Market Research Future published a research report on “Ambient Assisted Living Market Research Report - Global Forecast to 2027” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2027.
— 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.
Considering the phenomenal growth that the market is witnessing currently; Market Research Future (MRFR) in its recently published study report asserts that global Ambient Assisted Living Market would generate a value over USD 13 BN by 2027 registering a staggering double digit CAGR of 17 % throughout the forecast period (2017 and 2027). In 2017, the market had been merely evaluated at USD 2 BN, which indicates that the market would witness more than six-fold growth over a decade.
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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Global Ambient Assisted Living Market – Segmentations
For the convenience of understanding, the report is segmented into four key dynamics;
• By System: Safety & Security System, Medical Assistance System, Power Management System, Entertainment, Transportation, and Communication System among others.
• By Sensor: Temperature Sensors and Occupancy Sensors.
• By Service: Customization & Renovation and Installation & Repair.
• By Regions: Europe, North America, Asia Pacific, and the Rest-of-the-World.
Competitors of prominence that MRFR has recorded in its report on the global ambient assisted living include Telbios (Italy), Televic N.V. (Belgium), Siemens AG (Germany), Panasonic Corporation (Japan), Gnomon Informatics S.A. (Greece), ABB Group (Switzerland), Legrand SA (France), Assisted Living Technologies, Inc. (U.S.), Chubb Community Care (U.K.), Ingersoll Rand Plc. (Ireland), and Honeywell International, Inc. (U.S.).
Global Ambient Assisted Living Market – Geographical Analysis
North America, heading with the high technical expertise, is expected to retain its dominance over the global ambient assisted living market throughout the forecast period. The augmenting adoption of ambient assisted living for the increasing geriatric population is a key driving force behind the growth of the market. Additional factors that are substantiating the increase in the regional market include huge advancements in sensor technologies and wide uptake of advanced technologies in healthcare.
The US is leading the market, whereas Canada is expected to witness a high growth rate in the coming years. Substantial investments made in R&D activities initiated for the development of new sensors and the appropriate uses of ambient sensor technology for the elderly care delivery drive the market growth. Moreover, factors such as high healthcare spending, increasing government initiatives, and funding for research are impacting the growth of the market, positively.
The ambient assisted living market in the European region accounts for the second-largest market, globally. Factors such as the availability of advanced technologies and infrastructure that allows the early adoption of technologies drive the regional market. The growing demand for quality healthcare for the increasing geriatric populace alongside the presence of well-established treatment facilities propels the market in the region.
The Asia Pacific ambient assisted living market is rapidly proliferating, emerging as one of the promising markets, globally. Rapid advancements in connectivity and network technologies alongside the increasing adoption of smart homes in the region drive the market. The improvement in the standard of living and rising healthcare expenditure, led by improving economic conditions in the region propel the growth in the APAC market.
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• Ambient Assisted Living Market services providers
• Smart components manufacturers
• Government agencies
• Cloud Service providers
• Electronic components manufacturers
• Value-added resellers
• Construction builders
• Research firms
• Automation & control networking technologies vendors
• Designers/consultants (HVAC, security, and fire & safety)
• Component manufacturers (sensors & controls)
• Home management systems (product & server providers)
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Source URL: https://marketersmedia.com/ambient-assisted-living-aal-market-size-global-opportunities-sales-revenue-industry-growth-business-strategy-competitive-landscape-and-regional-forecast-2027/523373
Release ID: 523373