Pune, Feb. 18, 2021 (GLOBE NEWSWIRE) — Global Ambient Assisted Living Market Overview
Ambient assisted living facilities are being established with the global elderly populace witnessing a boom. The efficient healthcare systems and healthy lifestyles of the elderly have extended their lifespan and induced a need for facilities for housing them. The global Ambient Assisted Living Market size can reach USD 13 billion by 2027, according to the latest report by Market Research Future (MRFR). It was valued at USD 2 billion in 2017. The market is poised to display a CAGR of 19% over the forecast period (2018-2027).
The ambient assisted living market is touted to expand significantly owing to rise of differently-bale and elderly populace. Continuous need of monitoring patient vitals and tracking their consumption of medicines can bode well for the market. Advances in internet of things and equipment for smart homes are likely to facilitate market growth. According to the survey by the UN, the people in the age group of 65 and above are growing at a robust pace with the number reached 703 million in 2019.
The rising adoption of smart homes as well as initiatives undertaken by various governments as well as demand for managed care services can spur the global market demand for assisted living facilities. The U.S. and the U.K. are leading in smart homes and may majorly affect market size over the forecast period.
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The COVID-19 pandemic has stalled the growth of ambient assisted living facilities. This is attributed to the high vulnerability of the aged against the virus. According to the CDC, AAL facilities were hotspots of COVID-19 cases and residents accounting for 42% deaths in the U.S. Digital solutions are likely to be prevalent in the market owing to advances in artificial intelligence and robotics. For instance, scientists at Heriot-Watt University have programmed a robot, Pepper, for easing the burden on healthcare workers and assist the elderly in AAL in Scotland. The use of connected systems in the residence is being used as an experiment by researchers to increase the learning and coping skills of the robot.
Wireless sensors and cellular networks are becoming highly prevalent in the AAL industry due to proliferation of novel communication networking technologies. Utilization of IoT in industrial applications and its resounding success have led to its implementation in consumer settings. Drones are being programmed to monitor the health of citizens at AALS and assist them in their daily routines. They can deliver routine test kits, pick up medicine refills, and alleviate the burden on healthcare workers. The ability of drones in preventing cardiac arrests as well as prioritizing the safety of elderly citizens can augur the global AAL market considerably.
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By system, it is segmented into transportation and communication system, safety and security system, communication system, entertainment, medical assistance system, power management system, and others. The communication system is likely to dominate the market sales volume owing to seamless connectivity required by doctors and other healthcare staff to respond accurately to requests by senior citizens.
By sensors, it is segmented into occupancy sensors, temperature sensors, and others. Occupancy sensors are likely to gain the lead in the global market owing to occupancy detection on the rise. In addition, the development of new algorithms for increasing the accuracy of the sensors can drive the segment demand.
By services, it is segmented into installation & repair and customization & renovation. Installation & repair services are likely to fetch massive revenue for the global ambient assisted living market owing to demand for the setups in living facilities and retirement communities.
Geographical mapping of the ambient assisted living market covers namely North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
North America is estimated to be the leading region in the global AAL market. This is attributed to development of smart homes and request for home care as opposed to hospital care by elderly citizens. The U.S. and Canada are deemed to contribute the maximum to the regional market owing to a considerable customer based and proclivity towards new technology. Presence of technical personnel and expendable income levels of patients are growth engines of the market. Government organizations such as the Center for Medicare and Medicaid Services have released guidelines designed to curb the proliferation rate of the COVID-19 virus at these facilities. Lack of admission of new patients and social distancing guidelines can hamper the growth of the market in the region.
Europe is presumed to display a robust CAGR over the forecast period due to initiatives taken by governments for extending the life of senior citizens and evolution of communication and information dissemination technologies.
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The ambient assisted living market industry is expected to witness joint venture agreements, partnerships, mergers, and acquisitions. Innovation and investments in R&D are likely to be seen for vendors looking to capture major market shares. For instance, Kindred Healthcare in a JV with Atlantic Health System has completed a 38-bed rehabilitation facility, Atlantic Rehabilitation Institute, in New Jersey.
Key players involved in the market
- Panasonic Corporation
- ABB Group
- Assisted Living Technologies, Inc.
- Chubb Community Care
- Honeywell International, Inc.
- Gnomon Informatics S.A.
- Televic N.V.
- Telbios, Ingersoll Rand Plc.
- Legrand SA
- Siemens AG
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Scientists at the Heriot-Watt University have joined hands with the U.K. Astronomy Technology Centre have created a lab for developing technologies for creating solutions for ambient assisted living at Scotland. The experiment involves a robot and its ability to cater to basic needs of the elderly by accessing connected systems within the confines of the laboratory.
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