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Global Market Trajectory & Analytics



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  •  DATE

    JULY 2020



  •  PAGES




  •  PRICE

    USD $5600


Impact of Pandemic & Economic Slowdown

Monitor Market Dynamics!
Early March 2020, we reached out to senior enterprise executives who are driving strategy, business development, marketing, sales, product management, technology and operations at competitive firms worldwide. Our ongoing survey is focused on how this will this affect their business ecosystems. We invite you to participate in our survey and add to collective perspectives. Market movements are tracked for 2020, 2021 and broadly for the period of 2022 through 2025. Critical changes are monitored dynamically for the rest of this year. Updated analytics will reflect new and evolving market realities. Our first update scheduled for May 2020 and another in the Fall. Clients receive complimentary updates during 2020. If your company is a recent client for this project, we may have already reached out to your colleagues to participate in our program. If you're an active player in the space but hasn't yet subscribed to our project, we invite you to participate and share your perspectives. Please sign-up here.

The pandemic has catalyzed the hitherto underutilized and untapped potential of telemedicine. It is a case of creative and innovative disruption for digital healthcare technologies. With physician offices and out-patient clinics forced to remain closed and/or limit services to emergency care to prevent the spread of COVID-19 virus, the use of telemedicine has spiked across the globe. Defined as a technology that utilizes internet, mobile communications and videoconferencing tools to provide consultations over the phone and video chat, telemedicine is witnessing overnight success. Until now not fully adopted by healthcare payers, providers and patients, the pandemic and the social distancing need has triggered over 50x increase in adoption of telemedicine. Millions of patients and doctors have been forced to utilize telemedicine to ensure continuity of care during the pandemic. In the United States, in the year 2019, only 35% of physicians utilized telemedicine technologies in their practice. However, with the centers for disease control (CDC) urging healthcare providers to communicate with patients virtually, adoption has increased significantly. Policy led decisions and regulatory amendments have also catalyzed growth. The U. S. government for instance during the pandemic expanded telehealth consultations to nearly 62 million Medicare beneficiaries, while the Office of Civil Rights (ORC)temporarily lifted restrictions such as penalty for HIPAA violations for providers utilizing telehealth. Healthcare providers have also been allowed to reduce or waive deductibles for telehealth visits. Given the difficulties and challenges involved in ensuring conformance to rapidly evolving recommendations regarding Covid-19, outpatient practices are referring low to moderate risk patients to schedule video visits to avoid travel to in-person care sites.

The pandemic has created a high risk scenario for older adults with co morbid health conditions. COVID-19 mortality rate is significantly higher for aging adults over the age of 60 years. With aging seniors accounting for a sizable percentage of the population in developed countries, self-isolation is widely recommended for the elderly living alone in their own homes. To ensure timely and safe care amid the pandemic, PERS is increasingly being integrated with telemedicine. Given the current pandemic induced rise in telemedicine platforms, the convergence has been faster, more easier and profitable. Until now, PERS was just used as an effective support system to help senior citizens stay connected with emergency response centers and contacts 24×7. However, now with hospitals turning into high-risk facilities for the elderly, telemedicine is also beginning to be integrated to ensure that prompt care is given immediately even before first responders reach the patient physically. PERS-Telehealth combination is therefore growing in attractiveness for its ability to increase the overall value offered to the patient. While PERS activate semergencyalerts, simultaneous access to virtual doctors and nurses is also enabled via telemedicine to the patient. This ensures instant patient management with better patient outcomes. This combination also reduces the need for hospitalization by enabling delivery of preventive measures such as periodic self-care education, tracking vitals, and sending medication reminders. Developments in sensors, advanced algorithms, artificial intelligence & wearable medical devices are encouraging convergence of PERS with telehealth. The pandemic is also shedding a clear focus on IoT, analytics, mobility and cloud all which are enabling integration of PERS devices with telehealth services. At a time when access to health services is limited, the combination of PERS & telemedicine will allow non-COVID patients to stay connected with emergency response centers 24×7. The pandemic is providing a strong incentive for greater adoption of remote monitoring technologies and push towards a new care delivery model. The global market for Personal Emergency Response Systems (PERS)against this backdrop is expected to witness growth spike by 14.8% in 2020.

As hospitals step-up deployment of remote patient monitoring infrastructure & integrate them into electronic medical record systems, PERS will witness a spike in growth in 2020 & beyond. The global PERS market is projected to reach a revised size of US$6.3 billion by the year 2027, trailing a CAGR of 6.1%. Mobile PERS, one of the segments analyzed in the report, is projected to grow at a 7.5% CAGR to reach US$5.7 billion by the end of the analysis period. Other major factors expected to remerge to drive growth in the post-COVID-19 period include increase in social and community centered programs and solutions such as home-based health programs that support aging in place; development of retirement communities and senior housing facilities; growing private investments in medical alert response services; robust foreign investments by overseas med-tech companies; launch of new smart devices with fall detection, disease tracking, proximity sensing and health data integration capabilities; and increased acceptance of technology-assisted healthcare among the educated elderly. COVID-19 has pushed social care services out of the embryonic stage in developing countries and the upcoming years will see a large chunk of projected growth coming Asia. Affluence of educated elderly individuals and their adult children and growing acceptance of smart phones and connected wearable's among the elderly will spur opportunities for Mobile PERS (mPERS).

» Type (Mobile PERS, Landline PERS, Standalone PERS) » End-Use (Home-based, Hospitals, Nursing Homes, Other End-Uses)
» World » United States » Canada » Japan » China » Europe » France » Germany » Italy » United Kingdom » and Rest of Europe » Asia-Pacific » Rest of World


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