Global Personal Emergency Response Systems Market, By Product (Landline Devices, Mobile Devices, Standalone Devices, and Mobile Apps), By End User (Home Based Users, Assisted Living Facilities, and Hospitals), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) 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), as highlighted in a new report published by Coherent Market Insights.
The key market players are focused on adopting growth strategies such as acquisition and partnerships, which will drive the global personal emergency response systems market. For instance, in June 2021, Medical Guardian LLC, an U.S. personal emergency response systems provider, announced its collaboration with BLACK+DECKER, a category within BLACK+DECKER, that offers health and wellness solutions direct-to-consumers. to support the new goViaTM collection of personal emergency response systems (PERS), designed to promote confident mobility for active older patients.
Global Personal Emergency Response Systems Market– Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019 as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries such as India, China, Brazil, and others faced problems with regard to the transportation of drugs from one place to another.
COVID-19 had a positive impact on the global personal emergency response systems market. The SARS-CoV-2 pandemic has elevated the requirement for a multidisciplinary public health approach, thereby increasing the need for efficient healthcare networks/systems. This has been instrumental in propelling the demand for personal emergency response devices and solutions for elderly care as it is difficult for these people to move out for getting essential services such as medicines amid lockdown restrictions by governments. For instance, in August 2020, according to an article published in the International Journal of Geriatric Psychiatry, the study states that results of worsened social isolation and loneliness is associated with significantly increased morbidity and mortality in the geriatric population.
Global Personal Emergency Response Systems Market: Key Developments
In December 2022, Connect America, the nationally recognized innovator in connective care technology for seniors and vulnerable populations, announced the results of an internal analysis of its PERS digital health and safety platform data, combined with a recent (Institutional Review Board) IRB-approved study. Key findings from the research illustrated that its PERS (Personal Emergency Response Systems) with CareSage analytics solution, which is part of the Connect America Home platform, went far beyond fall alerts and management, by identifying at-risk individuals and delivering actionable insights that prompt earlier interventions and proactive care to considerably reduce the need for care escalation. In addition, the comprehensive PERS solution demonstrated a significant decrease in emergency department (ED) visits, readmissions, and overall hospitalization costs.
Browse 34 Market Data Tables and 26 Figures spread through 125 Pages and in-depth TOC on “Global Personal Emergency Response Systems Market”- Forecast to 2030, Global Personal Emergency Response Systems Market, by Product (Landline Devices, Mobile Devices, Standalone Devices, and Mobile Apps), by End User (Home Based Users, Assisted Living Facilities, and Hospitals), and by Region (North America, Latin America, Europe, Asia Pacific, Middle east & Africa).
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Key Takeaways of the Global Personal Emergency Response Systems Market:
- The global personal emergency response systems market is expected to exhibit a CAGR of 8% during the forecast period. Increasing adoption of telecare is expected to create a conducive environment for market growth. For instance, in May 2021, according to an article published by Wiley, telehealth had been used in a variety of manners during the coronavirus disease 2019 pandemic, enabling innovation in emergency care delivery. The findings from this study can be used by institutions to consider how telehealth may address challenges in emergency care during the coronavirus disease 2019 pandemic and beyond.
- Among Product, the mobile devices segment is expected to hold a dominant position in the global personal emergency response systems market during the forecast period and this is attributed to the technological advancements in the field of personal emergency response systems. For instance, in January 2021, SOS Anywhere, a new technology company designed for personal emergency response systems for seniors, announced the release of its new SOS Anywheremobile medical alert system. The revolutionary new band is a wearable medical alert device that can summon help at the press of a button.
- Among End User, the home based users segment is expected to grow in the global personal emergency response systems segment over the forecast period. For instance, in October 2021, LifeFone Medical Alert Services, a provider of Medical Alert Systems announced VIPx medical alert system which offers 24/7 protection both in the home and while on the go.
- Among region, North America is expected to be the dominant region in the global personal emergency response systems market, owing to the increasing launch of products. For instance, in May 2020, Koninklijke Philips N.V., a diversified technology company that develops and manufactures medical systems and consumer electronics products, announced it had received 510(k) clearance from the U.S. Food and Drug Administration (FDA) for its wearable biosensor (Philips Biosensor BX100) to help manage confirmed and suspected COVID-19 patients in the hospital. The next-generation wireless wearable biosensor enhances clinical surveillance in the Philips patient deterioration detection solution to help clinicians detect risk so they can intervene earlier and help improve care for patients in lower acuity care areas. The solution had already received a CE mark and is currently in use with the first installation at the OLVG (Onze Lieve Vrouwe Gasthuis) Hospital in the Netherlands to help manage the triage and clinical surveillance of COVID-19 patients.
- Major players operating in the global personal emergency response systems market include 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.
