Assisted living technologies deal with improving quality of life with the help of a group of service providers. This group is responsible for providing personal services, round the clock supervision, and assistance in the area of health care related services. With the onset of Medicare and Medicaid, there is beginning of long term service delivery which consists of nursing care at home facilities. In order words, assisted living technologies is an integration of standalone assisted technologies with elements of smart home and telehealth services. Assisted technology services deal with information and communication technologies which are used for diagnosis, treatment, consultations, and patient education. The European Union funded project SOPRANO (Service-Oriented Programmable Smart Environments for Older Europeans) is a renowned international consortium consisting of corporations, service providers, academic institutions, and partners with countries such as Greece, Germany, the U.K., the Netherlands, Spain, Slovenia, Ireland, and Canada. The Cambridge Assisted Living Technologies (Cambridge ALT) is developed with the aim of encouraging older people to live in their own homes for a longer duration. Also, students of EPSRC Center for Doctoral Training (CDT) in Sensor Technologies and Application have developed an innovative platform for technology with an aim to revolutionize home care for older citizens. The basic activities included in assisted living technologies are 24*7 home care service for protection, emergency service, inclusion of three meals daily, encouragement of social gatherings, continuous supervision for physical or mentally disabled individuals, facilities such as housekeeping, and maintenance and transportation.
The global assisted living technologies market is driven by increase in aging population, innovation in technology, and rise in awareness among the population. Life expectancy of people has increased in the last decade. This has led to a large population above reproducible age. The ability of a person to work and carry out daily activities decreases with age. Hence, rise in geriatric population has led to increase in demand for using assistance for many activities. According to the National Institute of Aging, in 2010, 8% of the world’s population, about 524 million, was aged 65 years or older. Between 2010 and 2050, the geriatric population in less developed countries is projected to increase by more than 250% as compared to 71% in the developed countries. With increasing age, there is increasing in incidence of chronic diseases leading to hospitalization and thus will require assistance at hospitals or at home care facilities. However, high cost associated with these technologies and budget constraints are the major restraints of the global assisted living technologies market.
The global assisted living technologies market can be segmented into devices used in residence and devices used at institutions. In terms of region, the global market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America and Europe are highly potential markets for assisted living technologies. Awareness among the population, government investment in improving the quality of life, increase in disposable income, advancement is technologies and technological knowhow by citizens in the country are major factors contributing to the growth of the assisted living technologies market in these regions. Asia Pacific, Latin America, and Middle East & Africa are emerging markets for assisted living technologies due to slow growth of technology, lesser disposable income, and less awareness.
Key players in the global assisted living technologies market are Assisted Living Technologies, Inc., CareTech AB, Chubb Community Care, GreenPeak Technologies BV, Koninklijke Philips N.V., OBS Medical Ltd., Possum Ltd., Telbois, TeleAlarm S.A., Tunstall Healthcare Ltd., Tyco Security Products, and Tynetec, among others.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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Below is a snapshot of these quadrants.
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The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
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