Global Personal Emergency Response Systems Market Outlook, and Opportunity Analysis, 2019 - 2027

 

Personal Emergency Response Systems Market

 

In the event of a fall, emergency, or other risky circumstances, a personal emergency response system (PERS) is utilised to notify emergency services. These gadgets may be able to lessen some of the negative effects of emergency situations. Some of the several PERS types include mobile PERS, landline PERS, and standalone devices.

Over the course of the projected period, an expanding geriatric population is anticipated to drive market expansion for personal emergency response systems. For instance, the World Health Organization predicts that the number of seniors will increase from 900 million in 2015 to 2 billion by 2050. Additionally, rising healthcare costs are anticipated to support market expansion. For instance, the Centers for Medicare & Medicaid Services (CMS) predicts that between 2018 and 2027, U.S. health spending will increase at an average pace of 5.5 percent annually, reaching approximately US$ 6.0 trillion. In terms of value, North America held the top spot in the market for personal emergency response systems in 2019, with a 47.7% share, followed by Europe.

According to Coherent Market Insights, The global Personal Emergency Response Systems Market is estimated to account for US$ 8,410.1 Mn in terms of value by the end of 2027.

Fall detection R&D is anticipated to provide market participants with lucrative growth prospects. For example, researchers from Shandong University in China reported using impulse-radio ultra-wideband monostatic radar and creating a learning model that combines convolutional layers and convolutional long short term memory to extract reliable spatiotemporal features for fall detection in February 2020. Additionally, it is anticipated that growing wearable technology use will support market expansion. For instance, businesses like Apple and Samsung provide smart watches that can detect falls.

It is anticipated that rising telecare adoption will foster a favourable environment for market expansion. For instance, a new health plan that focuses on virtual primary care was created in April 2019 thanks to a partnership between Humana and Doctor on Demand, a U.S.-based provider of telemedicine. Market participants in Europe are concentrating on providing GPS-enabled PERSs. AHS Monitoring Ltd., for instance, provides GPS-enabled security systems in Europe.

The need for personal emergency response systems is probably being driven by the availability of new raw material sources. Distribution routes should become more efficient, which will strengthen supply chains and benefit the market for personal emergency response systems worldwide. Due to the fluctuation of world currencies, it is projected that demand for personal emergency response systems would increase. The growth in exports is anticipated to create a favourable environment for industry participants to increase their market share for personal emergency response systems.

Major Companies included are- Koninklijke Philips N.V., LifeWatch Services, Inc., Tunstall Healthcare, ADT LLC, Medical Guardian LLC, MobileHelp, and Bay Alarm Company.

For Global Personal Emergency Response Systems Market Press Release, Visit https://www.coherentmarketinsights.com/press-release/personal-emergency-response-systems-market-2957

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