MRRSE announces addition of new report "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" to its database
Albany, NY -- (SBWIRE) -- 01/09/2017 -- Increasing aging population as well as increasing prevalence of central nervous system (CNS) disorders are leading to various risks and emergency situations. Some of the main causes of risk situations among the elderly population are rising incidence of Alzheimer's and strokes. According to an estimate by the World Health Organization, 12.5% of people aged 65 years and older and 45% of people aged 85 years and older suffer from Alzheimer's disease. Also, nearly twice as many women as men suffer from the disease. Personal emergency response system (PERS) products such as landline devices, mobile devices, standalone devices and mobile applications are used to alert emergency services in the event of any emergency. Such devices have the potential to mitigate some adverse consequences. These systems can be used at home or in assisted living facilities and hospitals to save the aging and physically challenged individuals from life-threatening situations.
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The global personal emergency response systems market is estimated to be valued at US$ 3,421.3 Mn in 2016, and is projected to witness stable growth across all regions over the forecast period. Factors such as introduction of high-end products by key players and increasing awareness among people about personal emergency response systems are expected to fuel demand for these devices.
Growth of the personal emergency response systems market is expected to be driven primarily by rising geriatric population opting for enhanced medical alert services. According to the United Nations Department of Economic and Social Affairs, the world's aging population was 900.9 Mn in 2015 and is expected to reach 1.4 Bn by 2030. Also, availability of insurance program to low-income individuals in developed countries is another factor expected to boost overall growth of the personal emergency response system market in the near future. The personal emergency response systems market is also expected to be driven by increased penetration of smartphone-based mobile applications among senior citizens and technological advancements in personal emergency response systems such as two-way voice communication and medication reminder.
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Key players in the personal emergency response systems market are focused on integrating advanced technologies such as LAN technology and cellular technology in a single device in order to gain competitive advantage in the market. Devices with both LAN and cellular technologies offer an advantage as users can shift to any one depending on the available source.
The market in North America is expected to expand at the highest CAGR in terms of value over the forecast period. Increasing prevalence of chronic diseases and rising healthcare spending are factors expected to further drive demand for personal emergency response systems. The number of companies that provide personal emergency response systems in North America is relatively high when compared to other regions. The presence of global players as well as local players has led to intense competition in the personal emergency response systems market in North America. To increase sales, companies are offering discounts and manufacturing cost-effective products.
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Europe is the second-most lucrative personal emergency response systems market. Overall aging population is high in the region when compared to other regions and the region accounts for 11.2% population of those suffering from neurological disorders in the world. The market in Europe is expected to expand at a stable CAGR over the forecast period. Major companies based in Europe are looking to expand their base outside Europe to better cater to growing global demand for personal emergency response systems.
The Asia Pacific market is expected to expand at the highest CAGR, followed by Latin America and Middle East & Africa, over the forecast period. The personal emergency response systems market in Middle East & Africa accounts for a nominal share of the overall global market, but is expected to evolve over time with increasing technological advancements and rising awareness through promotional campaigns.
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