According to the new market research report by IndustryARC titled “Personal Emergency Response Systems (PERS) Market: By Type (Landline-based PERS, Mobile PERS and Standalone Devices); By End Users (Home-based, Senior Living Facilities and Assisted Living Facilities); By Geography - (2017-2022)”, the market is driven by the rising aging population, stringent government regulations, and exciting technological advancements.
Americas held the largest market share in the Personal Emergency Response Systems Market
Americas region holds the largest market share in the Personal Emergency Response Systems Market and is anticipated to reach $1.37 billion by 2023 at a CAGR of 4.20%. However, Asia Pacific witnesses highest growth during the forecast period and is expected to reach $1.24 billion by 2023 at a CAGR of 11.54%.
China PERS subscription market is estimated to reach revenue of $429.35m by 2022 at a CAGR of 14.91%
Selected Pricing Value Chain Analysis done in the full report
- The major players globally provide their personal emergency response systems at a competitive pricing. The general costs that a user bears include price of equipment, monthly subscription, installation fees, and other miscellaneous charges. However, the pricing varies for different end users. The senior care centers get the PERS in bulk, which are then rented to the elderly people in the living centers at a monthly subscription.
- IndustryARC estimates that the pricing of PERS Market will decrease for some type of systems that are in the market since a long time, while newer, innovative PERS devices will be in great demand and hence, will show a positive growth in terms of pricing. However, the traditional PERS will not exhibit a significant drop, owing to huge demand of these simple devices among elderly population and people with disabilities.
- Although the rise in the demand for standalone devices will play a significant role in price rise, the technological advancements and innovations will bring down the cost of developing and manufacturing these PERS considerably. Hence, after an initial increase in price for a couple of years, the average selling price for standalone PERS will start diminishing. The pricing can be a major deciding factor for end-users, elderly population in particular. Majority of the elderly users of PERS are surviving on limited income or a meager pension, and are sometimes dependent on family members. Hence, availability of efficient PERS technologies at lower price will be in demand. Sometimes these PERS devices are available to users at subsidized prices or are reimbursed through government organizations, hospitals as well as public and private health insurance providers.
- Though the equipment costs of all the companies are within the range of $200-$250, the products of Bay Alarm Medical and Phillips Lifeline are the highest. The higher costs of equipment compared to their competitors does not affect their sales because of the loyal customer base and a wide distribution network. However, many companies are increasingly providing medical alert call systems and monitoring services without any additional cost for equipment and installation. Many companies also provide an additional wearable medical alert unit (such as a pendant or a wristband) at a subsidized cost for the user’s spouse or the partner. Such promotional offers and reimbursement policies has drastically reduced the price of the products for the end-users. Monthly subscriptions that range from $15-$30, usually include a range of 24/7 medical monitoring services.
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Excerpts on Market Growth Factors
- Growing demand for home healthcare devices market is mainly due to aging population and rising healthcare costs worldwide. This will spur the use of PERS systems across the globe as they promise safety and medical security while being affordable and easily accessible.
- The market potential is significantly high, though noteworthy number of population above 65 years of age is still not using PERS.
- The market has experienced higher growth in the developed regions such as the U.S. and U.K due to more use and awareness of PERS devices among customers.
- Although the healthcare spending of government is expected to grow in the coming years, the declining income of seniors is a major deciding factor for the growth of the PERS market.
- In spite of availability of many affordable PERS in the market, the necessity to pay monthly subscription fees and lack of medical insurance may greatly affect the sales of these devices.
- As the aging population rises, there is a massive burden on young caretakers to provide affordable and reliable home health monitoring tools for the older generation. This is expected to create a significant demand for PERS that will provide timely medical assistance in the time of emergency and keep the caretakers reassured about the older people’s safety.
- The reimbursement policies implemented by government across various countries will be the most important driver for the PERS market. The most significant demand will be in the North American region, especially in the U.S. and Canada, where government has established policies to partially or fully reimburse the PERS users.
- Demand for these PERS is also likely to grow remarkably in the Asia-Pacific countries such as Australia, China, Japan and South Korea. The expected market growth in the Asian countries can be ascribed to the increase in public healthcare spending and growth of medical tourism industry in these regions.
- The demographic shift towards aging population paired with increasing dependence of elderly people on younger caregivers is expected to create a huge demand for cost-effective and user- friendly PERS in the next few years.
- The reimbursement policies implemented by governments across various countries will be the most important driver for the PERS market. The most significant demand will be in the North American region, especially in the U.S. and Canada, where government has established policies to partially or fully reimburse the PERS users.
- Furthermore, discounts provided by organizations such as American Association of Retired Persons (AARP) and American Automobile Association (AAA) to its members of PERS will lead to more number of elderly people subscribing to these systems.
- The Medicaid reimbursement programs such as PDA waiver program in Pennsylvania through SafetyCare Technologies, LLC, and Parma City Council’s program through contract with ConnectAmerica provided free PERS devices to a selected number of senior citizens.
- Similarly, Australian Government has recorded an increased spending on reimbursement of PERS. The South Australian Government provides rebate on PERS to holders of Centrelink Pensioner Concession Card or a Department of Veterans' Affairs Pensioner Concession Card. The State Government of Western Australia also provides discounts to its older citizens on CareAlert Smart Dialer.
- Regulations imposed by the government to reduce healthcare expenditure drive the healthcare service providers to invest in quality medical equipment and provide efficient healthcare services. Affordable Care Act (ACA) in the U.S. is one such regulation under which the government has defined financial incentives and penalties to be implemented by the healthcare organizations.
- Hospital Readmissions Reduction Program (HRRP) of Medicare imposes fines on hospitals with excess of 30-day readmissions for patients with certain health conditions. This drives the hospitals to provide efficient and timely emergency care during and after the hospital stay, through prescription of PERS to discharged patients.
- PERS devices have become accessible to all age groups, facilitating hassle-free coordination between patients, monitoring centers and emergency respondents. The integration of traditional PERS devices with smartphones and sensors will be driven by technological advancements.
- The government reimbursement policies governed by the NHS in the U.K. are favorable to the end-users and ensure that these PERS devices are available to users at an affordable price.
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Key players of Personal Emergency Response Systems Market:
- In the global PERS market, Philips Lifeline, Life Alert Response Inc., Bay Alarm Medical, ConnectAmerica, and Valued Relationships, Inc. are the key players. These companies dominate the PERS market and will continue to do so, owing to their brand reputation and loyal customer base.
- Advent of new companies will drive innovations since the key players will strive to maintain their dominant position in the market by investing into R&D, and forming strategic partnerships to drive sales and the overall growth.
- In the PERS market, past acquisitions by key players were aimed at expanding into the PERS industry or enhancing their product portfolio. Moreover, many acquisitions were done by security and electronic device companies which were focused on venturing into the personal emergency response market.
- The PERS market has witnessed significant investments from public and private venture capital and other investment firms, which has facilitated rapid development of key players in the market
Personal Emergency Response System Market Report is segmented as indicated below
- Personal Emergency Response System Market By Type:
- Landline-based Personal Emergency Response System
- Mobile PERS
- Personal Emergency Response Systems Market- By End-Users
1 Home-based Users
2 Senior Living Facilities
3 Assisted Living Facilities
- Personal Emergency Response Systems Market – By Geography (Covers 12 + Countries)
- Personal Emergency Response Systems Market – By Entropy
Companies Cited/Referenced/Interviewed:
- Suresafe
- VRI, Inc;
- LogicMark LLC
- Lifestation Inc;
- Alertone Services LLC
- Lifeone Medical Alert Services
- Galaxy Medical Alert Systems
- Safe Guardian, LLC
- Medical Guardian, LLC
- Tunstall Healthcare Group
- Careline UK Monitoring Limited
- Mytrex Inc; DBA Rescue Alert Systems
- Mobile Help Company
- Greatcall Inc;
- ADT Corporation
- Koninklijke Philips N.V. (Lifeline)
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What can you expect from the report?
The Personal Emergency Response Systems Market is Prepared with the Main Agenda to Cover the following 20 points:
- Market Size by Product Categories
- Market trends
- Manufacturer Landscape
- Distributor Landscape
- Pricing Analysis
- Top 10 End user Analysis
- Product Benchmarking
- Product Developments
- Mergers & Acquisition Analysis
- Patent Analysis
- Demand Analysis (By Revenue & Volume)
- Country level Analysis (15+)
- Competitor Analysis
- Market Shares Analysis
- Value Chain Analysis
- Supply Chain Analysis
- Strategic Analysis
- Current & Future Market Landscape Analysis
- Opportunity Analysis
- Revenue and Volume Analysis
Frequently Asked Questions:
Q. Does IndustryARC publish country, geography or application based reports in Personal Emergency Response Systems Market?
Response: Yes, we do have separate reports as mentioned below:
- Americas Market for Personal Emergency Response Systems (2018-2023)
- Europe Market for Personal Emergency Response Systems (2018-2023)
- APAC Market for Personal Emergency Response Systems (2018-2023)
- RoW Market for Personal Emergency Response Systems (2018-2023)
- Landline Based Market for Personal Emergency Response Systems (2018-2023)
- Mobile Market for Personal emergency response Systems (2018-2023)
- Standalone Market for Personal emergency response systems Services(2018-2023)
- Home Based Users Market for Personal emergency response systems Services (2018-2023)
- Senior Living Facilities Market for Personal emergency response systems Services (2018-2023)
Q. Does IndustryARC customize these reports and charge additionally for limited customization?
Response: Yes, we can customize the report by extracting data from our database of reports and annual subscription databases. We can provide the following free customization:
- Increase the level of data in application or end user industry.
- Increase the number of countries in geography chapter.
- Find out market shares for other smaller companies or companies which are of interest to you.
- Company profiles can be requested based on your interest.
- Patent analysis, pricing, product analysis, product benchmarking, value and supply chain analysis can be requested for a country or end use segment.
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