ID: MRFR/SEM/0509-CR | April 2018 | Region: Global | 100 pages
In 2017, globally, the ambient assisted living market size is registered as USD 2 billion and during the forecast period (2021-2028), it is expected to reach a market value of USD 13 billion with a growing CAGR of 19%.
The ambient assisted living (AAL) market is developing as a new trend combining with smart homes. It is a system that is helpful to the elderly population by providing aid and assistance. The ambient assisted living systems are specially designed for the assistance of old age and differently-abled population for living independently. With the increase of age, the risk of health also increases, so there is a need for continuous monitoring and medical assistance for elder people.
The ambient assisted living market is evolved into three stages. The first stage generation contains wearable devices, emergency response systems, and user-initiated alarms, the second stage includes home sensors and automatic response systems, and the automation system regarding the third generation is not yet released. Moreover, the aged people of 65 and above are growing at a robust pace with 703million in 2019. However, ambient assisted living services are very helpful to the elderly population by fulfilling their needs, and mainly the smart home provides the better managing energy, resources, processes, and connectivity between the devices.
The COVID-19 pandemic is impacted the ambient assisted living market severely. Because due to this pandemic spread, the pressure on the healthcare industry is very high to handle the pandemic infected patients, regular check-ups, regular hygienic processes, along with monitoring the elderly population and vulnerable patients. The virus-affected patients are very harmful to the elder people who are at a high risk of infection and with low immunity power.
During this pandemic situation, telemedicine and telemonitoring devices are increasing the growth of e-commerce. The demand for ambient assisted living services for elderly homes along with the ambient assisted living devices that help monitor, collect vital data, and for communicating with healthcare professionals is expected to increase in the forthcoming years in North America, Europe, and Asia. Anyway, this pandemic moves the ambient assisted living services faster in the market especially for their smart home technologies and services provided.
The ambient assisted living manufacturers introduce the innovations in smart technologies pertaining to smart homes, and connected space drives the growth of ambient assisted living systems. Apart, the increasing demand for managed care for old age people is the other growth factor that drives the market. Different country’s governments are engaging in various activities and initiatives regarding ambient assisted living services.
With the adoption of smart homes, the global household penetration increases by 9% from 8% in 2017.
The smart home contains the products like wearable devices, home automation, and devices for fitness, well-being, media & entertainment, home & personal security, and smart energy which are very helpful to aged people and are increasing the demand for the market. By the efficient health care systems and lifestyle of elderly people are the factors that extend their lifespan and rises a need for facilities for housing them. Hence, it increases the growth of the ambient assisted living industry. In 2015, the smart home market is registered as USD 25.38 Billion and by 2020, it is growing at a market value of USD 56.18 billion at a CAGR of 17.2%.
Lack of industry standards, insufficient infrastructure in rural areas, and higher technical complexities are hindering the growth of the ambient assisted living market.
Advanced technology like the Internet of Things and equipment for the smart home is the opportunity for ambient assisted living services.
Based on System:
The global ambient assisted living market by the system is segmented into a communication system, safety & security systems, medical assistance system, power management system, transportation & communication system, and others. Out of these, the communication system leads the ambient assisted living market sales volume due to its seamless connectivity which helps to communicate accurately between the doctors & other healthcare staff, and senior citizens.
Based on Sensors:
The ambient assisted living market by sensors is segmented into occupancy sensors, temperature sensors, and others. Due to the rising occupancy detection, occupancy sensors dominate the market. The development of new algorithms increases the accuracy of the sensors that drive the market.
Based on Services:
Globally, the ambient assisted living market by the services are bifurcated into installation & repair, customization & renovation. Due to the demand for the set-ups in living facilities and retirement communities, the installation & repair segment leads the ambient assisted living market.
Based on Region:
Region-wise, the global ambient assisted living market is divided into North America, Europe, Asia-Pacific, and the rest of the world. North America is expected to lead the market for the development of smart homes, and request for home care by elderly citizens.
This global ambient assisted living market research includes the Market Overview, COVID-19 analysis, Market Dynamics, Study Objectives, Segment Overview, Regional Analysis, Competitive Landscape, Recent developments, Segmentation Table, and FAQs. The market dynamics include the ambient assisted living market drivers, restraints, challenges, and opportunities. The ambient assisted living market forecast segments are system, sensors, services, and region.
Globally, the ambient assisted living (AAL) market outlook has been segmented based on the system, sensors, services, and region.
Communication system, safety & security systems, medical assistance system, power management system, transportation & communication system, and others.
Temperature sensors, occupancy sensors, and others.
Installation & repair, customization & renovation.
Asia-Pacific, Europe, North America, and the rest of the world are the four main geographies included in this market.
|Market Size||USD 13 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||System, Sensor, Service|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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|
|Key Market Opportunities||The advancement in the internet of things technologies and equipment for the smart home.|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The global ambient assisted living market recorded revenue generation of USD 2 billion in the base of 2017.
The global ambient assisted living market is poised to register a market value of USD 13 billion at a CAGR of approximately 19% over the review period (2018-2027).
The North America region is expected to the most significant, followed by the Asia Pacific and European regions due to massive consumer demand.
The global ambient assisted living market is analyzed based on system, sensor, and application.
The communication system segment is expanding at 22% CAGR, whereas the occupancy sensor segment is gaining traction at 18% CAGR over the review period.
The global ambient assisted living market is influenced majorly by the increasing adoption of smart homes, and by the rising innovation of IoT technology.
Some of the major market players operating in the global ambient assisted living market Assisted Living Technologies, Inc. (U.S.), Siemens AG (Germany), Honeywell International, Inc. (U.S.), and Panasonic Corporation (Japan), among others.