At 5.5% CAGR, Personal Emergency Response Systems Market Expected to Reach USD 8.20 Billion, globally by 2028, says Brandessence Market Research

At 5.5% CAGR, Personal Emergency Response Systems Market Expected to Reach USD 8.20 Billion, globally by 2028, says Brandessence Market Research

PR Newswire

LONDON, Jan. 5, 2022

LONDON, Jan. 5, 2022 /PRNewswire/ -- According to Brandessence Market Research, the Personal Emergency Response Systems Market size reached USD 5.64 Billion in 2021. The Personal Emergency Response Systems market is likely to grow at robust CAGR of 5.5%, and reach size of USD 8.20 Billion by 2028 end.

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Personal emergency response systems are the devices which let the user to call for help in an emergency by pushing a button. It has three components: a small radio transmitter, a console connected to the user's telephone and an emergency response center that monitors calls. In the event of an injury, disaster, burglary, or other emergency, the button on the device is pressed and the response center dispatch is alerted to send help immediately. That help may come in the form of a family member, friend, neighbour or emergency personnel – depending on the emergency situation. It is very beneficial for seniors who have a history of falling or have been identified as having a high fall risk, older individuals who live alone and people who have mobility issues. Some PERS products offer automatic fall detection, which uses technology to detect falls, and triggers a call for help, even when the wearer is unable to press their medical alert button. For example; every 11 seconds, an older adult is treated in an emergency room (ER) for some type of injury related to a fall, according to the National Council on Aging (NCOA).

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Personal Emergency Response Systems Market: An Overview

A personal emergency response system allows an individual to register an emergency response during a health emergency. This system is ideal for millions of elderly individuals who live alone, and suffer greatly from chronic health conditions. The elderly are susceptible to various conditions like cancers, diabetes, heart strokes, among others. According to the Centre for Disease Control and Prevention (CDC), 22.2% non-institutionalized person aged 65 and over are in poor condition, with 7.0% requiring regular assistance from other people. In such conditions, personal emergency response systems are essential for elderly individuals in countries like the US, wherein rural-urban divide also makes a huge impact on health conditions. For example, according to the CDC, rural population experience worse suffering on average from conditions like respiratory illnesses, heart disease, stroke, unintentional injuries, cancer, among others. Incidences like unintentional injuries in this population results in 50% higher deaths, with causes like opioid overdoses, and motor accidents leading the fatalities. On average, the CDC reports that the rural America is generally sicker, and older than its urban counterparts. Due to increased mobility by young people to urban areas, and lower commercial opportunities in the rural population, health facilities continue to witness lower penetration in rural areas across the globe.

Key Companies Covered in Personal Emergency Response Systems (PERS) Market

Some major key players for Global Personal Emergency Response Systems (PERS) Market are

Personal Emergency Response Systems (PERS) Market report is segmented on the basis of type, end-user and region & country level.

By Type:

By End-User:

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Personal Emergency Response Systems Market: Notable Developments

NXT-ID announced in December, 2021 that it received a contract from the US government to deliver its personal emergency response systems to veterans around the country. The company will soon supply its devices to the state and local governments to bring the technology to government partners like Veterans Health Administrations. According to the company's press release, the demand among elderly to live independently and growing elderly population remain key drivers of growth.

According to the United Nations, the number of elderly people over the age of 65 reached 727 million people in 2020. According to the UN estimate, it is expected to reach 1.5 billion individuals in 2050, with share of the elderly set to rise to 16.0% from 9.3% in 2020. Moreover, the elderly today are far sicker than their previous generations, due to growing burden of chronic diseases. For example, 80% of global deaths are attributed to the chronic diseases. The loss of lives to chronic disease also incurs significant economic costs to nations. For example, according to the World Health Organization, China was estimated to lose $558 billion to premature deaths between 2005-2015. The growing penetration of heart disease, diabetes, and stroke in elderly also remain a key reason why technology advancements have become essentially for the elderly to provide them access to emergency services. The growing population of the frail, and elderly, the growing penetration of chronic diseases, and enormous costs associated with both premature deaths, and healthcare remain key drivers to growth of the personal emergency response systems market.

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Personal Emergency Response Systems Market: Key Trends

Personal Emergency Response Systems Market: Regional Analysis

Personal Emergency Response Systems market report divides the globe in key regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Among these, the North America is expected to witness highest growth. The growing support for digital technologies, platforms by key agencies like Medicare, and Medicaid, and increased political support for healthcare for people, remain promising drivers of growth. Personal emergency response systems promise not only to cater to those who are in dire need due to their condition, but also reduce costs in terms of human lives lost, and economic costs incurred due to worsening of chronic health conditions, without an appropriate response. The growing demand for healthcare services to meet the demands of the elderly in regions like Europe, and Asia Pacific also promises tremendous opportunities. The growing favorable attitude of insurance companies to provide digital health monitors, and increased penetration of private insurance in new regions like Asia Pacific remain key drivers of growth.

North America

Europe

Asia-Pacific

Latin America

Middle East and Africa

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