Assisted Living Technologies Market Analysis: Key Insights on Growth Rates, Trends, and Major Opportunities
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What key factors are powering the surge in the assisted living technologies market right now?
The assisted living technologies market has grown substantially in recent years. It will increase from $7.82 billion in 2024 to $9.13 billion in 2025, reflecting a compound annual growth rate (CAGR) of 16.8%. This growth is driven by an aging population, the rising prevalence of chronic diseases, rising healthcare costs, improved internet connectivity, growing awareness of home healthcare benefits, and supportive government policies.
How fast Is the assisted living technologies market expected to grow, and what’s its future value?
The assisted living technologies market is forecast to experience rapid growth, reaching $16.74 billion by 2029, at a CAGR of 16.4%. This is attributed to the integration of smart home technologies, the increasing number of tech-literate seniors, expanding telehealth services, the demand for personalized care solutions, a growing desire for independent living, and regulatory support for digital health. Key trends include AI integration for personalized care, the growing use of IoT devices for health monitoring, advancements in wearable health tech, and enhanced cybersecurity.
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What are the leading drivers of growth in the assisted living technologies market?
The rising need for personalized senior care services is also expected to propel the growth of the assisted living technology market. As the elderly population increases, there is a growing demand for technology solutions to monitor health and improve care. Assisted living technologies, such as remote health monitoring and fall detection, help seniors manage their health and stay independent. In 2022, the number of people aged 65 and over in Australia living in permanent residential aged care grew by 3.1% in five years, indicating a continued rise in demand for assisted living technology.
What are the key segments defining the assisted living technologies market?
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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Who are the key players steering the development of the assisted living technologies market?
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
What emerging trends are influencing the growth of the assisted living technologies market?
Companies in the assisted living technologies market are developing multi-sensor remote patient monitoring platforms to allow continuous, convenient monitoring of vital signs, improving patient care. These platforms offer healthcare providers real-time health data, enabling personalized care and better management of chronic conditions. For example, in January 2024, Blue Spark Technologies, a US-based health tech company, launched VitalTraq, a multi-sensor remote monitoring platform. Using remote photoplethysmography (rPPG) technology, VitalTraq performs a quick facial scan to measure heart rate, blood pressure, and respiration. It also integrates with the TempTraq patch to monitor patient temperature, creating a comprehensive remote health monitoring system.
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Which regions are most influential in expanding 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.
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