A new report from ResearchandMarkets.com, titled “Ambient Assisted Living (AAL) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)” forecasts a compound annual growth rate (CGGR) of 21.6 percent over the next five years for the global ambient assisted living (AAL) market. The report asserts the increased use of technology by seniors is responsible for the growth of the market, as smart home options and advanced support systems allow elderly individuals access to the assistance and care necessary for them to lead independent lives.
The AAL report points out, “With an aging global population, there is an increasing need for continuous monitoring and medical aid for the elderly. The United Nations predicts a substantial threefold increase in the number of people over 80 worldwide, surging from 137 million in 2017 to 425 million by 2050. Regions like North America and Europe are witnessing a higher proportion of elderly citizens relative to their total populations, further driving the demand for AAL solutions.”
Also contributing to an increased demand for AAL solutions is rising life expectancy, with people adopting healthier lifestyles and monitoring their health more closely. Healthcare providers are also embracing digital health tools, making healthcare services such as telehealth and telemedicine more efficient and accessible for the elderly population. The report also notes that the advancements in technology have “led to reduced costs of AAL services, making them more affordable and accessible to a broader audience. The implementation of telemedicine solutions has seen significant growth, especially following the outbreak of COVID-19, facilitating remote healthcare access for elderly individuals.”
According to the report, due to its rapidly aging population, the U.S. is expected to hold a significant share of the AAL market. The increasing number of elderly individuals also presents an increased susceptibility to chronic conditions like cardiovascular, musculoskeletal, and other diseases, creating a higher demand for AAL solutions. In addition, the report suggests that connected technology, the integration of entertainment and transportation systems within AAL services is also enhancing the overall user experience and further contributing to current and future expected market growth.