Hamilton, NY, July 21, 2015 (GLOBE NEWSWIRE) -- Browse 63 Market Data Tables, 27 Figures spread through 184 pages and in-depth TOC on Personal Emergency Response Systems (PERS) Market by Type (Landline-based PERS, Mobile PERS and Standalone Devices), By End Users (Home-based, Senior Living Facilities and Assisted Living Facilities) & By Geography (2013-2020)
PERS Market in 2014 was valued to be $5983 Million & is estimated to exhibit a CAGR of 5.8% over the forecast period to generate $8,405 Million Revenue by 2020.
Global Market for Personal Emergency Response Systems (PERS) is a diverse healthcare monitoring devices market and is of critical importance to ensure safety of the elderly in case of any kind of emergency. These devices, which are conveniently available as wearable deices basically cater to the safety needs of individual home-based users, senior living facilities and assisted living facilities.
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Based on the Type of Devices:
- Landline-based PERS
- Mobile PERS
- Stand-alone PERS Devices.
The growth in PERS Market is mainly projected due to the rapidly growing aging population throughout the world, increasing the demand for PERS, which is driven by the evolving trend of retired adults and senior citizens opting to adapt to a healthy and an active life-style in independent living communities. The rising costs of in-hospital care will spur the demand for affordable home-healthcare devices. As the aging population rises, there is an increasing pressure on caretakers to provide not only affordable but also reliable home healthcare monitoring systems for the baby boomers. This is expected to create a substantial demand for PERS devices globally. The emerging fall detection sensors and GPS-enabled devices are revolutionizing the PERS market as these are enabled with sensing capabilities, allowing the users to connect to the monitoring care centers in case of an accidental fall and locate them even when he or she is not in a position to press the panic button.
However, the limited financial resources and lack of medical insurance among the elderly, unfavorable and tough reimbursement policies and inhibitions about usage of PERS devices will negatively affect the global PERS market. Factors such as limited range of landline PERS and the increasing rate of false alarms are the major market constraints and are likely to hinder the market growth in the years to come.
Based on the type of device, the global PERS market can be classified into three categories, namely into Landline-based PERS, Mobile PERS and Stand-Alone PERS among which the Landline PERS system is the largest revenue-generating segment. The huge share can be attributed to the preference of landlines by the elderly population over the mobiles for communication owing to their less operational complexity and high reliability. Stand-alone devices will exhibit the fastest growth due to their compact and simple design enhanced with integrated GSM and GPS features, which eliminates the need for additional devices or subscription costs, thereby significantly cutting down the costs which is an attractive feature contributing to the market advancement.
Home-based individuals constituted the largest end-user group, accounting for over 60% of the global PERS market revenue in 2014. The limited income of the elderly population in most of the countries, coupled by the increasing in-hospital healthcare costs will contribute to the growth of PERS market in this segment.
Market in 2014 was dominated by North America due to the rapidly aging population and diffusion of smartphones in this region. It is followed by Europe where the market is at a matured state. In spite of the market saturation, favorable reimbursements schemes lead to the positive advancement of the market in countries like the U.K.; APAC region is projected to be the fastest growing region throughout the forecast period in the global PERS market with a 11.3% CAGR. Improved healthcare infrastructure and economies will mainly contribute to the market share and growth of PERS market in the APAC and ROW regions.
Market in 2014 was mainly dominated by Key Players in the Healthcare Industry such as -
- Philips Lifeline
- Life Alert Emergency Response Inc.
- Valued Relationships, Inc.
- Bay Alarm Medical
Key Players collectively contributed to more than 60% of the market. This oligopolistic market has allowed the disposal of the PERS devices at a competitive pricing across the world. Over the years, there has been significant increase in partnerships in the PERS market, made between the manufacturers and the telecom service providers or other service providers to enhance their product offerings as well as establish a wide distribution reach. With the technological advancements, the market is about to witness new innovations that will lead to further development of cost-effective devices, changing the structure of the PERS market in the years to come.
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