Wearable Health Solutions, Inc. (OTCMKTS: WHSI) is growing in a mega-market PERS industry forecast to reach $12.3 billion globally by 2027 from $7.7 billion last year.
According to the 2021 study, ‘Global Pers Devices Market Report,’ QYR Research analyzed the fast growth of the Personal Emergency Response System (PERS). It finds that technology and mobile are trending quickest in growth.
Major corporations such as Philips (NYSE: PHG) and ADT (NYSE: ADT) are leading players in the industry. But remote monitoring ‘telehealth’ remains a fragmented business, ripe for emerging companies like WHSI to gain share.
The PERS devices, also known as Medical Emergency Response Systems, enables a user to push a button and call for help from a remote location. The personal medical alarms and safety alert devices market is growing to clients in a broader demographic.
The key investment consideration for WHSI is gaining a larger market share in the soaring remote monitoring market by employing the newest technology.
Highlights of the study are:
- Overall growth of PERS is increasing YOY from 2016 to 2027. Devices are more technology-driven and compete in the large and dynamic ‘telehealth’ marketplace.
- Mobile is the dominant trend. It accounts for the industry’s largest share of $3.6 billion this year and will expand to $5.2 billion by 2027. At a 7.8% CAGR through 2027, it is the fastest-growing segment of the PERS marketplace.
- In North America, mobile type PERS devices are already dominant with a 42% market share.
- Major corporations such as Philips (NYSE: PHG) and ADT (NYSE: ADT) are leading players in global sales of the PERS devices. Philips is seen as the dominant player in the industry worldwide with a market share of 42.5% in 2021.
- Philips may dominate the branded PERS market, but ‘other’ at 57% share is by far the largest segment. It means that WHSI and other companies combined have the No. 1 share of this expanding but fragmented worldwide market.
So even though Philips is seen leading PERS by brand, Wearable Health Solutions, Inc. (OTCMKTS: WHSI) has an opportunity to take a larger market share through sophisticated technology.
In early 2022, WHSI plans to launch its most technical product to date: the 4G iHelp MAX product. WHSI is moving rapidly towards the telehealth market. WHSI’s iHelp MAX™ 4G will be ‘telehealth ready’ when it launches.
It will offer GPS tracking services plus remote patient monitoring (RPM). It will have body mounted sensors and artificial intelligence (AI). Fall detection and geofencing are other features. It features Wi-Fi, NFC (wireless data transfer) technology and Bluetooth 4.0 Low Energy features.
iHelp MAX™ 4G will offer two-way voice communication. And it will deliver data on a user’s vital health information. It will enable monitoring in the mobile health (mHealth) industry. A monitor will learn not only is the wearer in some distress, but have medical vitals to learn more.
To ensure its success, WHSI has named newly hired Marc Cayle as VP of Innovation and Technology. The 18-year veteran and technical innovator in the PERS market, Cayle said WHSI’s 4G iHelp MAX “is the most advanced product in the market and boasts affordable, easy-to-use technology never seen before in the palm of your loved one’s hand.
“We will truly change the life of every circle of care participant who wants their loved one to thrive, not just survive,” Cayle concluded.
WHSI is a developer and marketer of mobile alert and tracking devices emergency medical and occupational safety markets worldwide. A vast majority of WHSI’s come from the U.S. and Canada.
WHSI device sales are made to healthcare facilities, including hospitals, home healthcare entities and direct to consumers. WHSI also sells through a global distribution network of independent dealers.
WHSI is combining its ‘smart’ remote monitoring products with artificial intelligence (AI), Blue Tooth, Backend As A Service (Baas), IoT, Wi-Fi, Central Cloud Management and in 2022 4G telecommunications.
Keep WHSI on your watch list as it integrates technology into its sophisticated monitoring products. PERS is a large, global marketplace in which emerging companies via. technology can grow share. For more information, go to wearablehealthsolutions.com
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