Assisted Living Market Analysis
The Ambient Assisted Living Market size is predicted to touch USD 13 billion at a 19% CAGR in the forecast period (2020- 2027), states the latest Market Research Future (MRFR) report.
Prevalence of Age-Related Health Issues to Boost Market Growth
The prevalence of age-related health issues such as Crohn disease, cancer, COPD, asthma, and heart-related diseases that need to monitor patients 24/7 will boost market growth. The ambient assisted living technology is specially designed for user-friendly application and also aids in producing self-report about health, updated medical records of the patients, and emergency alarm.
Different Government Initiatives and Activities to offer Robust Opportunities
Most governments in various countries are engaging in different initiatives and activities associated with ambient assisted living. The different products that are used in smart homes are smart energy, media and entertainment, home and personal security, fitness, devices for wellbeing, wearable devices, and home automation.
Breach of Security to act as Market Restraint
Issues related to breach of security will act as a market restraint over the forecast period.
Low Network Connectivity to act as Market Challenge
The low network connectivity will act as a market challenge over the forecast period.
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The COVID-19 outbreak has stalled the ambient assisted living facilities growth owing to the high vulnerability of the aged against the deadly virus. As per the CDC, the ambient assisted living facilities were hotspots of COVID cases and residents accounting for about 42% deaths in the United States. Digital solutions may be prevalent in the market for advances in robotics and artificial intelligence.
Scientists for instance at Heriot-Watt University have programmed Pepper, a robot to ease the burden on healthcare workers and help the elderly in ambient assisted living in Scotland. The usage of connected systems in the residence is being utilized by researchers as an experiment for increasing the learning and also the coping skills of the robot.
By system, the communication system will lead the market over the forecast period for the seamless connectivity needed by doctors and other healthcare staff for responding accurately to the senior citizens requests.
By sensor, the occupancy sensors will dominate the market over the forecast period owing to occupancy detection on the rise. Besides, the development of new algorithms to increase the accuracy of sensors is also adding segmental growth.
By service, the installation and repair services will spearhead the market over the forecast period for the demand for the setups in living facilities and retirement communities.
North America to Precede Ambient Assisted Living Market
North America will precede the market over the forecast period. Growing adoption of smart homes, high technical expertise, request for home care as opposed to hospital care by elderly citizens, considerable customer based and proclivity towards new technology in the US and Canada, presence of technical personnel and expendable income of patients, guidelines by government organizations, to curb the proliferation rate of the virus, increasing geriatric population, high occurrence of lifestyle-related and age-related diseases, and need for constant monitoring by family members while away from home are adding to the global ambient assisted living market growth in the region. On the contrary, social distancing guidelines and lack of admission of new patients may hamper market growth.
Eminent players profiled in the global ambient assisted living industry report include 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).
Key players have incorporated several strategies to stay at the forefront such as partnerships, mergers and acquisitions, new product launches, and more.
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Table of Contents
1 Executive Summary
2 Scope of The Report
2.1 Market Definition
2.2 Scope of The Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Market Structure
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