Personal Emergency Response Systems (PERS) Market is Estimated to Grow at a CAGR of 7% over the Forecast Period
Personal emergency response systems (PERS) are devices that are let elderly or disabled individuals call for immediate assistance in case of emergencies. These devices are designed as wristbands or neck pendants and are equipped with transmitters to alert the emergency helplines in case any help is required. When alerted, the transmitter sends the signal to an emergency operator that responds by promptly sending help to an individual’s location. Based on the severity of the situation, the operator decides whether to send an ambulance to the location or call the designated guardian. Increasing geriatric population along with policies to increase the quality of home healthcare to support independent living has led to innovation in healthcare services. Moreover, with the proliferation of IoT and similar connected technologies, the personal emergency response systems market has witnessed remarkable growth. However, risks concerned with data security of individuals is a major factor limiting the adoption of PERS.
The Key Players of the Global Personal Emergency Response Systems (PERS) Market are ALERTONE SERVICES LLC (US), Cisco Systems, Inc. (US), Nortek Security and Control (US), VRI (US), Honeywell International Inc. (US), Tunstall (UK), Robert Bosch GmbH (Germany), GreatCall Inc. (US), Koninklijke Philips NV (Netherlands), and ADT (US). These companies are continuously expanding their geographic reach by partnering with local and regional vendors as well as focusing on developing advanced personal emergency response systems that complement the changing lifestyles of individuals.
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Europe includes Germany, France, the UK, and other adjoining countries; and currently holds the second-largest market for personal emergency response systems. The need to reduce the costs associated with diagnosis and patient supervision and improve the patient health management, especially for the aging population, has led to the adoption of real-time health monitoring devices in this region. Reimbursement policies and government regulations play a key role in the adoption of home-based facilities, which further drives the demand for personal emergency response systems in healthcare.
The Asia-Pacific region is relatively slow in implementing personal emergency response systems and its related applications in the healthcare sector. The healthcare industry in the region is growing at a rapid pace, owing to the growing geriatric population and the number of differently abled individuals. Moreover, the region is witnessing the development of hubs for clinical trials and diagnostic methods to curb the prevalence of chronic diseases and therefore are looking to reduce expenses on consultation and other healthcare expenditures. The region has also received several funding and investments from foreign investors to boost the manufacturing and adoption of PERS across China, Japan, and Taiwan, among other countries.