Growth of the personal emergency response systems market is expected to be driven primarily by rising geriatric population opting for enhanced medical alert services.
New York, NY -- (SBWIRE) -- 09/25/2017 -- According to the latest market report published by Persistence Market Research titled, "Global Market Study on Personal Emergency Response Systems (PERS): Increasing Geriatric Population and Increasing Prevalence of Neurological Disorders are Factors Expected to Drive Market Growth Over 2016 – 2024", the global personal emergency response systems market is expected to increase at a healthy CAGR of over 8.0% over the forecast period (2016–2024).
Personal emergency response systems are devices used to alert emergency services in the event of a fall or any emergency situation for immediate medical assistance. Such devices have the potential to mitigate some adverse consequences of an emergency or any risk situations. The personal emergency response systems market was valued at US$ 3,191.5 Mn in 2015 and is expected to increase at a CAGR of over 8.0% during the forecast period.
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In this report, the global personal emergency response systems market has been segmented on the basis of product type, end use, and region. The report also provides information regarding market dynamics, value chain, competitive landscape, current trends, market estimations and forecast.
By region, North America is expected to dominate the global personal emergency response systems market throughout the forecast period, driven by increasing number of geriatric population, rising prevalence of chronic diseases, proliferation of smartphones, and adoption of personal emergency response systems as supportive tool for assisted living facilities. The U.S. is the largest market for personal emergency response systems in North America. The personal emergency response systems market in the U.S. is expected to increase at a CAGR of 9.2% over the forecast period.
By product type, the personal emergency response systems market has been segmented into landline devices, mobile devices, standalone devices, and mobile applications. The landline devices segment is expected to dominate the overall personal emergency response systems market by the end of 2024. The segment is projected to register an above average growth rate over the forecast period. Mobile devices segment is one of the most attractive segments and is anticipated to show significant growth in revenue over 2016–2024.
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By end user, the global personal emergency response systems market has been segmented into home-based users, assisted living facilities, and hospitals. Among these, home-based users segment is expected to dominate the overall market by 2024, owing to wide acceptance of personal emergency response systems such as landline devices and mobile devices among the aging population who are staying at home. Factors such as ease of use and portability of these devices and rising number of falls among the aging population are expected to fuel growth of the overall personal emergency response systems market during forecast period.
Key market participants included in the report are Koninklijke Philips N.V, LifeWatch USA, Tunstall, ADT Security Services, Medical Guardian LLC, MobileHelp, Bay Alarm Company, and MariCare Oy.
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