Global Assisted Living Technologies Market Insights 2024, Forecast To 2033
11 Jul, 2024
The assisted living technology market size has shown rapid growth, increasing from $6.73 billion in 2023 to $7.82 billion in 2024, reflecting a robust CAGR of 16.1%. This growth in the historic period is driven by factors such as aging populations, prevalence of chronic diseases, rising healthcare costs, improved internet connectivity, awareness of home healthcare benefits, and supportive government policies. Looking ahead, the market is expected to grow to $14.4 billion by 2028 with a CAGR of 16.5%. The forecasted growth is attributed to trends like increasing integration of smart home technologies, rising tech-savvy geriatric population, expansion of telehealth services, adoption of personalized care solutions, desire for independent living, and regulatory support for digital health initiatives. Major trends in the forecast period include AI-driven personalized care, IoT devices for real-time health monitoring, telehealth advancements, wearable health tech innovations, development of voice-activated assistants, and enhanced cybersecurity measures.
Major Driver In The Assisted Living Technologies Market
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 meets unique elderly needs through remote health monitoring tools, enhancing medication adherence and health outcomes. For instance, Australia's residential aged care population increased by 3.1% from 2017 to 2022, reflecting rising demand for quality senior care solutions. Thus, the expanding market for personalized senior care services drives growth in assisted living technology, with projected expansions in 2023, 2024, and 2028.
Request A Free Sample Of The Global Assisted Living Technologies Market ReportGlobal Assisted Living Technologies Market Segmentation
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
By Geography:The regions covered in the assisted living technologies market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the assisted living technologies market in 2023.
The Assisted Living Technologies Global Market Report 2024 furnishes information about the global assisted living technologies market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
Assisted Living Technologies Market Competitive Landscape
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
Purchase The Global Assisted Living Technologies Market Report Directly And Get A Swift DeliveryAssisted Living Technologies Market Overview
Assisted living technologies (ALTs) encompass a range of tools, devices, and systems designed to support seniors and individuals with disabilities in daily activities. These technologies include hardware, software applications, wearables, and smart home systems tailored to enhance independence, safety, and overall quality of life.
Assisted Living Technologies Global Market Report 2023 provides data on the global assisted living technologies market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The assisted living technologies market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.