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Global Ambient Assisted Living Market 2021: By Management System (Safety & security systems, Communication systems, Medical assistance systems, Power management systems, Entertainment, Others), By Sensor Type (Temperature sensor, Occupancy sensor)Global Ambient Assisted Living Market is currently estimated to be valued at US$ X.X Mn and register CAGR of X % in the next 10-year period. The global ambient assisted living market report has been segmented on the basis of management system, sensor type, and region.Request Covid - 19 Impact The Global The Global Ambient Assisted Living market size was valued at USD $37.57 Billion in 2020, USD $41.53 Billion in 2021, forecasted to reach USD $45.91 Billion in 2022, and is projected to reach USD $102.34 Billion by 2030, and is anticipated to expand at a CAGR of 10.54% over the forecast period from 2020 to 2030.
Overview:Ambient assisted living is widely used for aging people by providing independent, secure, confident, and quality life with advance information and communication technology (ICT) based on services and support elderly people to maintain their life in a stress-free way with security. Ambient assisted living helping aging peoples mostly suffering from Alzheimers disease, Parkinsons disease, mental or physical disability by providing smart home integrated technology-facilitated with sensors, actuators, smart interfaces, and artificial intelligence so an older person can live their life in an active and independent way.
Dynamics:Growing geriatric population and increasing prevalence of age-related health issues such as heart-related diseases, Asthma, COPD, Cancer, Crohn disease, etc., coupled with need to monitor patients 24 hours are some of the major factors driving revenue growth of the market. Moreover, rising prevalence of neurodegenerative diseases including Alzheimers disease, Huntingtons disease, Parkinsons, among others have resulted in need for constant monitoring of the patients, and in turn, is anticipated to support growth of the global ambient assisted living market significantly. Ambient assisted living technology is specifically designed, user-friendly application that helps to generate self-report regarding health, sends out medical emergency alarm, helps in updating medical records of the patients, maintains patient treatment process and program, and if required it offers suggesting for hospitalization. These features offered by the product is a key factor expected to drive growth of the global ambient assisted living market. In addition, ambient assisted living technology helping elders to remain publically active, with smart or virtual integrated platform managing from home, mobile device, TV set-top box connect with cameras, microphone and remote accessing with various applications such as games, sharing photos, video communication. These are primary factors supporting growth of the global ambient assisted living market. However, potential technical issues and integration of the systems in the existing mainstream systems are some of the challenges that could result in low revenue growth of the global market. Moreover, people still demand nursing by caregivers as a solution to loneliness, wherein constant interaction can help the patients to overcome depression caused due to diseases and disorders which might not be possible with any technology. These are some of the other major factors that could restrain growth of the global ambient assisted living market.
By Management System:Among the management system segments, the safety & security segment is expected to dominate with major share in terms of revenue in the global market. The medical assistance systems segment is anticipated to witness significant growth rate over the next 10 years, owing to increasing preference for home medical assistance remotely controlled by healthcare professionals.
By Sensor Type:Among the two sensor type segments, the occupancy sensor segment is accounted for major revenue share in the global ambient assisted living market. The temperature sensor segment is projected to register significant revenue growth rate over the 10-year forecast period.
Regional Analysis:The market in North America is expected to account for a significant share in terms of revenue, owing to increasing geriatric population, coupled with high prevalence of age and lifestyle-related diseases, coupled with need of continuous monitoring by family members while away from home and by healthcare professionals for effective cost and protective care with security. The market in Asia Pacific is anticipated to register fastest growth rate in terms of revenue over the next few years, owing to increasing awareness about benefits of this system, and rising spending capacity among individuals to adopt and implement systems in smart homes with advanced technology. The markets in Middle East & Africa and Latin America are expected to register moderate growth rates in the target market owing to slow adoption of new and enhanced technologies due to low-income levels as compared to other regional markets.
Below are the leading companies profiled in this Ambient Assisted Living Market Report:
Chapter 1 Methodology and Scope