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Assisted Living Technologies Market Size, Share, Growth & Forecast 2024-2033 | Trends & Key Players
Assisted Living Technologies Market Size
According to The Business Research Company's, The assisted living technology market size has grown rapidly in recent years. It will grow from $6.73 billion in 2023 to $7.82 billion in 2024 at a compound annual growth rate (CAGR) of 16.1%. The growth in the historic period can be attributed to the aging populations, increased chronic disease prevalence, increased healthcare costs, improved internet connectivity, growing awareness of home healthcare benefits, and supportive government policies and incentives.
The assisted living technology market size is expected to see rapid growth in the next few years. It will grow to $14.4 billion in 2028 at a compound annual growth rate (CAGR) of 16.5%. The growth in the forecast period can be attributed to increasing smart home integration, rising geriatric population with tech literacy, growing telehealth services, increasing personalized care solutions, increasing desire for independent living and growing regulatory support for digital health. Major trends in the forecast period include increasing integration of AI for personalized care, expanding in the use of IoT devices for real-time health monitoring, increasing telehealth services, advancements in wearable health tech, development of voice-activated assistants, and enhanced cybersecurity measures.
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Market Drivers and Trends:
The growing demand for personalized senior care services is expected to propel the growth of the assisted living technology market going forward. Personalized senior care services are a wide range of services designed to help elderly individuals live. The demand for personalized senior care services is increasing due to the increase in the elderly population, their unique needs, and the demand for quality care. Assisted living technologies enable remote monitoring of seniors' health parameters, such as vital signs, activity levels, medication adherence, and fall detection. These tools help seniors adhere to medication regimens, prevent errors, and improve overall health outcomes. For instance, in June 2023, according to the Australian Institute of Health and Welfare, an Australia-based government agency, the number of people aged 65 and over living in permanent residential aged care increased by 3.1% during the last 5 years (from 172,000 on June 30, 2017 to 178,000 on June 30, 2022). Therefore, the growing demand for personalized senior care services is driving the growth of the assisted living technology market.
Major companies operating in the assisted living technologies market are developing multi-sensor remote patient monitoring platforms to enable convenient, continuous remote monitoring of vital signs and improve patient care. A multi-sensor remote patient monitoring platform allows healthcare providers to monitor patients' health status more closely and provide more personalized care, leading to improved patient outcomes and better management of chronic conditions. For instance, in January 2024, Blue Spark Technologies, a US-based health technology provider, launched VitalTraq, a multi-sensor remote patient monitoring platform. This platform uses remote photoplethysmography (rPPG), a contactless technology that measures heart rate, variability, blood pressure, and respiration rate with a quick 30- to 60-second facial scan. VitalTraq combines Blue Spark's FDA-cleared TempTraq, a Bluetooth-enabled patch that monitors patient temperature and notifies patients of temperature rises in real time. Contactless scanning and a wearable temperature sensor create a complete remote monitoring solution.
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Major Key Players of the Market:
Samsung Electronics Co. Ltd., Johnson & Johnson, Siemens AG, General Electric Company, Panasonic Corporation, Honeywell International Inc., Medtronic plc, ABB Ltd., Koninklijke Philips N.V., Legrand SA, Resideo Technologies Inc., ADT Inc., Tunstall Group Holdings Limited, WellSky, Lively, Essence Group, Possum Limited, GrandCare Systems, Vitaphone GmbH, Tynetec Limited, 2PCS Solutions GmbH, Assisted Living Technologies Inc., Bay Alarm Medical, Gnomon Informatics S.A., Independa Inc., Alcove
Assisted Living Technologies Market 2024 Key Insights:
• The assisted living technology market size is expected to see rapid growth in the next few years. It will grow to $14.4 billion in 2028 at a compound annual growth rate (CAGR) of 16.5%.
• Rising Demand For Personalized Senior Care Fuels The Assisted Living Technology Market Growth
• Revolutionizing Remote Patient Monitoring With Cutting-Edge Multi-Vital Technology
• North America was the largest region in the assisted living technologies market in 2023
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