’s operational efficiencies by implementing pricing strategies to maximize profitability while delivering value to customers.
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