The global personal emergency response system (PERS) market is expected to grow from USD 6.61 billion in 2017 to USD 9.22 billion by 2023, at a CAGR of 5.7 percent, predicts MarketsandMarkets. The increasing aging population and adoption of PERS as a supportive tool for independent living, technological developments in healthcare wearable, advancement in communication and connectivity technologies, and mobility benefits are the major driving factors for the growth of the PERS market. The mobile PERS (mPERS) segment is expected to grow at the highest CAGR during 2017–2023. mPERS is gaining popularity as it allows senior citizens to lead a more independent and healthy lifestyle. Advancements in personal safety monitoring technology have expanded the market and provided home security dealers the opportunity to expand traditional security offerings. Decreasing use of landlines, which was the previous communication technology used in PERS units, is causing the widest reactive changes in the PERS industry, as companies have to reformulate the available communication technologies in their solutions. Previously, landline connection was necessary for a medical response service; however, technologies such as cellular, GSM, and VoIP-compatible options are addressing this gap.
The PERS market is an established trend in the developed regions of North America and Europe. Due to favorable regulations and policies in these regions, medical alert systems are rapidly being adopted. As the market in developed countries is nearly saturated, market players have shifted their focus toward developing regions, especially the emerging economies of Asia as well as the Pacific region where the home healthcare market has great potential. Emerging markets offer significant growth opportunities for PERSs. To meet the demand for round-the-clock monitoring and care of senior citizens, various companies are strategically focusing on increasing the sales of PERSs with the help of innovative and user-friendly products. In Asia-Pacific (APAC), the expenditure on healthcare has increased over the past few years because of the significant increase in per capita income. This factor encourages people to opt for better and more reliable healthcare options.