Enhancing Rapid Response: Personal Emergency Response Systems Market Dynamics Unveiled | LifeWatch Services, Inc., Tunstall Healthcare, ADT LLC, Medical Guardian LLC

Market Overview:

Personal emergency response systems (PERS), also known as medical alert systems or emergency alert systems, are electronic devices that allow individuals to summon assistance by pushing a button worn on a cord or pendant around the neck or wrist. PERS is intended to provide instrumentalities for securing emergency healthcare services.

Market Dynamics:

Growing geriatric population is estimated to drive the growth of the personal emergency response systems market over the forecast period. As per the United Nations, the geriatric population is expected to grow from 703 million in 2019 to 1.5 billion by 2050. This rapidly increasing aging population is more prone to disabilities and chronic diseases, making them more reliant on personal emergency response systems. Also, rise in prevalence of chronic diseases such as cardiovascular diseases, cancer, diabetes is fueling the need for personal emergency response systems for ease of accessibility of emergency healthcare services. According to the World Health Organization, chronic diseases accounted for 71% of total deaths globally in 2016.

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Increasing aging population is driving the growth of Personal Emergency Response Systems Market

The advancing age and growing number of senior citizens globally has led to a rise in the demand for medical alert systems and personal emergency response systems. According to the United Nations, the number of people aged 65 years and older is expected to increase from 703 million in 2019 to 1.5 billion in 2050. As the aged segment is more prone to injuries, falls, and medical emergencies, they are increasingly recognizing the importance of medical alert systems to signal for help in emergency situations. Many aging adults prefer to live independently in their own homes for as long as possible and PERs provide them with security and peace of mind. The ability of these systems to automatically contact emergency services in case of any mishap has boosted adoption considerably among the elderly population.

Rising prevalence of chronic diseases propelling the personal emergency response systems industry

The rising incidence of chronic diseases such as cardiovascular diseases, diabetes, cancer, chronic respiratory diseases and others is another factor fueling the PERs market growth. Chronic diseases often requires long-term management and medical care. Individuals suffering from chronic illnesses are often at a higher risk of medical emergencies and may need emergency assistance. Personal emergency response systems allow them to quickly seek help during a medical crisis by simply pushing a button. These systems become indispensable for individuals managing serious chronic diseases independently at home. The ability of PERs to remotely monitor patients' vital signs and alert care providers and family members in case of any abrupt change in health condition has augmented their adoption among chronically-ill population to ensure timely medical care.

High cost of personal emergency response systems impeding widespread adoption

The high initial as well as ongoing costs associated with personal emergency response systems is a major factor restraining their widespread adoption. While basic medical alert systems are available at an entry-level price, comprehensive professional medical alert monitoring systems with advanced features come at a considerable cost which may run into hundreds of dollars annually. Replacing outdated devices and equipment is another expense incurred periodically. Moreover, monthly monitoring fees are required to avail emergency response services which many low-income individuals cannot afford. The dependence of these systems on digital connectivity also increases maintenance costs. High system and subscription expenses act as a significant barrier, especially in price-sensitive markets. To address this challenge, providers need to develop more affordable product and pricing options.

Opportunity for innovation in remote patient monitoring functionality of personal emergency response systems

With rapid advancements in remote monitoring technologies, there is a vast opportunity for innovation in the remote patient monitoring capabilities of personal emergency response systems. The integration of biosensors, artificial intelligence, and advanced data analytics can enable PERs to effectively monitor multiple health parameters of individuals living independently. This includes round-the-clock tracking of vital signs like ECG, blood pressure, glucose levels, pulse oximetry readings, and other biometrics. The data collected can be utilized to detect any abnormal changes in patient health status even before they notice any symptoms. By facilitating timely interventions, innovative remote monitoring functionalities can help reduce hospital readmissions and improve health outcomes, especially for elderly patients and those with chronic conditions. Telehealth integration can also allow virtual consultations with physicians. Such advanced features present a lucrative opportunity for manufacturers to enhance the value proposition of PERs.

Growing popularity of mobile personal emergency response systems

One of the key trends observed in the personal emergency response systems industry is the rising popularity of mobile medical alert devices. With growing dependency on smartphones, wearable technologies and other mobile platforms, consumers are displaying an increasing inclination towards convenient and portable emergency response options. Unlike traditional stationary devices, mobile PERs allow flexibility of use anywhere and anytime through mobile networks and GPS tracking capabilities. This is proving more suitable for active aging adults and those with mobile lifestyles. Leading manufacturers are hence focusing on developing sophisticated mobile medical alerting apps integrated with advanced location technologies, fall detection sensors, activity trackers and emergency call functions. The growing availability of affordable and compact mobile PERS that can be easily carried everywhere is projected to push the industry growth in coming years. Businesses are also collaborating with telecom operators to launch innovative cellular-based monitoring services on a subscription model.

List of TOP Players in Market Report are: -

◘ Koninklijke Philips N.V.
◘ LifeWatch Services Inc.
◘ Tunstall Healthcare
◘ ADT LLC
◘ Medical Guardian LLC
◘ MobileHelp
◘ Bay Alarm Company
◘ AlertOne Services LLC.
◘ Robert Bosch GmbH and GreatCall.

𝐍𝐨𝐭𝐞: 𝐌𝐚𝐣𝐨𝐫 𝐏𝐥𝐚𝐲𝐞𝐫𝐬 𝐚𝐫𝐞 𝐬𝐨𝐫𝐭𝐞𝐝 𝐢𝐧 𝐧𝐨 𝐩𝐚𝐫𝐭𝐢𝐜𝐮𝐥𝐚𝐫 𝐨𝐫𝐝𝐞𝐫.

Market Detailed Segmentation:

By Product :

Landline Devices
Mobile Devices
Standalone Devices
Mobile Apps

By End User:

Home Based Users
Assisted Living Facilities
Hospitals

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Furthermore, the years considered for the study are as follows:

Historical data - 2016-2021
The base year for estimation - is 2021
Estimated Year - 2023
Forecast period** - 2023 to 2030

This Personal Emergency Response Systems Market Research/Analysis Report Contains Answers to your following Questions:

◈What are the current global trends in the Personal Emergency Response Systems market, and will the market experience an increase or decrease in demand in the upcoming years?

◈ What is the expected demand for various product types within the Personal Emergency Response Systems market, and what are the emerging Market applications and trends?

◈ What are the projections for the global Personal Emergency Response Systems Market in terms of capacity, production, production value, cost, profit, market share, supply, consumption, import, and export?

◈ How will strategic developments shape the Market trajectory in the medium to long term?

◈ What factors contribute to the final price of Personal Emergency Response Systems , and what are the raw materials used in its manufacturing?

◈ What is the market's growth potential, particularly with the increasing adoption of Personal Emergency Response Systems in mining?

◈ What is the current and 2022 value of the global market, and who are the leading companies in this market?

◈ What recent Market trends can be leveraged to create additional revenue streams?

◈ What entry strategies, economic impact mitigation measures, and marketing channels should be considered for the Personal Emergency Response Systems Market?

Summarized Extracts from TOC of Market Study

Chapter 1 Personal Emergency Response Systems Introduction and Market Overview

1.1 Objectives of the Study

1.2 Overview of Personal Emergency Response Systems

1.3 Scope of The Study

1.3.1 Key Market Segments

1.3.2 Players Covered

1.3.3 COVID-19's impact on the Personal Emergency Response Systems industry

1.4 Methodology of The Study

1.5 Research Data Source

Chapter 2 Executive Summary

Chapter 3 Industry Chain Analysis

Chapter 4 Market, by Type

Chapter 5 Market, by Application

Chapter 6 Market Analysis by Regions

Chapter 7 North America Market Analysis by Countries

Chapter 8 Europe Personal Emergency Response Systems Market Analysis by Countries

Chapter 9 Asia Pacific Personal Emergency Response Systems Market Analysis by Countries

Chapter 10 Middle East and Africa Personal Emergency Response Systems Market Analysis by Countries

Chapter 11 South America Personal Emergency Response Systems Market Analysis by Countries

Chapter 12 Competitive Landscape

Chapter 13 Industry Outlook

Chapter 14 Market Forecast

Chapter 15 New Project Feasibility Analysis

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