(PharmaNewsWire.Com, October 21, 2019 ) The overall personal emergency response system market is expected to grow from USD 6.18 billion in 2016 to USD 9.22 billion by 2023, at a CAGR of 5.7% during 2017–2023, as per a report by MarketsandMarkets.
How do emerging markets create growth opportunities for PERS?
PERS is an established market 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 such as China, India, Brazil, Indonesia, and the Philippines, offer significant growth opportunities for personal emergency response systems. To meet the demand for round-the-clock monitoring and care of senior citizens, various companies are strategically focusing on increasing the sales of these systems with the help of innovative and user-friendly products.
Why increasing number of false alarms remains a major challenge in the personal emergency response system market?
The increasing number of false alarms is leading to the inefficient working of personal emergency response systems. Occasionally, the user accidentally presses the “help” button, resulting in a false alarm. In other scenarios, technical errors in the device trigger false alarm even though the user has not experienced any emergency such as a fall. This leads to the wastage of time and services. The machine learning method is expected to increase the specificity and sensitivity of these systems. However, the high consumption of computational resources makes it more expensive. While the threshold-based medical alert system is a cheaper and popular alternative, its comparatively lower sensitivity and specificity ultimately hamper the overall performance of the PERS. Technological advancements are required to maintain a balance between sensitivity and specificity, as well as make the personal emergency response system economical.
Healthcare reforms expected to favor growth of PERS market
Healthcare reforms are general rules used for discussing major health policy creation or changes. Under the Patient Protection and Affordable Care Act (PPACA), an increasing number of individuals with healthcare insurance coverage would drive the demand for healthcare industry services and products such as fall detectors and medical alert systems. As part of the Affordable Care Act (ACA) and overall health reforms currently underway in the US, there has been an ongoing focus to reduce readmission rates. Under the Hospital Readmission Reduction Program (HRRP), hospitals face a monetary penalty for patients readmitted within 30 days. Research indicates the use of medical alert devices creates better outcomes for individuals (on average) by reducing hospital readmissions by 48%, decreasing the number of days hospitalized by 69%, and reducing the number of emergency room visits by 6.5%.
Overall cost associated with the system is expected to impact the adoption of PERS devices
Senior citizens do not have a regular income source. This factor is likely to affect the adoption of personal emergency response system (PERS) devices. Only purchasing the PERS system is not expected to serve the purpose as long as the service is not associated with it. Hence, services that have to be availed to get help in chronic situations can increase the associated cost of the system. For example, the automatic fall alarm system is more expensive than the regular manual system. The Auto Alert System provided by The Philips Lifeline (Netherlands) costs USD 45 per month. Therefore, affordability can be a major issue while adopting the personal emergency response system (PERS). The financial condition of a consumer can be a restraint for the personal emergency response system (PERS) market.
Browse Related Reports
RTLS Market for Healthcare by Facility Type (Hospitals and Health Facilities and Senior Living Facilities), Offering (Hardware, Software, and Services), Technology (RFID, Wi-Fi, BLE, and UWB), Application, and Geography - Global Forecast to 2022
Medical Electronics Market by Component (Sensor, Battery, Memory Device, Display, and Microcontrollers), Application (Diagnosis and Monitoring), Product (Invasive, and Non Invasive), and by Geography - Global Forecast to 2022
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
We are pleased to offer you this exciting, new, and entirely free professional resource. Visit our Free Biotechnology & Pharmaceuticals resource center today to browse our selection of 600+ complimentary Biotechnology & Pharmaceuticals magazines, white papers, webinars, podcasts, and more. Get popular titles including:
