US Personal Emergency Response Systems Market - Focused Insights 2023-2028

MARKET INSIGHTS

The US personal emergency response systems (PERS) market is undergoing significant transformation, driven by heightened awareness among elderly individuals, the rising prevalence of chronic diseases, and an increased risk of fall-related injuries. As the geriatric population increasingly opts for independent living, the demand for PERS is soaring.

Market Growth and Projections

In 2022, the US PERS market was valued at $2.49 billion. With a steady compound annual growth rate (CAGR) of 10.13%, the market is expected to almost double, reaching $4.44 billion by 2028. This remarkable expansion is propelled by a combination of technological advancements and the growing need for efficient emergency response solutions.

Influence of Smartphone and Wearable Technology

Smartphone adoption in the US has reached an unprecedented level, fostering the growth of the PERS market. Alongside this, the rapid development of wearable health devices further accelerates market expansion. These technologies play a crucial role in enhancing accessibility and ease of use for emergency response solutions, making them more appealing to consumers.

The Rising Importance of Mobile-Based PERS

Mobile-based PERS solutions are emerging as a vital lifeline for elderly individuals and those with disabilities, enabling them to summon assistance effortlessly in emergencies. In 2022, the mobile-based PERS segment accounted for 57.08% of the market and is projected to grow at a robust CAGR of 10.67% in the coming years. This segment's dominance underscores the increasing reliance on mobile solutions for personal safety.

Homecare Agencies Driving Demand

Among end-users, homecare agencies lead the market, holding a 31.05% share in 2022. With the growing aging population and the rising demand for assisted living systems, this segment is expected to expand at a CAGR of 10.36% over the forecast period. Homecare agencies are increasingly integrating PERS solutions to provide better safety and support for their clients.

Regional Market Trends

Regionally, the Western US dominates the PERS market, accounting for 40.93% of the total market share in 2022. This segment is forecasted to grow at a CAGR of 10.50%, driven by a substantial aging population and heightened demand for assisted living solutions. The Western region's stronghold highlights the growing need for innovative elder care technologies.

Competitive Landscape and Key Players

The US PERS market is highly competitive, with leading global players striving to maintain their dominance. Key industry players include Connect America, Modivcare, ADT Corp, Medical Guardian, and Bay Alarm Medical. These companies are actively pursuing acquisitions, licensing deals, and strategic collaborations with emerging players to strengthen their market positions. Such initiatives not only solidify their foothold but also facilitate access to commercially launched PERS products.

Opportunities for New Entrants

The market is also witnessing an influx of new entrants, particularly small and mid-sized companies, seizing opportunities in the evolving digital healthcare landscape. These companies are introducing innovative solutions to capitalize on the increasing demand for PERS, further intensifying market competition.

A Lucrative Investment Opportunity

With all these factors driving growth, the US PERS market presents a highly attractive investment opportunity. As health technology and elder care continue to evolve, the market is pushing the boundaries of innovation, promising enhanced safety and well-being for an aging population. Investors and businesses alike stand to benefit from the dynamic and rapidly expanding PERS sector.

KEY HIGHLIGHTS:

• The US personal emergency response systems market was valued at $2.49 billion in 2022 and is projected to reach $4.44 billion in 2028, with a compound annual growth rate (CAGR) of 10.13% during the study period.
• In 2022, the US accounted for a significant market share in the North America PERS market owing to a rise in awareness among older adults, the expansion of the geriatric population living independently, the high prevalence of chronic diseases, and the risk of fall injuries have accelerated the PERS market.
• Based on product type, mobile-based systems accounted for the highest share of more than 50% in the US PERS market due to the rise in demand for various mobile systems such as mobile PERS, Cellular Systems, and wireless PERS.
• Based on the End-user type, the homecare agencies segment accounted for a 31.05% market share in the US PERSs due to the expansion of the geriatric population living independently and the rise in the aging population.
• Based on region type, the western US segment accounts for a 40.93% US PERS market share that can be attributable to a surge in the population of living individuals in assisted living facilities.
• Connect America, Modivcare, ADT Corp, Medical Guardian, and Bay Alarm Medical are the leading players in the US PERS market. The market offers tremendous growth opportunities for existing and future/emerging players.