New York, April 20, 2023 (GLOBE NEWSWIRE) -- Market.us forecasts that the ambient assisted living market will exceed USD 59.8 billion by 2032 from USD 6.0 billion in 2022, with a projected CAGR of 26.6% from 2023 to 2032. Ambient Assisted Living (AAL) refers to technology-enabled products and services that help to support people with their everyday activities, particularly those who require assistance due to age, disability, or illness. In addition, the increasing need to reduce the burden on caregivers and healthcare systems is driving the demand for the AAL market.
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Key Takeaway:
- By product type, the safety & security segment generated the largest revenue share of 30% in 2022.
- By sensor type, the wearable sensors segment dominated the market, accounting for the largest global revenue of 41% in 2022.
- By application, the disease management segment was dominant in the market, with the largest market revenue share of 55% in 2022.
- In 2022, North America dominated the market with the highest revenue share of 45%.
- Europe region is expected to grow at a significant CAGR from 2023-2032.
Ambient Assisted Living (AAL) primarily uses information and communication technologies (ICT) in individual’s daily life to provide personalized healthcare services and enable them to stay socially connected.
Factors affecting the growth of the ambient assisted living market
There are several factors that can affect the growth of the ambient assisted living market. Some of these factors include:
- Rising governmental investments: The increasing governmental concern across the world is promoting the use of AAL technologies to improve the quality of life of elderly people and reduce healthcare costs. Thus several funding programs and government initiatives are promoting the adoption of ambient living assisted living technologies.
- Increasing health awareness: Rising awareness about health among the elders and the increasing need for electronic health records and mobile health applications for personal health monitoring are driving the ambient assisted living market.
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Top Trends in Global Ambient Assisted Living Market
The use of wearable devices such as smartwatches, fitness trackers, and medical alert systems is increasing in the ambient assisted living market. These wearable devices help track vital signs, monitor movement and provide emergency alerts. The demand for control lighting, temperature, and security systems is increasing in smart homes for easy and assessable lives of the elderly population. The demand for Artificial Intelligence (AI) is increasing to provide personalized recommendations and store patient data. The major key players in the ambient assisted living market are focusing on research and development activities to improve product quality.
Market Growth
The demand for remote patient monitoring is increasing because it allows healthcare providers to monitor patients' health remotely by reducing the need for hospital visits. This is very beneficial to elders who have difficulty traveling and medical facilities. Healthcare costs are rising globally, as compared to traditional healthcare services. AAL technologies can help reduce costs by preventing hospitalization and promoting independent living. Top of Form
Regional Analysis
The ambient assisted living market was dominated by North America, which acquired the most significant revenue share of 45% in 2022. The growth of the region is propelled by the increasing geriatric population and rising prevalence of chronic diseases among the elderly population. Several organizations and initiatives in North America, such as Age-Tech West, Canada’s Age, Center for Aging Service Technologies (CAST), and the National Institute of Health (NIH), are focusing on providing AAL technologies for elderly individuals and people with disabilities. Europe is expected to show significant growth during the forecast period due to increasing government investments in the healthcare sector and the rising adoption of digital platforms.
Competitive Landscape
Koninklijke Philips N.V. is a leading company in the ambient assisted living market that offers a range of AAL solutions, such as telehealth and remote monitoring. Tunstall Healthcare Group Ltd. is a UK-based company that provides remote healthcare monitoring solutions for elderly individuals and those with long-term health conditions. Several major key players in the ambient assisted living market are focusing on innovations in technologies to provide better healthcare solutions.
Recent Development of the Ambient Assisted Living Market
- In March 2021, Assisted Living Technologies Inc. partnered with Lively, a provider of remote care management solutions.
- In 2019, Legrand SA acquired French smart home solutions provider Netatmo, which develops connected devices for home security and health monitoring.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 6.0 Billion |
| Market Size (2032) | USD 59.8 Billion |
| CAGR (from 2023 to 2032) | 26.6% |
| North America Revenue Share | 45% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
The aging population is one of the primary driving factors of the ambient assisted living (AAL) market. The increasing number of the elderly population is driving the demand for AAL technologies to assist them in their daily activities and improve their quality of life. The increasing advancements in technology, particularly in the field of the Internet of Things (IoT), Artificial Intelligence (AI), and Machine Learning (ML) propelling the growth of the ambient assisted living market. These technologies have enabled the development of smart homes and wearable devices that can monitor and track the health of elderly people.
Market Restraints
AAL technologies involve collecting and analyzing personal data. Thus, the concerns regarding privacy and security are increasing. In addition, this technology is sometimes unable to detect emergencies. As a result, the adoption rate of AAL technologies is slower due to a lack of awareness regarding these services, which is expected to have a negative impact on market growth during the forecast period. High ambient assisted living services costs are the primary factor hampering the market growth.
Market Opportunities
The development of innovative products and services is increasing to fulfill the needs of the elderly population with disabilities. Several key players in the ambient assisted living market focus on producing smart home systems, voice assistants, and wearable devices to monitor and manage health conditions, provide medication reminders, and detect emergencies. The increasing need for personalized healthcare services such as telemedicine and social engagement platforms to stay connected with family is expected to drive market growth in the forecast period.
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Report Segmentation of the Ambient Assisted Living Market
Product Type Insight
Based on product type, the safety & security segment was dominant in the market, with the largest market revenue share in 2022. The segment's growth is propelled by increasing demand for medical alert systems and smart fall detection systems. This system aims to increase an individual’s safety at home by detecting the risks or events that might harm individuals. In addition, the increasing technological advancements in AAL services are boosting the segment's development.
Sensor Type Insight
Based on sensor type, the wearable sensors segment dominated the market, with the largest market revenue share in 2022. The demand for wearable sensors such as accelerometers, wristbands, RFID tags, BLE technology, sensor box, and smart glasses is increasing to provide safe and accurate health information to elderly individuals. This device usually monitors people's behavioral status to ascertain an individual's overall health status.
Application Insight
Based on application, the disease management segment was dominant in the market, with the largest market revenue share in 2022. The increasing geriatric population and rising prevalence of chronic diseases among the elderly population are driving the need for a disease management system in AAL. This system can manage the disease the patient is suffering from. In addition, this provides support and guideline to patients without visiting hospitals, which helps in reducing healthcare costs.
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Market Segmentation
By Product Type
- Medical Assistance Products
- Safety and Security
- Tele-Monitoring
- Mobility
- Communication Devices
- Other Product Types
By Sensor Type
- Wearable Sensors
- Smart Object Sensors
- Environmental Sensors
By Application
- Ambient Intelligence (AMI)
- Emergency Response System
- Mobility & Automation
- Disease Management
- Pill Dispensing
- Assistive Robots
- Other Applications
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Key Market Players
- 2PCS Solutions GmbH
- Assisted Living Technologies Inc.
- Legrand Group España S.L.
- EnOcean GmbH
- LifeStation Inc.
- Koninklijke Philips N.V.
- Tunstall Healthcare Group Ltd.
- Legrand SA
- Telbios
- Other Key Players
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