The personal emergency response system market is valued at USD 5.6 billion in 2021 and is poised to grow at a significant CAGR of 5.5% over 2022–2028. The need for personal emergency response systems is anticipated to rise due to the aging population’s growing adoption and reliance on smartphone applications for prescription reminders, recording health data, and preventive care. During the projected period, it is predicted that the global population pyramid’s demographic change from Stage 1 to Stage 4 will make a broader target market more accessible to producers. Companies involved in the value chain of the need for personal emergency response systems are expected to benefit financially from the strategic positioning and marketing of alert devices. In addition, fall detection R&D is anticipated to provide market participants with lucrative growth prospects. For example, researchers from Shandong University in China reported using impulse-radio ultra-wideband monostatic radar and creating a learning model that combines convolutional long-short term memory and convolutional layers to extract reliable spatiotemporal features for fall detection in February 2020. Additionally, it is anticipated that growing wearable technology use will support market expansion. For instance, businesses like Apple and Samsung provide smartwatches that can detect falls. Furthermore, the market has seen tremendous growth due to the change brought on by innovative technologies like the Internet of Things (IoT) and artificial intelligence (AI). Modern technologies can make a difference in the market, and the stakeholders can take advantage of it by putting them into practice as soon as possible. Predictive analytics and AI-driven technologies support autonomous fall detection, wanderer control, and notification of carers. Several businesses, including Xsens (Netherlands), Xander Kardian (US), and Qventus (US), have created fall detectors for the elderly that are AI-powered. An AI-driven health technology business called CarePredict (US) uses AI to identify any changes in older adults’ activity and behaviour patterns and supports their independent living. Such technologies have a spectacular influence and a huge future potential in the market for personal emergency response systems.
Recent Market Developments:
In March 2021, ADT collaborated with safety and preparedness platform, harbor. The partnership combines “Safe by ADT”, the company’s proprietary mobile safety platform, with harbor’s disaster preparedness app.
In May 2021, Connect America inked a definitive agreement for the acquisition of the Aging and Caregiving (ACG) business from Royal Philips. The deal is expected to benefit North American subscribers of both, ACG and Connect America, from new innovations and expanded service offerings in the field of connected care.