The global PERS market is estimated to reach USD 11.1 billion by 2025
LONDON, Nov. 28, 2017 /PRNewswire/ -- Personal Emergency Response System/Medical Alert System Market Analysis By Type (Landline, Mobile, Standalone), By End-use (Home-based Users, Nursing Homes, Assisted Living Facilities, Hospices), And Segment Forecasts, 2014 - 2025
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The global PERS market is estimated to reach USD 11.1 billion by 2025, according to a new report by Grand View Research, Inc.
Increasing incidence of Alzheimer's disease and rising life expectancy are estimated to boost the market for Medical alert systems. Moreover, increasing number of mergers and acquisitions by market players are also expected to accelerate growth.
Furthermore, the elderly is more prone to falls, and according to a study, 50% of seniors aged 80 years and 30% of seniors aged 65 fall every year. In addition, those suffering from diseases such as epilepsy, Alzheimer's, Parkinson's, multiple sclerosis, and muscular dystrophy, are at a higher risk of falling. These are major factors that are estimated to drive the market.
In addition, availability of technologically advanced medical alert systems, such as those enabled with W-Fi, GPS, BLE, and radio frequency, help caregivers in finding wandering elders. Combination of PERS with mobile communication technology has enabled not only monitoring of users when they are at home, but also when they are traveling and leading active lives. Devices are now capable of predictive or automatic fall detection and connect the elderly to their caregivers and medical professionals. Increasing awareness about Internet of Things has presented a huge opportunity for medical alert systems to create connected homes. Thus, technologically advanced PERS devices have accelerated the growth of the market.
Further Key Findings From the Report Suggest:
• Standalone devices are expected to be one of the fastest growing segments over the forecast period owing to their accessibility and affordability
• Mobile systems were the largest segment in 2016 due to their widespread utilization
• Home-based users segment is estimated to be the fastest growing end-use segment over the forecast period and it was the largest end-use segment in 2016
• North America dominated the market in 2016 owing to local presence of key players and increasing number of mergers and acquisitions
• Asia Pacific is expected to be the fastest growing region over the next decade with a lucrative CAGR from 2017 to 2025 due to improved economic conditions and rise in healthcare expenditure
• Some of the key players are Koninklijke Philips N.V.; ADT Security Services; Bay Alarm Medical; VRI, Inc.; Life Alert Emergency Response, Inc.; Tunstall; Medical Guardian LLC; AlertOne Services LLC; GreatCall; Rescue Alert; LogicMark; and Nortek Security and Control
• Most of the key players are focusing on expanding their product portfolios, and engaging in collaborations and acquisitions
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