The global ambient assisted living market (henceforth, referred to as the market studied) was valued at USD 1.25 billion in 2019, and it is expected to reach USD 3.80 billion by 2025, registering a CAGR of 21.6 %, during 2025-2025
NEW YORK, Nov. 17, 2020 /PRNewswire/ -- The global ambient assisted living market (henceforth, referred to as the market studied) was valued at USD 1.25 billion in 2019, and it is expected to reach USD 3.80 billion by 2025, registering a CAGR of 21.6 %, during 2025-2025 (henceforth, referred to as the forecast period).
Read the full report: https://www.reportlinker.com/p05986885/?utm_source=PRN
- With the advent of IoT and growing internet penetration, various AAL solutions and services, such as telehealth, telecare, telemedicine, telecoaching, and mHealth, are gaining traction. Also, physicians' acceptance of digital healthcare tools into their practices is increasing, owing to the improved efficiency and safety. According to a study done by the American Medical Association (AMA) conducted in 2016 and repeated in 2019, tele-visits/virtual visit adoption increased to 28% from 14%, remote monitoring and management adoption grew from 13% to 22%, and remote monitoring efficiency adoption grew from 28% to 37%.?
- Previously, the costs associated with AAL services were comparatively higher, as a number of services, such as monitoring, collecting data and samples, diagnosis, and check-up, were done manually, requiring either the doctor or the patient travel. With the latest technological innovations, the costs associated with such care have been decreasing. For instance, according to a study by RAND Corp., in the United States, an appointment via telemedicine costs USD 79, on average, as compared to USD 146 for doctor's office visits and USD 1,734 for an emergency room visit. ?
- Globally, the number of people aged above 80 years was projected to increase by more than threefold between 2017 and 2050, rising from 137 million to 425 million. Additionally, the global population is aging at a faster rate, and the numbers are higher in certain regions and countries. For instance, according to the UN, Europe has the highest percentage of the aging population, as compared to the total population in the country, followed by North America. ?
- Since the recent COVID-19 outbreak, the healthcare industry has been subjected to severe pressure to handle the pandemic infected patients and keep track of regular check-ups and monitoring of elderly and vulnerable patients. With hospital premises becoming a health hazard for the elderly, who are at high risk of infection and have low immunity, the demand for elderly care outside the hospital premises is gaining traction.? The acceptance of telemedicine and telemonitoring due to the pandemic has resulted in the growing acceptance of e-health. According to a study by healthinsurance.com, which collected data from over 1,000 senior respondents, over 40% of respondents mentioned that they used telemedicine from the beginning of the pandemic, with 30% saying they used it once a month. Such developments favor the AAL market, as the pandemic effects augment the demand.?
- Over the coming months, the demand for assisted living services for elderly homes in North America, Europe, and some parts of Asia is expected to surge, along with devices that help monitor and collect vital data and communicate with healthcare professionals. The pandemic is expected to work as a catalyst for the AAL adoption, and effects may continue on a higher note due to smart home technologies' proliferation.?
Key Market Trends
Increasing Chronic Diseases and Growing Aging Population are Expected to Drive the Market Growth
- The global population is aging rapidly due to various government initiatives to enhance the longevity revolution. Most developed nations are increasingly observing growth in the aging population. According to the UN data, in 2019, there were 703 million people aged 65 or older, and the number is projected to reach 1.5 billion by 2050.?
- Moreover, the number of people aged 80 or more is expected to triple in the next 30 years, and in many regions, the population aged 65 will double by 2050. With the growing aging population, the number of chronic diseases patients is expected to increase in the upcoming years.?
- The world is observing a significant increase in the number of chronic diseases, especially in hypertension, diabetes, and respiratory problems. According to IDF, in 2019, 463 million adults were living with diabetes, and by 2045 this is expected to increase to 700 million. 1 in 5 of the people that are above 65 years have diabetes. ?
- In addition to this, 235 million people had asthma, and it is common among children, according to WHO. More than 3 million people die of COPD each year, an estimated 6% of all deaths in the world. In addition to this, an estimated 1.13 billion people worldwide have hypertension.?
- Particular nations are increasingly observing growth in the number of populations that are facing chronic diseases. For instance, according to the CDC, 6 in 10 adults in the United States have a chronic disease, and 4 in 10 adults have two or more heart disease, cancer, chronic lung disease, stroke, and diabetes ailments.?
- Chronic respiratory and cardiovascular diseases among the elderly are increasingly becoming prevalent. According to the American Heart Association (AHA), about 43.7 million Americans aged 60 and above have one or more cardiovascular disease types such as stroke, heart attack, heart failure, and about two-third of cardiovascular disease deaths occur in people age 75 and older.?
United States is Expected to Hold Major Share
- The substantial increase in the population's average age leads to an exceeded number of older persons comparing with the number of any other age group. Where usually, the added years are spent with multiple disabilities, the need for caregiving, home assistance, rehabilitation, and physical support higher the expenses of countries in the healthcare domain. ?
- For example, in the United States, healthcare costs rose to USD 3.6 trillion in 2019, which urges affording suitable assistance systems to improve older people's quality of life and help them live active and productive aging at an affordable cost.?
- For this purpose, the Ambient Assisted Living(AAL) field of research is growing rapidly, and enormous projects have been launched conducive to the establishment of novel AAL systems, aiming to grant several functionalities to the target users. This is further indicative of a surging market in the studied region.?
- Technology vendors and research groups are focused on producing, combining, analyzing, and effectively using Big Data from heterogeneous and distributed sources to provide services at home.?
- Studies in the United States have reported that the interest in capturing the benefits of using big data increases due to the expectations of its impact on quality and efficiency of health care delivery as in detecting diseases at earlier stages to be treated most successfully. There is also an expectation of managing specific health populations and individuals and detecting health care fraud more quickly and efficiently.?
- Big Data is expected to fundamentally transform smart homes and Ambient assisted living delivery of services in the foreseen period and consequently, managerial and economic aspects of health services delivery, business models, and governance processes.?
Competitive Landscape
The market is moderately fragmented with smaller vendors concentrated in countries where the demand is higher. The competitive strategy among vendors is to gain a foothold in the market, with innovation and capability of investing in R&D by major vendors being on the higher side. Thus, competition in the market is intensifying. In the services segment, enhancing the capabilities with the help of technologies is expected to increase and become part of players' competitive strategies. ?
- June 2020 - Sensara developed smart alarm algorithms for the neighborhood, in addition to the successful (night) alarms for nursing homes. The smart software learns their habits and registers whether there are any deviations. ?
- May 2020 - Alcove, in partnership with Rethink and Suffolk County Council, launched a new and innovative response to the COVID-19 crisis by providing virtual care and support to vulnerable or shielded people. The service is provided through the rapid roll-out of the Alcove Video Carephone. This simple communication device allows people with little or no technological ability to have two-way video contact with care workers, family members, and other approved service providers, which will help with tasks that don't require face-to-face visits therefore limit their exposure to infection.?
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
Read the full report: https://www.reportlinker.com/p05986885/?utm_source=PRN
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
Contact Clare: [email protected]
US: (339)-368-6001
Intl: +1 339-368-6001
SOURCE Reportlinker
Share this article