Market Overview
Ambient Assisted Living (AAL) is playing an essential role in the field of elderly care. With the growing number of geriatric populace who are at the increased risk of health and need continuous monitoring and medical assistance, the ambient assisted living market growing swiftly.
Advancement in the internet of things (IoT) technologies and equipment alongside the adoption of smart home concept and the growing demand for managed care for the old population are some of the key driving forces behind the market growth. Moreover, various activities and initiatives taken up by the government to develop ambient assisted facilities in old-age or elderly homes are escalating the market on the global platform.
Ambient Assisted Living Market Is Expected to grow by 19% CAGR during forecast 2017 2027
Additional factors that are fostering the growth of the market include advancement in smart technologies pertaining to smart homes and connected space. Moreover, the growing demand for managed care for old age population is also driving the market.
Considering the prominence of sensors as a component of the reliability in elderly care products and solutions, manufacturers are working in accordance with certified processes and procedures to develop adept ambient assisted living solutions, distributing equal focus on the production and service activities.
Overwhelming innovations in medical technology and the evolving sensor technology alongside the increasing adoption of IoT integrated solutions for care assistance are driving the global ambient assisted living market rapidly.
Additionally, the augmented demand for intensive care for patients in critical conditions alongside the proliferation of home-based care set-ups and medical devices that are embedded with sensors is supporting the market, enabling real-time patient data communication.
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Key Players
The Global Ambient Assisted Living Market consist of large number of players including – Assisted Living Technologies, Inc. (U.S.), Honeywell International, Inc. (U.S.), Siemens AG (Germany), Ingersoll Rand Plc. (Ireland), Legrand SA (France), ABB Group (Switzerland), Gnomon Informatics S.A. (Greece), Chubb Community Care (U.K.), Televic N.V. (Belgium), Telbios (Italy), and Panasonic Corporation (Japan).
Segmental Overview
MRFR’s report includes a thorough segmental analysis of the global ambient assisted living market based on services, sensors and system.
Based on services, the market has been segmented into installation & repair, and customization & renovation. Based on sensors, the market has been segmented into occupancy sensors, temperature sensors and others. The occupancy sensors segment commanded the highest market share in 2017 and a similar trend was noticed in 2018. Meanwhile, the temperature sensors segment is projected to exhibit a relatively faster CAGR during the forecast period. On the basis of system, the market has been segmented into communication system, power management system, transportation and communication system, safety and security system, entertainment, medical assistance system and others. The communication system segment accounts for a significant share of the market. The medical assistance systems segment is also projected to remain lucrative in the forthcoming years. In addition, the segment is projected to post a strong CAGR of 22% during the forecast period.
Regional Analysis
On the basis of region, the global ambient assisted living market has been segmented into Europe, Asia Pacific (APAC), North America and the Rest of the World (RoW). North America accounts for the most significant market share in terms of revenue. Rising boom in smart homes across North America and high technical expertise are two of the major factors driving the market growth in North America. The U.S. makes the largest contribution to the market in North America in terms of revenue. North America is followed by Europe and Asia Pacific (APAC). In addition, the market in Europe is expected to capture the highest CAGR during the forecast period. Growth of the market in APAC will be primarily driven by the fast expansion of telecom networks and increasing investment in smart city projects.
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Industry/ Innovation/ Related News
May 24, 2019 – Comcast Corporation (the US), a telecommunications giant announced that it is working to develop an in-home device to monitor people’s health. The new device that could help seniors age in place is designed to help caregivers, and medical professionals monitor elderly or disabled patients for injuries or unhealthy conditions. The conglomerate aims to begin pilot-testing the device later this year, which if could go well, would allow the device to get commercially released as early as 2020.
The device uses ambient sensors to monitor several basic health metrics such as an unusual amount of time spent in bed or frequent trips made to the restroom.
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