Personal Emergency Response Systems Market : Competitive Strategies, Regional Analysis Forecast 2023
A personal emergency response system is an electronic device that allows individual to seek a secure help during an emergency. This is system is connected with other devices such as cell phone or alarm and are programmed to signal a response center upon activation of ‘help’ or a ‘push’ button. This help button is a radiofrequency trigger device that is mostly worn around the wrist or neck. The person at the receiving end of the PERS can even interact with the individual in order to decide which action should be taken. It has been observed that there is an increasing trend towards usage of technologies that allow people to gain easy access to healthcare without any undue effort of staying in the hospital. Therefore, it is expected that the personal emergency response system market will be among the most lucrative component in the home healthcare market.
A basic model of PERS involves the equipment and a facility of call service. The equipment includes a receiver console through which call can be made to the emergency response centre of the PERS center staff of the service provider. The personal emergency response systems and its components those are involved in the remote access and monitoring have now become an indispensible part in the development of the telehealth services. These systems can be expected to be completely integrated with the consumer products such as wristwatch, cell phone, etc. in the near future. Such comprehensive solution will enable easier and independent life for seniors through management of diseases, social interaction and engagement. The major concerning factor that limits the natural growth of the global personal emergency response systems market include the out-of-pocket payments required for covering the cost of equipping the device of availing the service.
The U.S. Census Bureau has estimated that the present senior population in the U.S. is likely to increase from 34 million and reach 74 million by 2025. During the same time, the world population of seniors is set to jump from 550 million to 1.2 billion in 2025. Many people among this population are expected to demand for the home healthcare due to its cost effectiveness over hospitals. The desire to age-in-place has propelled the development of innovative personal emergency response systems.
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A survey conducted by the AARP International revealed that 90 percent of the baby boomer population wished to leave in their home as they grow older. Patients using personal emergency response system have reported to have increased control over their life, partially reduced dependency on others and more important is the peace of mind. All these favorable factors continue to augment the growth of global personal emergency response system.
The competitive landscape of the global personal emergency response systems market is pretty stable right now with limited players entering into the market. However, the increasing market attractiveness is expected to drive more players into the market and intensify the competition in the near future. These products are distributed both through the retail channel as well as the institutional channel which involves direct or indirect contract with hospitals and large group purchase organizations (GPO). These systems are distributed into the market as a direct purchase option or the service of product is offered on a monthly rental payment for the device.
Some of the key players in the global personal emergency response systems market include Philips Lifeline, Tunstall Healthcare, Life Alert Emergency Response, Inc., ADT LLC, and Numera, Inc.