Summary
A New Market Study, titled “Ambient Assisted Living Market Upcoming Trends, Growth Drivers and Challenges” has been featured on Market Research Future.
Ambient assisted living facilities depend on ambient intelligence and responses to the presence of people in rooms. The rising population of the elderly and the marriage of assisted living facilities and technology have brought to the forefront of the need of such centers. This allows the elderly population to live in a safe neighbourhood without any interruptions. The global ambient assisted living market report by Market Research Future (MRFR) pinpoints trends and opportunities within the industry for the period of 2019 to 2027 (forecast period). The outbreak of the COVID-19 virus has been taken into account for revaluation of the market size and growth projections
Market Scope
The ambient assisted living market has generated USD 2 billion in 2017 and is expected to reach a market value of USD 13 billion by 2027 growing at a 19% CAGR over the forecast period.
Rise of the elderly populace in developed nations and research into aging conditions are expected to support the global ambient assisted living market till 2027. The major role of connected devices and their assistance in hospice centers and aged care facilities can bode well for the market. The non-intrusive nature of ambient assisted living and success shown in resident care which can drive the fight against chronic illnesses can favor the market to a great extent.
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Segmentation
The global ambient assisted living industry is segmented by system, sensors, and services.
Based on the system, the ambient assisted living market is sub-segmented into power management system, safety and security system, communication system, transportation and communication system, medical assistance system, entertainment, and others. Medical assistance systems are projected to expand at 22% CAGR over the forecast period.
Sensors are segmented into occupancy sensors, temperature sensors, and others. Occupancy sensors accounted for the largest market share in 2017, while temperature sensors can exhibit 18% CAGR over the forecast period. By services, the market is segmented into customization & renovation and installation & repair.
Regional Analysis
North America led the global ambient assisted living industry in 2017. The increasing adoption of smart homes and high technical expertise are the major reasons for the dominance of North America in the market. U.S. is leading the market whereas Canada is expected to witness high growth rate in the coming future. This is exemplified by the use of automated pill dispensers placed in rooms of elderly patients which sends an alert to caregivers to address situations on their non-compliance.
Asia Pacific (APAC) is considered to be the second fastest growing region due to increasing adoption of smart homes and network improvement in the region. Rise of age homes in New Zealand and Australia can create scope for ambient assisted living facilities. For instance, SYNO has created intelligent flooring solutions for alerting caregivers in case of falls or spills.
Europe is projected to grow at the fastest growing CAGR over the assessment period. Changing policies pertaining to migration and treatment of the sick are likely to drive the regional ambient assisted living market till 2027. The large range of AAL devices from shoe soles and hobs to nurse bots can disrupt the aged care scenario.
Competitive Outlook
ABB Group, Assisted Living Technologies, Inc., Televic N.V., Ingersoll Rand Plc., Gnomon Informatics S.A., Siemens AG, Honeywell International, Inc., Chubb Community Care, Legrand SA, Panasonic Corporation, and Telbios are key players of the global ambient assisted living market.
Major Key Points in Table of Content
1 Market Introduction
2 Research Methodologies
3 Market Dynamics
4 Executive Summary
5 Market Factor Analysis
6 Global Ambient Assisted Living Market, By System
7 Global Ambient Assisted Living Market, By Sensors
8 Global Ambient Assisted Living Market, By Service
9 Global Ambient Assisted Living Market, By Region
10 Competitive Landscape
11 Company Profiles
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