Jun 09, 2020 (The Expresswire) -- U.S. PERS Market size is forecast to reach $2.34 billion by 2025, growing at a CAGR of 5.78% during the forecast period 2020-2025.The Personal Emergency Response System is a device that is used to seek help during emergency and is used to enhance safety and security measure while travelling. Improvement in healthcare infrastructure and increasing incidences of chronic diseases among the population are the major factors driving the growth of the market. The increasing geriatric population coupled with rising number of conscious consumers is set to further enhance the overall market demand of U.S. PERS market during the forecast period.
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Type- Segment Analysis
The Landline PERS segment held the largest share in the U.S. PERS market in 2019 and is estimated to grow at a CAGR of 4.51% during the forecast period 2020-2025. This can be attributed to the preference of landlines by the elderly population over the mobiles for communication owing to their less operational complexity and high reliability. However, Standalone devices is set to exhibit the fastest growth in the U.S. PERS market owing to their compact and simple design enhanced with integrated GSM and GPS features, which eliminates the need for additional devices or subscription costs, thereby significantly cutting down the costs which is an attractive feature contributing to the market advancement. Standalone devices are estimated to be the fastest growing segment over the forecast period (2020-2025). This is mainly owing to better accessibility, compactness and affordability.
End Use - Segment Analysis
The Home-based use segment held the largest share in the U.S. PERS market in 2019. This is owing to the independent living with easy access to care and enabling seniors to call for help in case of emergency with the press of a button and it is also owing to the introduction of the smart medical alert systems having additional monitoring features. The demand for home-based users is likely to grow owing to the independence it provides to the senior citizens who want to live alone but be taken care of in case of an emergency. The home-based user is the largest segment in the market in which companies are catering, and a rise in demand is estimated over the forecast period (2020-2025) owing to the availability of technologically advanced devices and growing preferences of the elderly to age in place.
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Drivers U.S. PERS market
Increasing Geriatric Population coupled with rising number of conscious consumers
The factors driving the growth of the U.S. PERS market is the increasing geriatric population coupled with rising number of conscious consumers. Improving healthcare infrastructure, increasing adoption of home healthcare devices and growing use of smart phones is estimated to boost the growth during the forecast period 2020-2025. The demand of PERS product is increasing in U.S. owing to the evolving trend of the retired adults and senior citizens opting to adapt to a healthy and an active lifestyle in the independent living communities. The rising costs of in-hospital care is set to spur the demand for affordable home-healthcare devices. As the aging population rises, there is an increasing pressure on caretakers to provide not only affordable but also reliable home healthcare monitoring systems for the baby boomers. This is estimated to create a substantial demand for PERS devices in the U.S. Medical alerts system and is set to have a positive impact in the growth of the market.
Technological advancements in healthcare Industry
PERS system are available in the form of wireless pendants, wrist watches, sensors, motion detectors, smartphones or transmitters that can be activated in emergency and it can be available on purchase, lease or rent based on a doctors’s recommendation. Growing awareness regarding the benefits of personal emergency response systems and technological advancements in health industry are also supplementing the market growth. With the increasing advancements it has provided the various opportunities for the growth of the U.S. PERS market.
Challenges U.S. PERS market
Rising cost of in-hospital care
Some of the factors that can hamper the growth of the U.S. PERS market are increased costs of in-hospital care, the high cost of personal emergency response systems and the lack of awareness among the masses. Decreasing use of landlines is also poised to hamper the growth of the U.S. PERS market.