Rapid increase in aging population across the globe is primarily influencing the growth of global personal emergency response systems market. According to the data published by the United Nations Department of Economic and Social Affairs in October 2020, the number of people aged 65 years and above was estimated to be 727 million (9.3 percent of the global population), globally. Moreover, the number is expected to double by 2050 and reach more than 1.5 billion people (16 percent of the global population). Enhancement of medical science along with innovations of assistive technologies is promoting towards the well-being and increased median age among the age group. Personal emergency response systems has an instrumental role in enhancing the lives of elderly population. The advancement in technology has enabled manufacturers to integrate multiple functionalities into the device such as fall detection, detection of smoke, fire, or elevated carbon monoxide levels, fitness and activity monitoring, monitoring of medication compliance, and GPS monitoring amongst others. The ease of use and affordability of personal emergency response systems, which is further advanced through technological enhancement is fueling the growth of global personal emergency response systems market.
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Healthcare industry is witnessing humongous growth and is encouraging businesses from multiple sectors to invest and procure maximum profitability. Black+Decker Inc., for instance, which is a U.S. headquartered manufacturer of power tools, home appliances and home improvement products amongst others, forayed into the health and wellness segment with the introduction of different categories of personal emergency response system, under its brand goVia in June 2021. Moreover, the company has also adopted a differentiated distribution channel, which is direct-to-consumer model, for the sale of its products. Similar strategic investments into the sector from various industries is anticipated to proliferate the growth of global personal emergency response systems market over the forecast period.
The global personal emergency response systems market is expected to grow at a CAGR of nearly 9% during the forecast years (2021-2029).
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The detailed research study provides qualitative and quantitative analysis of global personal emergency response systems market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
Key Findings of the Report:
- Fall rates among adult and elderly has witnessed an alarming increasing across nations. According to World Health Organization (WHO), about 684,000 individuals die from falls and about 37.3 million falls annually are acute enough to require emergency medical attention. Adults above the age of 60 years account for the largest section of the population, which suffer from the highest number of fatal fall accidents. Global personal emergency response systems market is witnessing immense demand from elderly population, wherein the systems are being used as precautionary measures enabling them to retain their independence and peace of mind for them and their close acquaintances.
- The Covid-19 pandemic has surged the demand for mobile personal emergency response systems in the global personal emergency response systems market. According to Center for Disease Control, people above the age of 60 are at a higher risk of infection from the virus. Location tracking in mobile personal emergency response systems have enabled the family members and close acquaintances of the elderly to keep accurate track of their whereabouts while simultaneously abiding by the social distancing norm mandated by the regulatory authorities.
- Some of the major players operating in the global personal emergency response systems market are Cape Cod Healthcare Inc., Koninklijke Philips N.V., AlertOneServices, LLC., Bay Alarm Medical, LogicMark, MedicAlert Foundation, Rescue Alert, Emergency Response USA, Buddi US, LLC, Connect America, Critical Signal Technologies, Medical Guardian, MobileHelp, Vector Security, Inc., VESAG, NASCENTIA HEALTH, and AT&T amongst others.
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Global Personal Emergency Response Systems Market:
- By Component
- Software
- Hardware
- Rented
- Owned
- Services
- Monthly
- Yearly
- Software
- By Type
- Landline
- Mobile
- Standalone
- By End Users
- Home-based Users
- Nursing Homes
- Assisted Living Facilities
- Hospice Care
- By Region:
- North America
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- U.S.
- Canada
- Mexico
- Rest of North America
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- Europe
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- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
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- Asia Pacific
-
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
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- Middle East & Africa
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- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East & Africa
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- Latin America
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- Brazil
- Argentina
- Rest of Latin America
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