Press release
Global Assisted Living Technologies Market to Reach $16.74 Billion by 2029, Growing at 16.4% CAGR
Global Assisted Living Technologies Market
The rise in customized services for the elderly is anticipated to fuel the expansion of the assisted living technology market. These services are developed to aid the aging population live. The lure for these tailored elder care services is surging due to the growth of the old-age demography, their distinctive needs, and the pursuit for high-quality care. Assisted living technologies offer a means to remotely observe the health parameters of seniors, such as their vital signs, activity levels, adherence to medication, and detection of falls. These mechanisms assist the elderly in sticking to their medicine routine, forestalling mistakes, and enhancing their overall health results. For example, in June 2023, as per the Australian Institute of Health and Welfare, a government agency based in Australia, there was a 3.1% increase in the count of people aged 65 and above residing in permanent residential aged care over the past 5 years (from 172,000 on June 30, 2017, to 178,000 on June 30, 2022). Therefore, the escalating demand for personalized senior care services is bolstering the expansion of the assisted living technology market.
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How will the growth rate of the assisted living technologies market shape industry trends by 2034?
Recent years have seen swift growth in the market size for assisted living technologies. Predicted to escalate from $7.82 billion in 2024 to $9.13 billion in 2025, the projected compound annual growth rate (CAGR) is 16.8%. Factors driving this growth during the historic period include an aging population, greater prevalence of chronic diseases, rising healthcare expenses, enhanced internet connectivity, heightened awareness about the advantages of home healthcare, and supportive policies and incentives from the government.
The market for assisted living technologies is set to experience rapid expansion in the coming years, with projections suggesting a leap to $16.74 billion by 2029, at a compound annual growth rate (CAGR) of 16.4%. Factors contributing to this expected surge during the forecast period include stronger integration of smart home technology, a growing number of tech-savvy elderly individuals, the rise in telehealth services, escalating demand for personalized care solutions, a burgeoning desire for independent living, and intensified governmental backing for digital healthcare. Key trends for the forecast period consist of the rising infusion of AI in personal care, extended application of IoT devices for real-time health monitoring, boosted telehealth services, advancements in wearable health technology, the emergence of voice-activated assistants, and reinforced cybersecurity protocols.
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What trends are poised to drive the future success of the assisted living technologies market?
Top corporations in the assisted living technologies market are innovating multi-sensor remote patient monitoring platforms to offer handy, ongoing remote tracking of vital signs, resulting in an upgrade in patient care. These platforms enable healthcare professionals to keep a closer eye on patients' health conditions, delivering a more customized healthcare service. Such efforts result in increased patient success rates and superior control over chronic diseases. For example, in January 2024, Blue Spark Technologies, a US healthcare technology firm, unveiled its multi-sensor remote patient monitoring platform, VitalTraq. VitalTraq employs remote photoplethysmography (rPPG), a non-contact technology that can measure heart rate, variations, blood pressure, and breathing rate via a swift 30- to 60-second face scan. Complementing the utilization of Blue Spark's FDA-approved TempTraq, a Bluetooth-integrated patch that tracks patient temperature and alerts patients in real-time if temperature fluctuations are detected. The fusion of non-contact scanning and wearable temperature sensors offers a comprehensive remote monitoring solution.
Which primary segments of the assisted living technologies market are driving growth and industry transformations?
The assisted living technologies market covered in this report is segmented -
1) By Component: Hardware, Software And Apps, Services
2) By Facility Type: Adult Family Home, Community-Based Residential Facility, Residential Care Apartment Complex
3) By End-User: Assisted Living Facilities, Nursing Homes, Rehabilitation Centers, Home Care Settings, Hospices, Other End-Users
Subsegments:
1) By Hardware: Wearable Devices (Smartwatches, Health Trackers), Sensors (Motion, Pressure, Temperature), Home Automation Systems (Smart Lights, Smart Thermostats), Monitoring Devices (Fall Detection Systems, Emergency Alert Systems)
2) By Software And Apps: Health Monitoring Apps, Remote Patient Monitoring Software, Medication Management Software, Communication And Coordination Software, Emergency Response Apps
3) By Services: Remote Monitoring Services, Personal Care Assistance, Telehealth Services, Maintenance And Support Services, Data Analytics And Reporting Services
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Which geographical regions are pioneering growth in the assisted living technologies market?
North America was the largest region in the assisted living technologies market in 2023. The regions covered in the assisted living technologies market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the influential players reshaping the assisted living technologies market landscape?
Major companies operating in the assisted living technologies market are 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
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What Is Covered In The Assisted Living Technologies Global Market Report?
•Market Size Forecast: Examine the assisted living technologies market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the assisted living technologies market for a structured understanding.
•Key Players Overview: Analyze major players in the assisted living technologies market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the assisted living technologies market.
•Segment Contributions: Evaluate how different segments drive overall growth in the assisted living technologies market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the assisted living technologies market.
•Industry Challenges: Identify potential risks and obstacles affecting the assisted living technologies market.
•Competitive Landscape: Review strategic developments in the assisted living technologies market, including expansions, agreements, and new product launches.
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