PERSONAL EMERGENCY RESPONSE SYSTEMS MARKET ANALYSIS

Personal Emergency Response Systems MarketSize and Trends

The global personal emergency response systems market is estimated to be valued at US$ 6.47 Billion in 2023 and is expected to exhibit a CAGR of 6.8% during the forecast period (2023-2030).

Market Trends

The market for personal emergency response systems is predicted to grow as a result of the rising prevalence of chronic diseases including Alzheimer's, epilepsy, multiple sclerosis, etc., as well as the rise in elderly patients. The market for personal emergency response systems is anticipated to grow rapidly because of the chronic conditions that cause the elderly population to fall at any time. For instance, in January 2021, according to the National Council on Aging, Inc., falls are the leading cause of fatality for older adults, with one dying from a fall every 19 minutes.

Market Trends

Increasing healthcare expenditure and increasing chronic diseases

Increase in the adoption of healthcare advancement with the increasing geriatric population can tend to drive the personal emergency response systems market. In December 2022, USAID (United State Agency International Development), an independent agency of the U.S. federal government that is primarily responsible for administering civilian foreign aid and development assistance, announced a US$ 415 Million Partnership with Five African Nations to accelerate Primary Health Care in Côte d’Ivoire, Ghana, Kenya, Malawi, and Nigeria. Resilient primary healthcare-oriented health systems, anchored by a robust and well-supported health workforce, can improve life expectancy, increase health equity, and respond intuitively to disease outbreaks and emerging health threats. A majority of services supported across USAID are delivered as components of primary health care.