The personal emergency response system (PERS) market is expected to be worth
USD 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%.
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.
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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 USD 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.
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