The global ambient assisted living market is witnessing phenomenal growth. Advancement in the internet of things (IoT) technologies and equipment alongside the adoption of smart home concept drive the market growth. Moreover, the growing demand for managed care for senior populations is a key driving force behind the market growth. Ambient Assisted Living (AAL) is playing an essential role in the field of elderly care.
With the growing senior populaces at an increased risk of health and need continuous monitoring & medical assistance, the market is expected to grow swiftly. Market Research Future (MRFR) asserts that the global ambient assisted living market is expected to reach a valuation of USD 13 BN by 2028, registering a 19% CAGR throughout the forecast period (2021-2028).
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Global Ambient Assisted Living Market – Segmentations
The Ambient Assisted Living Market Analysis is segmented into systems, sensors, services, and regions. The system segment is sub-segmented into medical assistance systems, safety & security system, power management system, transportation, entertainment, communication system, and others. The sensor segment is sub-segmented into temperature sensors, occupancy sensors, and others. The service segment is sub-segmented into customization & renovation, installation & repair, and others.
Global Ambient Assisted Living Market – Geographical Analysis
North America dominates the global ambient assisted living market, heading with the high availability of technical expertise. Rising adoption of ambient assisted living for the increasing geriatric population is a key driving force behind the market growth. Additionally, huge advancements in sensor technologies and wide uptake of advanced technologies in healthcare increase the market size.
The US market accounts for a key share across the region, mainly due to substantial R&D investments initiated to develop new sensors and the appropriate uses of ambient sensor technology for elderly care delivery. Moreover, high healthcare spending and increasing government initiatives & funding for research impact the growth of the regional market positively.
Major Players:
Some of the players leading the AAL market include Honeywell International, Inc. (US), Assisted Living Technologies, Inc. (US), Siemens AG (Germany), Legrand SA (France), Ingersoll Rand Plc. (Ireland), ABB Group (Switzerland), Chubb Community Care (UK), Gnomon Informatics SA (Greece), Televic N.V. (Belgium), Panasonic Corporation (Japan), and Telbios (Italy), among others.
Industry/ Innovation/ Related News
Sept. 29, 2021 --- Caspar.AI announced the expansion of its reach in senior living with additional funding. Caspar.AI's ambient home sensing technologies are implemented in senior communities throughout the US. By 2050, the number of people over 55 would double, while the number of potential caregivers and retirement community workers would shrink.
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