The demand for Personal Emergency Response Systems (PERS) is booming. So is the need for seniors’ healthcare and assisted living, but the costs are rising rapidly. This, in addition to rising life expectancy is causing many to stay at home longer. PERS offer a way to live independently while having access to care. But what does the future hold for this market?
Market Value, Segments and Driving Forces
Those with older parents are the biggest customers. As caregivers, they will represent a $72 billion market by 2020. The global PERS market – projected to be worth $9.27 billion in 2022 – is divided into three: Standard (landline), Mobile (device or app) and Standalone Devices. Though landline systems are the most popular, Mobile made up 20% of the market in 2015. Mobile PERS allow seniors to move freely and will be the most popular choice by 2020. Driving the market is the home healthcare boom and growing preference for “ageing in place”. PERS encourage users to live active lifestyles and should be at the front of this movement.
Rather than selling directly, companies usually rely on partners that can “resell, refer and recommend” to buyers. Other challenges:
- Stigma around wearing PERS – but new technology and design are overcoming this.
- Until now, automatic fall detection devices have been unreliable. Epic Safety’s technology is advanced and highly accurate.
Trends and Opportunities
PERS 2.0 – Exciting leaps in technology:
- Using Wi-Fi, BLE, radio or GPS to find wandering patients
- Fall sensors that predict falls
- Devices remind the user or alert a caregiver if not worn.
- Devices that send status updates to loved ones
Internet of Things – refers to devices and apps that connect online and communicate with each other using WiFi and the cloud. Wearable devices are part of IoT and by 20191 in 5 seniors will own one. This is a great opportunity for the PERS market.
Remote Patient Monitoring allows doctors to monitor patients at home. This is a good fit for those living with chronic illness and experts place the RPM market at $21.2 billion in 2017.
Thus with these opportunities, the future is looking bright.