MOUNTAIN VIEW, Calif., Nov. 13, 2014 /PRNewswire/ -- The desire to age-in-place has fueled the development of systems, products and programs that support different facets of the aging population's daily life, healthcare and wellness needs. Caregivers are increasingly employing personal emergency response systems (PERS) as a primary component of aging-in-place technology so U.S. seniors can live independently at home, without incurring heavy costs from long-term home care.
PERS is a leading area of opportunity in telehealth, and exhibits business model factors which place it at a higher value than many other markets in the broader landscape of remote monitoring. New analysis from Frost & Sullivan, Analysis of the U.S. Personal Emergency Response Systems Markets, finds the market earned revenue of $1.04 billion in 2013 and estimates this to reach $1.46 billion in 2017.
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With the elderly becoming more receptive to communication technologies, home-centered technologies, and use of different mobile form factors as part of daily living and healthcare services, PERS vendors recognize considerable opportunities among the aging demographic.
PERS vendors need to offer demonstrable returns on investment (ROI) to ensure end users are aware of the value of adopting these solutions. Showcasing value in higher service features as part of a PERS solution is important for vendor differentiation of solutions for buyer decisions, given the changing sales environment with influx of direct web and retail channel competition. PERS solutions leveraging sensor technology, fall detection, mixed base and mobile solutions, expand the value, demographic reach, and ROI for users, and create new opportunities for vendors in servicing the needs of seniors.
"Different facets of technology and solutions can build an environment surrounding the elderly, which can be leveraged by members of care teams, caregivers, and family members, to enable the senior to live a fuller and healthier life as well as maintain independence," said Frost & Sullivan Healthcare Research Director Daniel Ruppar (@DanielRuppar). "PERS as well as other components of remote monitoring address many needs of the elderly and will play a significant part in the overall evolution of telehealth products and services, especially within those solution areas directly targeting consumers."
In time, PERS could fully integrate with broader consumer devices, smartwatches, connected homes, and remote monitoring platforms as part of a more holistic solution to independent living. This comprehensive solution can offer required levels of supportive need, as seniors move throughout the continuum of their daily experiences, ranging from disease management, wellness, to social interaction and engagement.
"The sustained evolution of PERS is important for 'connected solutions' and senior enablement," noted Ruppar. "In the long term, a technology-driven platform approach for seniors in their homes, fully cutting across consumer, wearable, and telehealth components, could bring higher value to the term aging independently than ever thought before."
Analysis of the U.S. Personal Emergency Response Systems Markets is part of the Connected Health (http://www.connectedhealth.frost.com) Growth Partnership Service program. Frost & Sullivan's related studies include: Pulse of Telehealth 2014, Long-term Care in Extended Facilities and Nursing Homes in the United States, EHR Usability—CIOs Weigh in On What's Needed to Improve Information Retrieval, US E-Cigarette and Vapor Markets: Days are Numbered for this Billion-Dollar Industry, Wearables: Beyond the Quantified Self – Opportunities in Pediatric and Animal Health. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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Analysis of the U.S. Personal Emergency Response Systems Markets
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