Personal Emergency Response Systems Market is anticipated to hit $4.13 billion by 2023 at a CAGR of 6.22%
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.
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.
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
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