Personal Emergency Response Systems Market -Growth Drivers, Opportunities and Forecast Analysis to 2024
The Global Personal Emergency Response Systems Market is expected to reach USD 5032.5 Million by 2024 at a CAGR of 6.8% during the forecast period. Market Research Future (MRFR) in its report envelops segmentations and drivers to provide a better glimpse of the market in the coming years. Increasing geriatric population along with policies to increase the quality of home healthcare to support independent living has led to innovations in healthcare services. Also, 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 personal emergency response systems. Increasing ownership of smartphones and wearable devices for health monitoring and the need for convenient and user-friendly medical alert devices are contributing to the growth of the personal emergency response systems market.
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The Key Players of the global personal emergency response systems 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) among others.
In October 2018, Tunstall acquired Kanayo Software Inc., a provider of decision support, integration and mobile computing solutions for the healthcare sector, and EWII Telecare, a healthcare products manufacturer, to expand its connected health solutions portfolio. The acquisitions added core expertise in software and app development into Tunstall healthcare and social care unit
In July 2017, VRI partnered with Numerex Corp, a provider of Internet of Things (IoT) solutions, to provide mobile emergency response systems to healthcare facilities and individuals. Both the companies offer Numerex’s mySHIELD mobile emergency response solution combined with the monitoring power of VRI’s 24x7 Care Center to their customers.
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The global personal emergency response systems market has been segmented based on type, end user, and region.
Based on type, the market has been classified as landline, mobile, and standalone. The mobile segment (cellular, wireless, and GPS-based) accounted for the largest market share in 2018, with a market value of USD 1,458.1 million; it is expected to register the highest CAGR during the forecast period. The standalone segment (transmitters, standalone voice communicator, wandering system, and R-cube/V-cube monitoring system) was valued the second-highest in 2018, while the landline segment was valued at USD 918.0 million. A mobile personal emergency response system uses a combination of GPS, cellular, and Wi-Fi technologies; a few advantages of these systems are instant and hands-free communication between the individual and emergency help center. Mobile personal emergency response system is expected to dominate the type segment during the forecast period. Further, mobile personal emergency response system segment has been sub-segmented into wireless, cellular, and GPS-based. In wireless type, the network is equipped with wireless sensors to diagnose and monitor the physical condition of individuals and provide real-time data to emergency help centers for prompt analysis of their health. In cellular technologies, the responses/alerts sent to the response centers are quick. GPS-based personal emergency response systems use GPS-enabled devices to provide coordinates of users’ locations, help prevent false alerts, and facilitate quick emergency responses. The standalone personal emergency response systems are more compact, easy to use, and possess automatic fall detection features. A landline personal emergency response system uses plain old telephone service (POTS), digital subscriber line (DSL), voice over IP (VoIP), and cables. The standalone personal emergency response systems have been categorize into transmitters, standalone voice communicator, wandering system, and R-cube/V-cube monitoring systems. Personal emergency response system can be triggered using transmitters that can be worn by the elderly or differently abled individuals. In standalone type, voice communication is done by using voice messages from the users’ premise to the emergency response centers. The wandering systems consist of controllers that are mounted alongside doors and tags which are attached to patients’ body. R-cube monitoring systems are easy-to-use that communicate with residents and caretakers to provide information in case of local emergencies. On the other hand, V-cube monitoring systems link the various state-of-the-art integrated wireless components.
Based on end user, the market has been segmented into home-based users, senior living facilities, and assisted living facilities. The home-based users segment accounted for the largest market share in 2018; it is expected to register the highest CAGR during the forecast period. The senior living facilities segment was valued the second-largest in 2018. The assisted living facilities segment was valued relatively low in 2018. In case of home-based users, personal emergency response systems are installed at residences to ensure the safety of elderly individuals by monitoring and tracking their day-to-day activities. Senior living facilities systems are installed in bedrooms and bathrooms which help nurses and other caregivers to provide immediate assistance in case an alert is triggered by the system. Assisted living facilities enable elderly residents/patients to carry out daily chores, offers personal care, and medical assistance. Facilities provide a number of services to the individuals and ensure that they are monitored and supervised for continuous medical care.
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