According to a new report from market research firm The Freedonia Group, sales of personal emergency response systems (PERS) and related alarms is expected to expand by 7.3 percent annually through 2021 to $220 million.
The research firm said that the market’s growth will be driven by an above average increase in the number of people over the age of 65 combined with rising interest among elderly individuals to age in place within their own homes.
Some of the additional features and capabilities that are contributing to the increasing popularity of these systems include:
- Medication reminders, dispensing and compliance monitoring;
- Fall detection;
- Vital signs sensors;
- And, voice panic detection.
In addition, the research firm said that the market for all types of security alarm systems in the U.S. is projected to increasing by 5.1 percent annually, reaching $4.9 billion in 2021. These gains will be primarily driven by ongoing growth in construction activity.
For more information about the "Security Alarm Market in the U.S." report, click here.