Global Medical Alert System/Personal Emergency Response System Market - Analysis of Growth, Trends and Forecasts (2018 - 2023)
Princeton, NJ -- (SBWIRE) -- 06/19/2018 -- Personal emergency response systems (PERS), also known as medical emergency response systems, allow users to call for help when in an emergency by pushing a button. It has three components: a small radio transmitter, a console connected to the telephone, and an emergency response center that monitors calls. The global medical alert system/personal emergency response system market is expected to register a CAGR of 5.5% during the forecast period, 2018 to 2023.
Increasing Aging Population across the Globe
With the rapid increase in elderly population, there is a growing need for medical alert systems in residences. Moreover, among the elderly people falls are one of the most common causes of injury. According to the American Hospital Association, more than one-third of adults aged 65 years and above suffers from a fall each year, and it leads to several other chronic problems if not dealt in time.
Most of the elderly people want comfort of their homes instead of going for other options, such as nursing homes and assisted living facilities. According to the American Association of Retired Persons, 90% of the people aged 65 years and above want to remain in their homes for as long as possible. With the help of medical alert systems, the elderly can age in the comfort of their own homes. Moreover, caregivers have easy access to help via medical alerts.
Technological developments in healthcare wearables, increasing penetration of smartphones in healthcare, and constant innovations in technology and easy adaptability of PERS devices are some of the other drivers of the market.
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Low Practicability and Acceptability of Technology among Senior Citizens
The adoption of new technology among the elderly generation is less as they have difficulty coping with the technological upgradation. Moreover, for old people requiring PERS technology, the burden of ongoing ailments is so high that it poses a problem for efficient usage of this technology.
Additionally, overall cost associated with the system is high and knowledge pertaining to the new technology used in PERS system is low. These factors are also restraining the market growth.
North America to Dominate the Market
The global medical alert system/personal emergency response system market is segmented by type, end user, and geography. By geography, the market is segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
North America dominates the market due to the converging trends of aging population, technological advancement, and favorable government policies.
Key Developments in the Market
January 2018: ADT added video alarm verification services to its award-winning ADT Pulse® Platform
January 2018: Medical Guardian launched Freedom Guardian, a smart watch designed specifically for seniors' everyday use as well as for emergencies.
Major players: ADT CORPORATION, BAY ALARM MEDICAL, PHILIPS LIFELINE, LIFE ALERT EMERGENCY RESPONSE INC, VRI INC, TUNSTALL, MEDICAL GUARDIAN LLC, ALERTONE SERVICES LLC, GREATCALL, RESCUE ALERT, LOGICMARK, AND NORTEK SECURITY AND CONTROL, among others.
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Market analysis for the global medical alert system/personal emergency response system market, with region-specific assessments and competition analysis on a global and regional scale
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