Personal Emergency Response Systems Market Is Projected To Expand At A Healthy Growth Rate By 2024
Overview
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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Competitive
Analysis
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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Segmental
Analysis
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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