Personal Emergency Response System Market Size to grow by USD 2.25 Bn | North America to Occupy 35% Global Share | Technavio

NEW YORK, Jan. 4, 2022 /PRNewswire/ -- The personal emergency response system market size is set to grow by USD 2.25 billion from 2020 to 2025, expanding at a CAGR of 5.98% during the forecast period. The report segments the personal emergency response system market by type (mobile, landline, and standalone) and geography (North America, Europe, Asia, and ROW). North America is expected to emerge as the largest market for personal emergency response systems in the coming years.

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The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. ADT Inc., AlertOne Services LLC, Bay Alarm Medical, Best Buy Co. Inc., Careline365, Koninklijke Philips NV, MobileHelp LLC, ModivCare Inc., Nice SpA, and Tunstall Healthcare Group Ltd. are some of the major market participants. To leverage the current opportunities, market vendors must strengthen their foothold in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The growing geriatric population and the increasing prevalence of chronic diseases will offer immense growth opportunities for market players. However, the lack of awareness regarding personal emergency response systems in developing countries will reduce the growth potential in the market.

Personal Emergency Response System Market 2021-2025: Segmentation

• Type
• Mobile
• Landline
• Standalone
• Geography
• North America
• Europe
• Asia
• ROW

By type, the market witnessed maximum growth in the mobile segment. The increased adoption of wearable mobile devices such as pendants, watches, and other wearables is driving the growth of the segment. Also, the increasing adoption of technology in hospitals will drive the growth of the segment.

By geography, North America accounted for maximum growth in the market in 2020. The region will contribute to 35% of the global market share. The US is the key market for personal emergency response systems in North America. However, the market growth in the region will be slower than the growth of the market in Asia and ROW.

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Personal Emergency Response System Market 2021-2025: Key Highlights

• CAGR of the market during the forecast period 2021-2025
• Detailed information on factors that will assist personal emergency response system market growth during the next five years
• Estimation of the personal emergency response system market size and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the personal emergency response system market
• Analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of personal emergency response system market vendors

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