Assisted Living Market Analysis
The Ambient Assisted Living Market size is predicted to touch USD 13 billion at a 19% CAGR in the forecast period (2020- 2027), states the latest Market Research Future (MRFR) report.
Drivers
Prevalence of Age-Related Health Issues to Boost Market Growth
The prevalence of age-related health issues such as Crohn disease, cancer, COPD, asthma, and heart-related diseases that need to monitor patients 24/7 will boost market growth. The ambient assisted living technology is specially designed for user-friendly application and also aids in producing self-report about health, updated medical records of the patients, and emergency alarm.
Opportunities
Different Government Initiatives and Activities to offer Robust Opportunities
Most governments in various countries are engaging in different initiatives and activities associated with ambient assisted living. The different products that are used in smart homes are smart energy, media and entertainment, home and personal security, fitness, devices for wellbeing, wearable devices, and home automation.
Restraints
Breach of Security to act as Market Restraint
Issues related to breach of security will act as a market restraint over the forecast period.
Challenges
Low Network Connectivity to act as Market Challenge
The low network connectivity will act as a market challenge over the forecast period.
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COVID-19 Analysis
The COVID-19 outbreak has stalled the ambient assisted living facilities growth owing to the high vulnerability of the aged against the deadly virus. As per the CDC, the ambient assisted living facilities were hotspots of COVID cases and residents accounting for about 42% deaths in the United States. Digital solutions may be prevalent in the market for advances in robotics and artificial intelligence.
Scientists for instance at Heriot-Watt University have programmed Pepper, a robot to ease the burden on healthcare workers and help the elderly in ambient assisted living in Scotland. The usage of connected systems in the residence is being utilized by researchers as an experiment for increasing the learning and also the coping skills of the robot.
Market Segmentation
By system, the communication system will lead the market over the forecast period for the seamless connectivity needed by doctors and other healthcare staff for responding accurately to the senior citizens requests.
By sensor, the occupancy sensors will dominate the market over the forecast period owing to occupancy detection on the rise. Besides, the development of new algorithms to increase the accuracy of sensors is also adding segmental growth.
By service, the installation and repair services will spearhead the market over the forecast period for the demand for the setups in living facilities and retirement communities.
Regional Analysis
North America to Precede Ambient Assisted Living Market
North America will precede the market over the forecast period. Growing adoption of smart homes, high technical expertise, request for home care as opposed to hospital care by elderly citizens, considerable customer based and proclivity towards new technology in the US and Canada, presence of technical personnel and expendable income of patients, guidelines by government organizations, to curb the proliferation rate of the virus, increasing geriatric population, high occurrence of lifestyle-related and age-related diseases, and need for constant monitoring by family members while away from home are adding to the global ambient assisted living market growth in the region. On the contrary, social distancing guidelines and lack of admission of new patients may hamper market growth.
Key Players
Eminent players profiled in the global ambient assisted living industry report include 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).
Key players have incorporated several strategies to stay at the forefront such as partnerships, mergers and acquisitions, new product launches, and more.
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Table of Contents
1 Executive Summary
2 Scope of The Report
2.1 Market Definition
2.2 Scope of The Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Market Structure
Continued…
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Market OverviewIn its research report, Market Research Future (MRFR), emphasizes that the Global Ambient Assisted Living Market 2020 is expected to grow exponentially, securing a substantial market valuation from USD 2 Billion in 2017, to USD 13 Billion by 2027, and a healthy 19% CAGR over the review period.Drivers and RestraintsThe ambient assisted living is flourishing as an innovative trend along with smart homes.
Rising demand for managed care for the elderly is one of the major factors driving the environmentally assisted living market.Advancement in new technology relating to smart homes and wired room drives more the demand for the environmentally assisted living.
The products used in a smart home are home automation, wearable devices, devices for wellbeing, fitness, home & personal security, media & entertainment, and smart energy.Request a Free Sample @ https://www.marketresearchfuture.com/sample_request/1015Segmental AnalysisBased on the system, the ambient assisted living market is segmented into communication system, medical assistance system, safety and security systems, transportation, power management system, entertainment, and communication system, and others.
By system, the communication system is dominating the ambient assisted living market in 2017, whereas Medical assistance systems are projected to be the fastest-growing segment mounting with 22% CAGR.
The sensor segment is divided into temperature sensors, occupancy sensors, and others.an occupancy sensor is leading the market in 2017, whereas temperature sensors are expected to grow with 18% CAGR.By services, the market is categorized into customization & renovation and installation & repair.Regional AnalysisThe geographical overview of the global market has been conducted in four major regions, including the Asia Pacific, North America, Europe, and the rest of the world.Global Ambient Assisted Living market, by region, was led by North America in 2017.
Throughout the forecast period, North America is projected to hold the largest market share and lead the environmentally assisted living market.
Market synopsisThe ambient assisted living is flourishing as a new trend along with smart homes.
As the age increases, the risk of health also increases and so does the need for the continuous need for monitoring and medical assistance.
Growing demand for managed care for the old population is one of the major factor driving the Ambient Assisted Living Market.Advancement in smart technologies pertaining to smart homes and connected space mostly drives the market for the ambient assisted living.
Many government in different countries are engaging in various activities and initiatives related to ambient assisted living.
Third generation of the automation systems have not come out yet.Considering the adoption rate of smart homes, the global household penetration has increased from 8% to 9% from 2016 to 2017.
The United States has seen the highest penetration rate of nearly 5% from the previous year.
