The Global Market for Assisted Living Technologies is Projected to Exceed US$3.9 Billion by 2020
Rapidly Aging Population & Growing Demand for
Managed Care to Drive the Assisted Living Technologies Market, According to a New
Report by Global
Industry Analysts, Inc.
GIA launches
comprehensive analysis of industry segments, trends, growth drivers, market
share, size, and demand forecasts on the global Assisted Living Technologies
market. The global market for Assisted Living Technologies is projected to exceed
US$3.9 billion by 2020, driven by the rapidly aging population and growing
demand for managed care.
The global market for Assisted Living Technologies (ALT) is exhibiting
high growth, backed by aging population and growing demand for managed care. ALT is
considered as the perfect solution by governments, when it comes to taking care
of the growing base of elderly population, which constitutes a major healthcare
burden. Hospitals and long term care institutions are no longer the first
choices for the elderly and the physically impaired. Aging at home is becoming the
preferred choice. Reduction in government healthcare spending in several
countries is additionally squeezing available public funds to finance formal
care for the elderly and the disabled. The scenario is spurring opportunities
for assisted living technologies given their ability to aid in effective utilization
of scarce healthcare resources.
Future
growth in the market will come from increased acceptance of assisted living products,
particularly by community-based healthcare professionals. The lower cost of these
products will play a key role in encouraging market acceptance, against a
backdrop where the healthcare community remains focussed on reducing expenditure
on formal care and social care. The development of customized solutions to meet
specific needs of patients is also expected to spur market growth. Interoperability
is another area with immense potential, with the success of future products and
technologies depending on their ability to seamlessly integrate with each other.
The market is expected to witness several path-breaking technology developments
in the future which will help revolutionize the ways and means by which care is
provided to the elderly. High impact novel technologies with the capability to
positively impact the market include direct brain interfaces, virtual projected
interfaces, multi-modal interfaces, and speech input and output, among others. A
fledging market, ALT is attracting several new players from diverse fields,
thus paving the way for competition induced market development. For companies
operating in the ALT space, in-depth understanding of market requirements and
the ability to customize product solutions to meet specific needs will go a
long way in defining success. Small and medium sized enterprises, associated
with specific medical technologies, have huge opportunities for growth, as they
are closer to the customers and have better knowledge about their requirements
for offering customized solutions.
As stated by
the new market research report on Assisted
Living Technologies, the United States represents the largest market. The thrust on
social care is particularly high in developed countries, and therefore the United
States and Europe represent the major markets worldwide. Asia-Pacific is forecast
to emerge as the fastest growing market, driven by the enormous potential the
region offers in term of per capita healthcare expenditure, and investments in
technologies that enable provision of quality care.
Key players covered in the report include Assisted
Living Technologies Inc., CareTech AB, Chubb Community Care, GreenPeak
Technologies BV, Koninklijke Philips N.V., OBS Medical Ltd., Possum Ltd.,
Telbios, TeleAlarm S.A., Tunstall Healthcare (UK) Ltd., Tyco Security Products,
and Tynetec, among others.
Global Industry
Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights Reserved.
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