Dublin, April 03, 2023 (GLOBE NEWSWIRE) -- The "Global Ambient Assisted Living Market Size, Share & Industry Trends Analysis Report By Product, By Regional Outlook and Forecast, 2022-2028" report has been added to ResearchAndMarkets.com's offering.
The Global Ambient Assisted Living Market size is expected to reach $19.1 billion by 2028, rising at a market growth of 24.5% CAGR during the forecast period.
Key Market Players
List of Companies Profiled in the Report:
- Honeywell International, Inc
- Panasonic Corporation
- ADT, Inc
- EnOcean GmbH
- 2PCS Solutions GmbH
- Assisted Living Services, Inc. (Assisted Living Technologies, Inc.)
- Televic Group NV
- Bay Alarm Medical (Bay Alarm Company)
- Sensara B.V
- LifeStation, Inc
Ambient assisted living (AAL) is a technology-enabled service that helps older citizens with disabilities live more independently within their homes. Ambient Assisted Living (AAL) uses devices and techniques to ensure that older person is safe in their homes.
These devices are sensors IoT (Internet of Things) and mobile devices to connect people with healthcare professionals & caregivers when in need. The main objectives of AAL are to enhance the quality of life, independence & safety of older people. It further includes wireless networks, smart devices, computers, medical sensors & software applications.
These technologies ensure aging in the chosen place by the individual. AAL makes lives more accessible and, to some extent, less dependent on others. The methods & techniques utilized in AAL are user-centric and integrated into the user's living environment. Its utilization by older adults can be advantageous as it aids in preventing, curing, and enhancing their wellness.
The demographic changes have led to the introduction of AAL technologies. AAL can reduce the high cost associated with healthcare. People want a superior quality of life at every stage. So AAL provides the user with the potential to live alone without the need for anybody's assistance. AAL addresses comfort and security concerns by integrating itself with the social environment.
Market Growth Factors
The rising geriatric populations
According to the WHO, one in every six people in the world will be aged 60 years or over by 2030. During that time, the share of the population aged 60 years or over will rise from 1 billion in 2020 to 1.4 billion. By 2050, the world's population of people aged 60 years & older will double to 2.1 billion.
The number of persons aged 80 years or older is also expected to triple between the years 2020 & 2050 (426 million). By 2050, two-thirds of the world's population over 60 is expected to live in low- and middle-income nations. The rising geriatric population and numerous health conditions related to old age are expected to increase the utilization of ambient assisted living devices and propel market growth.
Increased demand for home-based care
Healthcare services provided by home health aides and personal care aides are likely to experience more growth and demand than almost any other occupation in coming years. At present, there are millions of nurses & aides working in this field, and that number is expected to increase significantly in the next decade.
This is described as a much faster-than-average rate compared to all other occupations. A growing preference for home-based care over institutionalized care is boosting the demand for ambient assisted living devices & solutions, and thus supporting the market growth.
Market Restraining Factors
High implementation cost
Choosing the most efficient technology is related to not only functionality & compatibility but also cost. The high cost of the Ambient Assisted Living (AAL) devices cost is the most common factor for the low adoption rate of smart homes. Development in rural areas is challenged explicitly by the cost aspect due to the average income, which is lower than the urban regions.
Thus, the universal application of AAL technology in rural areas is not viable due to the high cost, which is not economically accessible to many consumers. The high price of the devices and issues faced while implementing ambient assistance living devices will hinder the market growth.
Scope of the Study
Market Segments Covered in the Report:
By Product
- Safety & Security
- Communication Devices
- Medical Assistance Products
- Mobility
- Telemonitoring
- Compensatory Impairments
- Others
By Geography
North America
- US
- Canada
- Mexico
- Rest of North America
Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
For more information about this report visit https://www.researchandmarkets.com/r/4k4jhg
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