Ambient Assisted Living Market Size, Global Leaders Overview, Opportunities, Growth Factors, Statistics, Comprehensive Research Study, Future Prospects and Forecast to 2027
Market Scenario
Ambient assisted living facilities depend on ambient intelligence and responses to the presence of people in rooms. The rising population of the elderly and the marriage of assisted living facilities and technology have brought to the forefront of the need of such centers. This allows the elderly population to live in a safe neighborhood without any interruptions. The global ambient assisted living market report by Market Research Future (MRFR) pinpoints trends and opportunities within the industry for the period of 2019 to 2027 (forecast period). The outbreak of the COVID-19 virus has been taken into account for reevaluation of the market size and growth projections
Market Scope
The global Ambient Assisted Living Market has generated USD 2 billion in 2017 and is expected to reach a market value of USD 13 billion by 2027 growing at a 19% CAGR over the forecast period.
Rise of the elderly populace in developed nations and research into aging conditions are expected to support the global ambient assisted living market till 2027. The major role of connected devices and their assistance in hospice centers and aged care facilities can bode well for the market. The non-intrusive nature of ambient assisted living and success shown in resident care which can drive the fight against chronic illnesses can favor the market to a great extent.
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Segmentation
The global ambient assisted living industry is segmented by system, sensors, and services.
Based on the system, the ambient assisted living market is sub-segmented into power management system, safety and security system, communication system, transportation and communication system, medical assistance system, entertainment, and others. Medical assistance systems are projected to expand at 22% CAGR over the forecast period.
Sensors are segmented into occupancy sensors, temperature sensors, and others. Occupancy sensors accounted for the largest market share in 2017, while temperature sensors can exhibit 18% CAGR over the forecast period. By services, the market is segmented into customization & renovation and installation & repair.
Key Players
The Global Ambient Assisted Living Market consist of large number of players including – 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 (Japan).
Regional Analysis
North America led the global ambient assisted living industry in 2017. The increasing adoption of smart homes and high technical expertise are the major reasons for the dominance of North America in the market. U.S. is leading the market whereas Canada is expected to witness high growth rate in the coming future. This is exemplified by the use of automated pill dispensers placed in rooms of elderly patients which sends an alert to caregivers to address situations on their non-compliance.
Asia Pacific (APAC) is considered to be the second fastest growing region due to increasing adoption of smart homes and network improvement in the region. Rise of age homes in New Zealand and Australia can create scope for ambient assisted living facilities. For instance, SYNO has created intelligent flooring solutions for alerting caregivers in case of falls or spills.
Europe is projected to grow at the fastest growing CAGR over the assessment period. Changing policies pertaining to migration and treatment of the sick are likely to drive the regional ambient assisted living market till 2027. The large range of AAL devices from shoe soles and hobs to nurse bots can disrupt the aged care scenario.
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Intended Audience
- Ambient Assisted Living Market services providers
- Smart components manufacturers
- Government agencies
- Cloud Service providers
- Electronic components manufacturers
- Value-added resellers
- Construction builders
- Research firms
- Automation & control networking technologies vendors
- Designers/consultants (HVAC, security, and fire & safety)
- Component manufacturers (sensors & controls)
- Home management systems (product & server providers)
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