The global market for Personal Emergency Response Systems (PERS) estimated at USD 8.76 Billion in the year 2022, is expected to reach a revised size of USD 14.94 Billion by 2030, growing at a CAGR of 6.9% over the forecast period 2023-2030
Growing demand for geriatric safety and independent living solutions, coupled with an aging population, is driving the market for Personal Emergency Response Systems (PERS) at a steady pace. PERS devices improve users' security and peace of mind by enabling them to swiftly request aid during emergencies. These devices include fixed units, wearable pendants, and wristbands. The need for dependable, non-intrusive emergency assistance systems, growing healthcare expenditures, and developments in wireless communication technology are major industry drivers. The market is seeing trends toward the combination of fall detection, smartphone connectivity, and GPS tracking, which provide more complete and approachable solutions. As the requirements of the elderly population and their carers grow, top businesses are concentrating on developing new products, strengthening their service networks, and forming alliances with healthcare providers.
Top Key Players Covered In Personal Emergency Response System (PERS) Market
Koninklijke Philips N.V. (Netherlands), Honeywell International Inc (US), Life Alert Emergency Response Inc. (US), AlertONE Service Inc. (US), MedicAlert Foundation (US), ADT Security Services Inc. (US), Bay Alarm Medical (US), Shenzhen Giftshine Technology Co. Ltd. (China), Nortek Security & Control LLC (US), Galaxy Medical Alert Systems Ltd. (Canada), Medical Guardian LLP (US), Rope Innovation Co. Ltd. (China), Electronic Caregiver Inc. (US), Ningbo Hi-Tech Park Jabo Electronics Co. Ltd (China), Vanguard Wireless (Australia), Tynetec Ltd. (UK) and Other Major Players
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The global Personal Emergency Response System (PERS) market research investigates the market in-depth and offers a comprehensive analysis of the major growth determinants, Personal Emergency Response System (PERS) market share, current trends, key players, and their future predictions. In addition, market demand and supply, each geographical region's growth rate, and market potential are all included in the Personal Emergency Response System (PERS) Market study. Raw materials, marketing channels, client surveys, industry trends and proposals, CAGR status, product scope, Personal Emergency Response System (PERS) market trends, major leading countries/regions, market risk, and market driving force are all included in the market research. The market prediction was based on a thorough market investigation completed by several industry experts.
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Segmentation Analysis of the Personal Emergency Response System (PERS) Market
Personal Emergency Response System (PERS) market segments cover the Type and End-User. By Type, Mobile PERS and Standalone PERS segments are Expected to Dominate the Market during the upcoming period.
By Type
- Standalone PERS
- Landline PERS
- Mobile PERS
By End-User
- Home-Based Users
- Assisted Living Facilities
- Nursing Homes
- Senior Living Facilities
- Hospice Care
Drivers of the Personal Emergency Response System (PERS) Market:
- Aging Population: As the number of elders rises, there is a greater need for PERS systems, which give elderly people who live alone protection and freedom.
- Chronic Illnesses: As chronic illnesses like diabetes and heart disease become more common, there is a greater demand for prompt medical attention, which encourages the use of PERS.
- Technological Advancements: Wearables, mobile connectivity, and GPS tracking are examples of innovations that have improved the usability and attractiveness of PERS systems.
- Healthcare expenses: The application of PERS for ongoing monitoring and prompt action is encouraged by the need to lower healthcare expenses and hospital readmissions.
- Awareness Campaigns: Marketing and educational initiatives that raise consumer knowledge of PERS' advantages and accessibility promote market expansion.
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Opportunities in the Personal Emergency Response System (PERS) Market:
- Integration with Smart Home Technology: By creating PERS that work with smart home systems, companies can attract tech-savvy customers by providing more convenience and safety.
- Expanding the market for mobile PERS (mPERS) devices can serve active elderly and people with health risks. These devices provide emergency assistance outside of the home.
- Subscription Services: Providing PERS with subscription-based models can generate a consistent income stream and give consumers access to reasonably priced solutions.
- Growth in Emerging economies: PERS introduction can spur substantial market expansion in emerging economies with expanding healthcare infrastructure and awareness.
- Partnerships with Healthcare Providers: Collaborating with healthcare providers and insurance organizations to promote and subsidize PERS devices can boost market penetration and acceptance.
By Region
- North America (US, Canada, Mexico)
- Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
- Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
- Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
- Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)
- South America (Brazil, Argentina, Rest of SA)
Report includes Competitor's Landscape:
- Major trends and growth projections by region and country
- Key winning strategies followed by the competitors
- Who are the key competitors in this industry?
- What shall be the potential of this industry over the forecast tenure?
- What are the factors propelling the demand for the Action Figures And Statues?
- What are the opportunities that shall aid in significant proliferation of the market growth?
- What are the regional and country wise regulations that shall either hamper or boost the demand for Action Figures And Statues?
- How has the covid-19 impacted the growth of the market?
- Has the supply chain disruption caused changes in the entire value chain?
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