Dublin, Dec. 07, 2018 (GLOBE NEWSWIRE) -- The "Global Medical Alert System/Personal Emergency Response System Market - Segmented by Type (Landline PERS, Mobile PERS and Others), End-User and Geography - Growth, Trends and Forecasts (2018 - 2023)" report has been added to ResearchAndMarkets.com's offering.
The Medical Alert System/Personal Emergency Response System market was valued at USD 1860.48 million in 2017, and is expected to register a CAGR of about 9.68% during the forecast period 2018-2023.
Increasing Aging Population across the Globe to Boost the Medical Alert System/Personal Emergency Response System Market
The world's older population continues to grow at an unprecedented rate. According to the national institute of health, in 2016 it was estimated that 8.5% of global the population (617 million) is aged 65 and above. According to a report given by the Aging World 2015, this percentage is expected to jump to nearly 17% of the world's population by 2050 (nearly 1.6 billion).
America's 65 and above population is expected to increase that is nearly double over the next three decades, from 48 million to 88 million by the year 2050.
The global population with age 80 and above is expected to become more than triple times between 2015 to 2050 period, according to United Nations in 2017, it was estimated that 962 million people were aged 60 or over in the world, comprising 13% of the total global population. The population aged 60 or above is growing at a rate of 3% approximately per year.
With a rapid increase in the elderly population, there is a growing need for medical alert systems in residences. Moreover, among elderly people, falling down is one of the most common causes of injury. According to the American Hospital Association, more than one-third of adults aged 65 years and above suffers from a fall each year, and it leads to several other chronic problems if not dealt in time.
Most of the elderly people opt for the comfort of their homes instead of preferring other options, such as nursing homes and assisted living facilities. According to the American Association of Retired Persons, 90% of the people aged 65 years and above want to remain in their homes for as long as possible.
With the help of medical alert systems, the elderly can age in the comfort of their own homes. Moreover, caregivers have easy access to help via medical alerts.
Overall Cost Associated with the System is high which is hindering the growth of Medical Alert System/Personal Emergency Response System Market
All the medical alert systems offer 24-hour monitoring services, daily. These systems come with a waterproof neck pendant and wristband with battery backup. Few offer a GPS mobile feature, which works when you are travelling away from home. Cost varies, depending on the services and technology offered by the providers.
Some systems also offer a mobile 911 phone, which places a call to local 911 services if a person in need is out of their normal service range for an additional cost. Specifically, few systems offer an automatic fall detection system, but they say it cannot detect 100% of falls, and the companies going to charge an extra cost for the service. In the same way, the cost is going to rise as other services are added and it may cost up to USD ~250-400 per month/person basis.
Most of the seniors live on a fixed income. So they don't have a lot of money to spend on these type of devices and with most companies, the affordable system, which requires a landline, is usually around USD 50-80 a month. It's not going to end with a single landline several other additional packages and add-ons may require, such as fall detection, with these add on the cost can increase the monthly cost to as high as USD 80 and along with the service charge it is going to be high cost.
As such, it's important for the customer to consider what you need versus what you can afford. Most of the seniors live on a fixed income. So they don't have a lot of money to spend on these type of devices and with most companies, the affordable system, which requires a landline, is usually around USD 50-80 a month.
It's not going to end with a single landline several other additional packages and add-ons may require, such as fall detection, with these add on the cost can increase the monthly cost to as high as USD 80 and along with the service charge it is going to be high cost.
Market Segmentation Insights
Based on the type of medical alert system, it is further segmented into Landline PERS, Mobile PERS and others. Mobile PERS was the largest segment in 2017 as they possess many advantages over traditional PERS units which includes tracking capabilities via a variety of technologies, such as Global Positioning System (GPS), WiFi and Uplink-time Difference of Arrival (U-TDOA), which enable lost or disoriented users to be located and receive assistance.
Also, they are lightweight and durable which are in favour of the growth of mobile PERS. Also, they have the highest CAGR in the market in the future forecast as they are widely utilised around the globe. According to world telecommunication data by Ministry of International Affairs and Communications (Japan), mobile phone usage is 100% in most countries, while landline usage is barely over 50% (ICT indicators database 2013).
By end-user, the market is segmented into home-based users, senior living facilities and assisted living facilities. Home-based users have the highest share in the market which is about 63.4% due to increasing adoption rate and easy affordability. They also maintain the privacy of any individual by allowing them to remain in their own homes.
Asia-Pacific is expected to have High Growth Opportunities in Medical Alert System/Personal Emergency Response System Market
Asia-Pacific is estimated to be the fastest growing over the forecast period with a CAGR of around 10.50% due to the rise in the geriatric population in various countries. For instance, as per China National Committee on Aging (CNCA), the number of Chinese citizens aged 60 or above reached 241 million by the end of 2017, representing 17.3% of the country's total population.
Based on United Nations documents, Japan has defined senior citizens as people aged 65 or above for more than five decades. In addition, there is a need for improved healthcare facilities and rising technological advancements, increasing awareness among the people and increasing investments from foreign players are expected to augment the medical alert system/personal emergency response system market in the future in these countries.
Developments in the Market
- Dec 2017- ADT added video alarm verification services to its award-winning ADT Pulse Platform
- Jan 2018- Medical Guardian launched Freedom Guardian, a smart watch designed specifically for seniors' everyday use as well as for emergencies.
Key Topics Covered
1. Introduction
2. Research Methodology
3. Executive Summary
4. Key Inferences
5. Market Overview
5.1 Current Market Scenario
5.2 Porter's Five Forces
5.2.1 Bargaining Power of Suppliers
5.2.2 Bargaining Power of Consumers
5.2.3 Threats of New Entrants
5.2.4 Threat of Substitute Products and Services
5.2.5 Competitive Rivalry within the Industry
6. Drivers, Restraints, Opportunities And Challenges Analysis (Droc)
6.1 Market Drivers
6.1.1 Increasing Aging Population Across the Globe
6.1.2 Technological Developments in Healthcare Wearables
6.1.3 Increasing Penetration of Smartphones in Healthcare
6.1.4 Constant Innovations in Technology and Easy Adaptability of PERS Devices
6.2 Market Restraints
6.2.1 Overall Cost Associated with the System is High
6.2.2 Lack of Know-how Pertaining to the New Technology Used in PERS System
6.3 Opportunities
6.3.1 Advancements in Communication Technologies
6.3.2 Emerging Markets Create Growth Opportunities for PERS
6.3.3 Thriving Healthcare Market to Create Need for Affordable Medical Alert Devices
6.4 Key Challenges
6.4.1 False Alarm Decreasing the Efficiency of PERS
7. Market Segmentation
7.1 By Type
7.1.1 Landline PERS
7.1.2 Mobile PERS
7.1.3 Others
7.2 By End User
7.2.1 Home-based Users
7.2.2 Senior Living Facilities
7.2.3 Assisted Living Facilities
7.3 By Geography
7.3.1 North America
7.3.1.1 United States
7.3.1.2 Canada
7.3.1.3 Mexico
7.3.2 Europe
7.3.2.1 France
7.3.2.2 United Kingdom
7.3.2.3 Germany
7.3.2.4 Italy
7.3.2.5 Spain
7.3.2.6 Rest of Europe
7.3.3 Asia-Pacific
7.3.3.1 India
7.3.3.2 China
7.3.3.3 Japan
7.3.3.4 Australia
7.3.3.5 South Korea
7.3.3.6 Rest of APAC
7.3.4 Middle East & Africa
7.3.4.1 GCC
7.3.4.2 South Africa
7.3.4.3 Rest of Middle East & Africa
7.3.5 South America
7.3.5.1 Brazil
7.3.5.2 Argentina
7.3.5.3 Rest of South America
8. Competitive Landscape
8.1 Mergers And Acquisition Analysis
8.2 Agreements, Collaborations & Partnerships
8.3 New Products Launches
9. Major Players
9.1 ADT Corporation
9.2 Bay Alarm Medical
9.3 Philips Lifeline
9.4 Life Alert Emergency Response Inc
9.5 VRI Inc
9.6 Tunstall
9.7 Medical Guardian Llc
9.8 Alertone Services Llc
9.9 Greatcall
9.10 Rescue Alert
9.11 Logicmark
9.12 Nortek Security And Control
10. Future of the Market
For more information about this report visit https://www.researchandmarkets.com/research/zzvnn6/medical_alert?w=12