Pune, India, July 31, 2019 (GLOBE NEWSWIRE) -- Overview:
Market Research Future (MRFR) has recently published an in-depth report on the global ambient assisted living market, covering the key trends and patterns that could affect the market growth over the forecast period of 2017-2027. After meticulous scrutinization of the pertinent factors, MRFR has projected the Ambient Assisted Living Market to reach a valuation of USD 13 Bn by the end of 2027 at a CAGR of 19%.
Drivers and Factors
The rise in the occurrence of chronic diseases is among the prime driving force behind the growth of the market. Neurodegenerative diseases such as Alzheimer’s disease, Parkinson’s, Huntington's disease, and others require constant monitoring. Utilization of AAL helps relieve the caregiver of patients from high stress levels.
Technology has progressed to address some very niche needs of assisted living, which has further fueled the growth of the market. Technological improvements in the ambient assisted living space has facilitated the delivery of compact and cost-effective solutions. Voice control, in particular, has been able to break down technological barriers as it eliminates the need to manually engage with the technology. Smart home technology penetration is a key factor which aids the growth of the market.
Conversely, various factors might undermine the growth of the ambient assisted living market. Psychological barrier to adoption remains a major bottleneck. Keeping older people in an ambient assisted living setup might demoralize where they become highly reliant on technology. Additionally, several underlying technical challenges need to be overcome before ambient assisted living enters the mainstream. Nevertheless, AAL is a growing area of research. Numerous research institutions are exploring the concept with the aim of promoting innovation in the context of AAL. It is likely for drones to be a part of the future of AAL. They can be utilized for tasks such as delivery of routine test kits, pack of test samples, and medication refills.
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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).
Segmentation:
The ambient assisted living market has been segmented based on system, sensor, and service.
By system, the ambient assisted living market has been segmented into safety and security system, power management system, communication system, medical assistance system, entertainment, transportation, and communication system, and others. The communication system segment dominated the market in 2016. However, the medical assistance system segment is likely to capture the highest CAGR of 22% over the forecast period.
By sensor, the ambient assisted living market has been segmented into temperature sensors, occupancy sensors, and others. Sensor-wise, the occupancy sensor segment held the largest market share in 2017. The temperature sensors segment is likely to expand at a CAGR of 18% over the forecast period.
By services, the ambient assisted living market has been segmented into customization & renovation and installation & repair.
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Regional Analysis
Region-wise, the ambient assisted living market has been segmented into North America, Rest-of-the-World (RoW), Europe, and Asia Pacific (APAC).
North America region, being a flourished smart home market and possessing technical expertise, has been projected to capture the most significant share of the market. The U.S. and Canada are pioneering the North America market on account of surging medical expenditure and high adoption rate of smart devices.
Europe is anticipated to be the fastest-growing ambient assisted living market. Growing awareness regarding ambient assisted living has led to the imitation of various AAL joint programs along with substantial funding on R&D activities.
Head-to-Head
June 2019 - Cisco is eyeing to seize the opportunity stored in remote patient monitoring. The tech giant is collaborating with a telemedicine provider, American Well, for a project which converts television sets into a virtual medical office. The device, which is in its infancy, would be beneficial to people who suffer from serious medical conditions and might require constant medical assistance.
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