The global medical alert systems market has an estimated worth of $6.5 billion this year and is predicted to reach $9.6 billion by 2025, growing at a CAGR of 7.9% during this period. Much of this market growth can be attributed to an aging population and their desire for in-home healthcare.
Mobile personal emergency response system (mPERS) refers to a wearable, pushbutton device and call center service that allows aging adults to signal the need for immediate attention and call for help no matter where they are. The system is enabled by wireless connectivity and is popular among older populations as it seems less intrusive and complicated than other commercially available wearable devices, such as smartwatches.
While the simplicity of healthcare mPERS devices makes them appealing to users, the increasing popularity is resulting in more competitive pressure in the marketplace. This means that companies are packing in more robust features, such as location tracking, fall detection, biometric data, and communication.
While a typical mPERS device is relatively inactive, remaining unused until an incident occurs that requires emergency services, the latest innovations work more like remote monitoring tools. This means changes may be seen to form factors in order to support the continuous data transmission and passive monitoring seen in remote patient monitoring solutions.
According to Research and Markets, the mobility of healthcare mPERS devices is driving an increase in adoption as elders are looking for ways to access emergency services from anywhere. In addition to the increase in the use of traditional mPERS devices, the wireless medical alert systems market is getting a boost from the introduction of smart wearable devices.
As the adoption of medical technology, smartphones, and wearable devices increases among the elderly, providers are looking to stay competitive through advances in technology. With this comes the availability of more attractive device form factors, improved battery life, advanced sensors, and innovative app development. Healthcare mPERS functionality will appear more in form factors such as GPS smartwatches and smart wearable belts, which are expected to grow at the highest CAGR of the forecast period.
Industry leaders in the personal emergency response system marketplace are looking for ways to expand their portfolios in a promising market. As mergers and acquisitions change the competitive landscape, companies need to innovate in order to stay ahead. By selecting the right partner for connectivity, device certification, LBS, and professional services, providers can focus on innovative technologies and new product development.
As mobile personal emergency response systems grow to include additional capabilities such as location tracking, fall detection, and biometrics, it’s critical that these new features don’t make things too complex for the end-user. KORE offers a suite of device and connectivity options with the features and services companies need, removing the complexity from initial deployment to ongoing operations.
Learn how KORE helped a leading mPERS device manufacturer focus on future innovation by downloading the Healthcare PERS Case Study: Remaining Competitive with Innovating Personal Tracking Solutions
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