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PERS Market Growth Means Huge Opportunity For Dealers

May 27, 2020 8:00:00 AM

If you don’t know already, the mPERS and PERS industry is an absolute bullish marketplace, and there is no intention of slowing down anytime soon. With continued growth expected all the way through 2028, there is no reason why you shouldn’t consider entering into the PERS marketplace. Below we’ve gathered some statistics for you to consider while you investigate the idea of joining the PERS marketplace.

mPERS and PERS Growth

Depending on what statistics you choose to believe, or how optimistic of a person you are, the PERS marketplace is expected to be worth around 9.27 billion by the end of 2022, which is an increase from the 5.6 billion dollar evaluation in 2015. This

There are a number of factors at play here. People are living longer. According to Statista.com about 16% of the population are senior citizens. By 2050, that number could increase to 22%. According to the Census Bureau, the senior citizen population could be as high as 80 million by 2050. That is one major factor that plays into the PERS industry growth, but it’s not the only one. Everything from advancements in cellular technology, to government spending on medical care increase the value of the industry.

For instance, increases in expenditure in the medical marketplace was projected to increase from 2019-2028, but now that on a global level we have seen the impact of being unprepared for medical emergencies, expect to see an additional increase in spending in the medical field.

The increase in global medical spending combined with the advancement in mobile technology significantly increases the value of the mPERS marketplace. For example, in 2012, the amount of mPERS devices in 2012 monitored at AvantGuard accounted for only 1% of all monitored PERS devices. In 2020, that has increased to 75%.

mPERS Technology

Seniors are entering this stage in their life having had technology implemented in their pre-senior life. This makes it easier for them to understand and grasp the use of new technology. And now with 5G on the horizon, there will be more and more devices with better coverage for seniors to venture out of the home and feel completely comfortable and protected.

Speaking of seniors being more comfortable and protected, with better technology emerging, like fall detection watches, seniors can go about their lives without feeling the stigma of wearing a medical alert device. It also increased the amount of seniors willing to adopt the idea of wearing a device, hence, we see the marketplace grow.

One idea that is relatively new to the marketplace that debuted at CES in 2018 is E-Vone smart shoes. Yes, shoes that detect when someone falls. The company Starkey has also released a fall detecting hearing aid. But that’s not to say that pendants are completely disappearing. In fact, one could argue that pendants are still the most dependable fall detection devices available. Especially industry leading devices like the Belle LTE and Belle+ LTE mPERS devices from Freeus.

Entering The PERS Industry

If you’re completely new to the PERS industry, you could benefit greatly from our downloadable eGuide: Understanding The PERS Industry. It will help you get acquainted with the ins-and-outs of the PERS industry and what you will need to get started in the business. And if you’re wondering if your company should make a shift into the PERS industry, all data screams that it’s a smart and lucrative business decision.

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