Rockville, MD, Sept. 26, 2024 (GLOBE NEWSWIRE) -- According to a recent research study published by Fact.MR, worldwide sales of personal emergency response systems are expected to reach US$ 6.57 billion in 2024 and thereafter rise at a CAGR of 8.6% from 2024 to 2034. Technological advancements such as the integration of sensors and GPS are key factors contributing to the growth of the personal emergency response system market.
Features that enable precise position tracking include fall detection sensors that sound an alert immediately in the case of an accident. Facilitation of seamless interaction with emergency personnel through two-way communication ensures prompt assistance. Integration with smart home technology enhances accessibility and convenience even more. PERS devices are becoming increasingly helpful and appealing to a larger group of users, including those with long-term medical concerns and limitations. Demand for personal emergency response systems is in increased demand as they are becoming essential tools for ensuring comfort and security due to these technological advancements.
Government initiatives promoting independent living for the elderly and favorable payment schemes in Japan are boosting the adoption of personal emergency response systems. PERS devices provide peace of mind by offering users instant access to assistance at the push of a button, contributing to their popularity.
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Key Takeaways from Market Study
- The global personal emergency response system market is projected to reach a valuation of US$ 15.01 billion by the end of 2034.
- North America is expected to hold 50% of the global market share in 2024.
- The East Asia market is evaluated to reach US$ 2.43 billion by the end of 2034.
- In 2024, China is projected to account for 3% of the market share in the East Asia region.
- Based on end user, home-based users are is expected to generate revenue worth 42 billion by the end of 2034.
- Demand for personal emergency response systems in the United States is forecasted to increase at 7.2% CAGR through 2034.
- Based on product type, the landline devices segment is estimated to reach US$ 3.52 billion in 2024.
“Increasing rates of digital literacy and smartphone usage are driving up the adoption of personal emergency response systems. Two-way communication capabilities facilitate smooth engagement with emergency personnel, ensuring fast and efficient assistance when needed,” says a Fact.MR analyst
Leading Players Driving Innovation in the Personal Emergency Response System Market
Key players in the personal emergency response system market are Philips Electronics N.V., Tunstall, Cisco Systems, LifeWatch USA, Aerotel Medical System Ltd., GreatCall, MobileHelp, Honeywell International, AlertOne Services LLC, ADT Inc., Robert Bosch GmbH, Nortek Security and Control.
PERS Landline Devices Considered Dependable, Particularly among Aged People
Landline devices are thought to be more trustworthy during blackouts and ensure that individuals receive emergency assistance when they need it. PERS landline devices are also generally chosen by older persons who are uncomfortable with new technology or lack expertise with it. Due to their widespread perception as being less costly than cellular-based alternatives, landline-based systems are also more accessible to a large number of users.
Personal Emergency Response System Industry News:
- HandsFree Health unveiled the personal emergency response speaker (PERS) in May 2023. In addition to its safe and sophisticated range of medical warning devices, which now includes the new speakers, the company also sells pendants and smartwatches.
- The newest service offering from SmartCare, a leading provider of IoT platforms for the healthcare and elder care industries, was unveiled in March 2023. SmartCall is an automated virtual call system that is easy to use and has a number of features, including the capacity to create organized reports, schedule and on-demand calls, and streamlined data collection.
- An international partnership between FallCall Solutions and HSC Technology Group was formed in January 2023, allowing elderly residents in Australia to use their personal emergency response service from anywhere.
- The release of Alexa Together occurred in December 2021. This is an Amazon senior care subscription service that offers emergency assistance and fall detection.
- The newest and tiniest mobile medical alert gadget, the Mini Guardian, was unveiled by Medical Guardian in April 2021.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the personal emergency response system market, presenting historical demand data (2019 to 2023) and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on product (landline devices, mobile devices, standalone devices, mobile apps) and end user (home-based users, assisted living facilities, hospitals), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).
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