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The Medical Alert System/Personal Emergency Response System Market is segmented by Type (Landline PERS, Mobile PERS, and Other Types), End User, and Geography
Fastest Growing Market:
The propelling factors for the growth of the medical alert system/personal emergency response system market include the increasing aging population, technological developments in healthcare wearables, increasing penetration of smartphones in healthcare and constant innovations in technology, and easy adaptability of PERS devices. Owing to the aforementioned factors, the market is expected to experience a boost during the forecast period.
With the rapid increase in the elderly population, there is a growing need for medical alert systems. Personal emergency response systems (PERS) are mainly for the older population and people with disabilities to easily call for help in an emergency. They are also widely adopted and used throughout most western countries. Therefore, with the help of medical alert systems, the elderly can age in the comfort of their own homes, and thus, this factor is likely to propel the growth of the overall market.
The current market is also growing due to the increasing adoption of smartphones. The global smartphone penetration is estimated at an all-time high, and thus, smartphones are crucial in one’s daily life, which is a major factor for the growth of the market.
The wearable health industry has also exploded in recent years, and thus this trend is expected to grow rapidly in the coming years. These wearables are used to monitor the health and well-being of people. In addition, there are technological advancements in wearables that may help the patients to adopt medical systems in the coming years.
As per the scope of the report, personal emergency response systems (PERS), also known as medical emergency response systems, allow users to call for help during an emergency by pushing a button. Therefore, due to the rapid increase in the elderly population, there is a growing need for medical alert systems.
|By End User|
|Assisted Living Facilities|
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Mobile PERS is found to be the largest segment as these units possess many advantages over traditional PERS units, which include tracking capabilities via a variety of technologies. In addition, they are also lightweight and durable. They are gaining popularity as they allow senior citizens to lead a more independent and healthy lifestyle.
The increasing demand for medical assistance, especially for the elderly, has also resulted in the increasing adoption of landline PERS, which is likely to result in the growth of the medical alert system market over the forecast period.
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Asia-Pacific is estimated to be the fastest-growing region in the overall market over the forecast period, owing to the increasing geriatric population and increasing prevalence of chronic diseases. Also, the need for improved healthcare facilities and an increase in home-based health programs are expected to drive the market. Thus, increasing geriatric population and chronic diseases may lead to the growth of the medical alert system market.
The rising technological advancements, increasing awareness among the people, and increasing investments from foreign players are, therefore, expected to augment the growth of the medical alert system market in the future in this region.
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Key players are focusing on expanding their product portfolios to increase their market share. In addition, they are adopting strategies, such as acquisitions and collaborations. There are various companies in the medical alert system market, including ADT Corporation, Bay Alarm Medical, Philips Lifeline, Life Alert Emergency Response Inc., VRI Inc., and many others, which are leading players in the global market.
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Aging Population across the World
4.2.2 Technological Developments in Healthcare Wearables
4.2.3 Constant Innovations in Technology and Easy Adaptability of PERS Devices
4.3 Market Restraints
4.3.1 Overall Cost Associated with the System is High
4.3.2 Lack of Know-how Pertaining to the New Technology used in the PERS System
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Type
5.1.1 Landline PERS
5.1.2 Mobile PERS
5.1.3 Other Types
5.2 By End User
5.2.1 Home-based Users
5.2.2 Assisted Living Facilities
5.3.1 North America
220.127.116.11 United States
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
126.96.36.199 South Korea
188.8.131.52 Rest of Asia-Pacific
5.3.4 Middle East & Africa
184.108.40.206 South Africa
220.127.116.11 Rest of Middle East & Africa
5.3.5 South America
18.104.22.168 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 ADT Corporation
6.1.2 Bay Alarm Medical
6.1.3 Philips Lifeline (Koninklijke Philips N.V.)
6.1.4 Life Alert
6.1.5 VRI Inc.
6.1.7 Medical Guardian LLC
6.1.8 Alertone Services LLC
6.1.10 Rescue Alert
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
**Competitive Landscape Covers- Business Overview, Financials, Products and Strategies, and Recent Developments