New York, US, March 02, 2023 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “Ambient Assisted Living Market Research Report: By System, Sensors, Service – Forecast Till 2030, the market is anticipated to acquire a valuation of approximately USD 23.5 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 19.1% during the assessment timeframe.
The first stage of 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 of people 65 and above are growing at a robust pace with 703 million in 2019. However, ambient assisted living services are very helpful to the elderly population by fulfilling their needs, and mainly the smart home provides better management energy, resources, processes, and connectivity between the devices.
A new trend combining with smart homes is the ambient assisted living (AAL) market. It is a system that offers assistance and support to the aged population. The ambient assisted living systems are specifically created to help the elderly and populations with disabilities live independently. As people get older, their health risks rise as well, necessitating ongoing supervision and medical care for the elderly.
Ambient Assisted Living Market Key Players
The prominent key players in the ambient assisted living market trends are the following:
- Panasonic Corporation (Japan)
- ABB Group (Switzerland)
- Assisted Living Technologies, Inc (U.S)
- Honeywell International, Inc. (U.S)
- Siemens AG (Germany)
- Ingersoll Rand Plc. (Ireland)
- Legrand SA (France)
- Gnomon Informatics S.A. (Greece)
- Chubb Community Care (U.K)
- Televic N.V. (Belgium) and
- Telbios (Italy).
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|Revenue forecast in 2030||USD 23.5 Billion|
|Growth Rate||CAGR of 19.1% from 2022 to 2030|
|Key Market Opportunities||The advancement in the internet of things technologies and equipment for the smart home.|
|Key Market Drivers||Increasing adoption of smart homes.
The rising innovation of IoT technology.
Rising demand for managed care for the elderly
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The market for ambient assisted living has gone through three stages.
The Ambient Assisted Living Market has been badly affected by the COVID-19 outbreak. The demand on the healthcare sector to manage pandemic-infected patients, routine checkups, regular hygiene procedures, along with monitoring the elderly population and fragile patients, is quite high as a result of the pandemic’s progress. Elderly adults who have a weakened immune system and are at a high risk of infection are more vulnerable to the virus-affected patients’ ill effects.
Telemedicine and telemonitoring tools are accelerating e-commerce growth in this pandemic circumstance. In the upcoming years, North America, Europe, and Asia are likely to see an increase in demand for ambient assisted living services for senior housing, as well as for ambient assisted living gadgets that assist in monitoring, collecting crucial data, and connecting with healthcare specialists.
In any case, the pandemic has accelerated the market adoption of ambient assisted living services, particularly those that offer services and technologies for smart homes.
The development of ambient assisted living systems is fueled by connected space, which is introduced by manufacturers of smart technologies for smart homes. In addition to this, the market is driven by the rising need for managed care for elderly patients. Governments in many nations are taking a variety of actions and efforts in relation to services for ambient assisted living.
Smart home adoption boosts household penetration by 9% globally, up from 8% in 2017.
The wearables, home automation, fitness, well-being, media & entertainment, home & personal security, and smart energy items found in the smart home are particularly beneficial to older people and are driving up market demand. The elements that increase the need for senior home facilities are the elderly’s healthy lifestyle and effective health care systems. As a result, the market for ambient assisted living grows. The market for smart homes was valued at USD 25.38 billion in 2015; by 2030, it is projected to increase to USD 254.78 billion at a CAGR of 12.3%.
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The Ambient Assisted Living Market isn’t expanding because there aren’t any industry standards, there isn’t enough infrastructure in rural locations, or it has more complicated technical requirements. Ambient assisted living services are now possible because to cutting-edge technology like the Internet of Things and smart home equipment. Network security issues with regard to wireless protocols present the biggest difficulty.
The system, sensors, services, and region-based divisions make up the worldwide ambient assisted living market.
A communication system, a safety and security system, a medical support system, a power management system, a transportation and communication system, and others are the several system categories that make up the worldwide ambient assisted living market.
Due to its seamless connectivity, which enables clear communication between doctors and other medical personnel and senior residents, the communication system outsells the competition in the ambient assisted living market in terms of sales volume.
The ambient assisted living market is divided into sensors for temperature, occupancy, and other purposes. Occupancy sensors now account for a lion’s share of market share because of increased occupancy detection. The market-driven sensors’ accuracy is improved by the creation of new algorithms.
The ambient assisted living market is segmented into installation and maintenance, customisation, and refurbishment services on a global scale. The installation & repair segment dominates the ambient assisted living market because living facilities and retirement communities have a high need for setups.
North America, Europe, Asia-Pacific, and the rest of the world are the several regions that make up the global market for ambient assisted living. The market for smart house development and senior citizen home care requests is predicted to be led by North America.
Asia-Pacific, North America, Europe, and the rest of the world are the regional segments of the worldwide ambient assisted living market. Due to the increasing use of smart homes and its high level of technical knowledge, North America is expected to dominate the market. Canada is predicted to experience rapid growth in the years to come, while the U.S. is now dominating the market thanks to its sizable client base and propensity for adopting new technology.
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The COVID -19 virus’s rate of transmission will be slowed by the recommendations made public by the federal agency “Centre for Medicare and Medicaid Services.” Due to government legislation extending the lives of older folks and the advancement of communication and information dissemination technology, Europe is predicted to expand with the quickest CAGR. It is regarded as the region with the second-fastest growth because to the increasing adoption of smart homes and network advancement in the Asia-Pacific region.
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