- The overall personal emergency response system (PERS) market is projected to exhibit a lucrative growth potential during the forecast period.
- Overall cost associated with the system is expected to impact the adoption of PERS devices.
- Asia Pacific (APAC) is expected to grow at the highest CAGR between 2017 and 2023.
The personal emergency response system (PERS) market is expected to be worth $9.22 billion by 2023, at a CAGR of 5.7% between 2017 and 2023 as per report by MarketsandMarkets.
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%.
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Increasing use of personal emergency response systems is the key factor for lesser readmissions in hospitals. Medical alert systems make a positive impact by providing the opportunity for intervention and offering easy access to a patient’s home care provider during the day or night. The quick response provided by medical alert systems can improve the outcomes for individuals who experience a fall or are afflicted by other medical issues. Alert systems enable a caregiver or responder to resolve the situation in real-time, thereby preventing the need for the individual to be admitted to a hospital.
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 $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.