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PERS market to grow from $963 million in 2010 to 2017 to $1.86 billion in 2017.
MOUNTAIN VIEW, Calif., March 22, 2012 /PRNewswire/ -- Care for the elderly is a vital cog in the healthcare machinery; however, caregivers often sideline the need to enable the general population to deal with current healthcare issues. The personal emergency response systems/services (PERS) market is likely to be the cornerstone of telehealth services in the next 20 years and will be critical to elderly care in an emergency.
New analysis from Frost & Sullivan's (http://www.patientmonitoring.frost.com) North American Personal Emergency Response Systems Market research finds that the market earned revenue of $963.9 million in 2010, which was an increase of 15.2 percent over 2009. It is expected to grow at a compound annual growth rate (CAGR) of 10.4 percent from 2010 to 2017 to reach $1.86 billion in 2017.
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In the past, the elderly used to live with or nearby their family members; however, all that has changed now with the rising prevalence of nuclear families. The need of the hour is providing caregivers with cutting-edge, affordable solutions to maintain an actionable care link with the patients' families.
"Elderly care and aging independently is at the core of the current healthcare challenge and it is not likely to be solved merely by the involvement of doctors and other healthcare professionals alone," said Frost & Sullivan Senior Research Analyst Zachary Bujnoch. "The idea behind the monitoring of behavior and movement patterns involves the principle of the telehealth movement in healthcare, which seeks to eliminate physical distance through technology."
The evolving PERS will enable consumers to care for the elderly independently, making it imperative for healthcare systems to be efficient. This is becoming increasingly feasible due to the rapid proliferation of next generation IT infrastructure. Over the last two years, telemedicine providers have launched cellular and satellite-based communications, and the PERS market has started to take a cue from them. New technologies in PERS have been the first to fully embrace new communication infrastructure in activity monitoring.
The single largest growth driver in this market has been the recent surge of revenue from new fall detection technologies. The higher prices of these services and the expanding market base of the elderly have given a huge boost to the market. The PERS market has, for years, provided health monitoring services to the elderly, paid for by the consumers directly. This has created an interesting point of reference for the telemedicine market.
However, these traditional systems are simplistic and they are of little help in actual prevention and life management. As the PERS market evolved from the securities market, issues of maturity and severe sales practices that do not bode well for the long-term growth have also restrained the market.
"As the market continues to evolve, it will soon offer healthcare preventative systems, which will further enhance the already significant market revenue," said Bujnoch. "As the PERS market seeks to tap bigger opportunities, it has begun to develop more advanced, tested and reliable systems that incorporate web portals or advanced movement detection technologies."
North American Personal Emergency Response Systems Market is part of the Connected Health Growth Partnership Services program, which also includes research in the following markets: An Analysis of Telehealth, North American Home Healthcare and Disease Management Remote Monitoring Markets, North American Multiparameter Patient Monitoring Equipment Markets, and North American AED Market. All research services included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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