Global Ambient Assisted Living Market Research Report -- Forecast till 2027
LONDON, Sept. 4, 2018 /PRNewswire/ -- Increasing age also increases the need for continuous monitoring and medical assistance. An ambient assisted living is a system that offers the necessary assistance to elderly population. The systems are designed to assist old age and differently-abled population to help them live independently. Thus, ambient assisted living along with smart home applications makes one of the trending markets across the globe. Additionally, advancement in Internet of Things and rising awareness regarding smart home applications are likely to make a positive impact on the growth of ambient assisted living market over the forecast period.
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Increasing demand for managed care for growing elderly population due to complex and costly health care needs has encouraged many organizations and government agencies to formulate various health care policies. These initiatives help the old age population to live independently, cost-effectively and provide continuous primary and preventive care. However, many of the health-related issues often require third-person monitoring, that is currently lacking in most of the developed and emerging countries, as most of them are working professionals. Major attention is towards the management of chronic diseases and improved coordination between smart medical devices and healthcare initiatives. In the light of these factors, the growing demand for managed care for old age population is likely to drive the ambient assisted living market over the assessment period.
However, lack of industry standards, higher technical complexities, and insufficient infrastructure in rural areas is likely to hinder the growth of ambient assisted living market during the forecast period.
The global ambient assisted living market is expected to reach approximately USD 13.74 billion by 2027 growing at a 19.36% CAGR over the forecast period 2017–2027.
Key Players
Some of the key players of ambient assisted living market are Siemens AG (Germany), Honeywell International Inc. (US), ABB Group (Switzerland), Panasonic Corporation (Japan), United Technologies Corporation (US), Assisted Living Technologies, Inc (US), Ingersoll Rand Plc (Ireland), Legrand S.A. (France), Gnomon Informatics Inc. (Greece), Televic Healthcare N.V. (Belgium), and Telbios SRL (Italy).
Key Findings
• The global ambient assisted living market is expected to reach USD 13.74 billion by 2027
• By system, the ambient assisted living market is expected to grow at a significant rate of CAGR during the forecast period.
• By sensor, occupancy sensor is expected to hold the largest market share and is presumed to remain the same over the next few years.
• By service, customization & renovation is likely to be the fastest growing segment during the assessment period.
• Geographically, the North American region has been projected to hold the largest market share whereas Asia-Pacific is likely to be the fastest growing region in the ambient assisted living market.
Segmentation
The ambient assisted living market is differentiated by system, sensors, and services.
Based on system, the ambient assisted living market is sub-segmented into safety & security systems, communication system, medical assistance system, power management system, entertainment, transportation and communication systems, and others. The ambient assisted living market is further divided on the basis of sensors that include temperature sensors, occupancy sensors, and others.
Based on service, the ambient assisted living market is segmented into customization & renovation and installation & repair.
Regional Analysis
Geographically, the ambient assisted living market is segmented into four different regions namely North America, Asia-Pacific, Europe, and the rest of the world.
North America was dominating the ambient assisted living market in 2017, gaining a 58% market share in 2017. The rising adoption of smart homes and high technical expertise are some of the major factors for the dominance of North America in the market. The US is the leading the market whereas Canada is expected to witness significant growth over the assessment period. Whereas, Europe is considered to be the second fastest growing region owing to increasing demand for safe and secure living environment.
Target Audience
• Solution vendors
• Original equipment manufacturers
• System integrators
• Advisory firms
• National regulatory authorities
• Venture capitalists
• Private equity groups
• Investment houses
• Equity research firms
Companies mentioned:
Siemens AG (Germany), Honeywell International Inc. (US), ABB Group (Switzerland), Panasonic Corporation (Japan), United Technologies Corporation (US), Assisted Living Technologies, Inc (US), Ingersoll Rand Plc (Ireland), Legrand S.A. (France), Gnomon Informatics Inc. (Greece), Televic Healthcare N.V. (Belgium), and Telbios SRL (Italy).
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