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Personal Emergency Response System Market SWOT Analysis By Size, CAGR Growth Status, Regional Trends Forecast To 2028

07-06-2022 01:26 PM CET | Health & Medicine

Press release from: Precision Business Insights

Personal Emergency Response System Market SWOT Analysis

According to Precision Business Insights (PBI), the latest report, the personal emergency response system market is expected to be worth USD 5.9 billion in 2022, growing at a 5.5% CAGR from 2022 to 2028. The demand for PERS has increased because of the growing geriatric population and the high level of health literacy worldwide. These systems can be utilized by the elderly, the disabled, or those suffering from brain diseases to get immediate assistance in an emergency. People who participate in the health literacy program receive training on choosing healthcare providers wisely, communicating better with medical professionals and emergency personnel, etc. Falls are shared among the elderly. It has also become crucial for family members of active seniors to check their whereabouts, keep tabs on their activities, remind them to take their medications, and so forth. Furthermore, the crucial elements of life-saving solutions like medical alert systems, such as location monitoring or geo-fencing, are also vital for people with a mild cognitive disease who experience disorientation. The market is growing due to all these causes.

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Mobile PERS Segment to Dominate the Personal Emergency Response System Market
The mobile PERS segment is expected to account for a larger revenue share in the global Personal Emergency Response System market, with a value share worldwide. It is projected to grow at a x % CAGR between 2022 and 2028. The need for medical alert systems in senior citizens' homes is rising in tandem with the aged population's rapid growth. One of the most frequent ways for older adults to get hurt is through falls. According to the American Hospital Association, more than one-third of people 65 and over experience a fall yearly. This critical issue frequently results in several other severe and chronic problems for older people. Medical alert system demand is anticipated to increase as a result of this.

Asia Pacific Personal Emergency Response System Market
The Asia Pacific market is expected to increase in the global personal emergency response system market over the forecast period. It is projected to grow at a CAGR of x% in the coming years. The governments of nations with sizable older populations, such as China, India, and South Korea, have implemented several healthcare reforms responsible for this development. One key factor influencing the APAC market is the rising healthcare awareness and rising per capita healthcare spending. Caretakers believe that PERS monitoring is superior to in-person tracking since it is significantly more economical. Advanced and sophisticated medical alert systems are projected to see new market opportunities during the forecast period as medical tourism grows in APAC's developing nations like China and India.

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Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global personal emergency response system market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In February 2021, Connect America partnered with Urban Health Plan (US), a health center program in the US, to bring remote patient monitoring (RPM) services to patients living in the underserved communities of the Bronx, Queens, and Manhattan. In October 2020, MobileHelp introduced Micro, an all-in-one mobile medical alert device that offers wearable comfort with its compact size and weight without sacrificing technology strengths. The product also features MobileHelp's patented automatic fall detection and advanced location tracking technology.

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Detailed Segmentation
Based on the connection:
• Wired
• Wireless

Based on the system type:
• Cellular PERS
• Mobile PERS
• Nurse Call Systems
• Smart Wearable Belt

Based on the technology:
• Two-way Voice Systems
• Unmonitored Medical Alert Systems
• Medical Alert Alarm (Button) System
• IP-based systems
• Others

Based on the end-user:
• Home Based
• Hospitals & Clinics
• Senior Living Centers

Contact:
Mr. Satya
Precision Business InsightsTM | Toll Free: +1 866 598 1553
Email: sales@precisionbusinessinsights.com
Kemp House, 152 - 160 City Road, London EC1V 2NX
Web: https://precisionbusinessinsights.com/ | D U N S® Number: 852781747

About Precision Business Insights:
We are a market research company that strives to provide the highest quality market research insights. Our diverse market research experts are enthusiastic about market research and therefore produce high-quality research reports. We have over 500 clients with whom we have a good business partnership and capacity to provide in-depth research analysis for more than 30 countries. In addition to deliver more than 150 custom solutions, we already have accounts with the top five medical device manufacturers.

Precision Business Insights offers a variety of cost-effective and customized research services to meet research requirements. We are a leading research service provider because of our extensive database built by our experts and the services we provide.

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