The Asia Pacific Ambient Assisted Living Market would witness market growth of 25.3% CAGR during the forecast period (2022-2028).
The advancement in information technology has made AAL systems more beneficial. These systems can manage the disease a patient is suffering from. This aids the patient in taking control of the situation without visiting the hospital often. This at the end, helps in reducing the healthcare cost significantly.
The real time monitoring of the health parameters creates alerts during any critical situation. All the family members will get a signal regarding the matter. This helps the individual seek medical attention and prevent the condition from worsening. The smartphone contains many sensors. This includes a GPS, proximity sensors, accelerometer, and gyroscope, all of which aid in real-time mobility detection.
Additionally, wearable devices, patches and other smart garments help provide health signals at the right time. Infrared sensing, oscillometer and optical sensors are different techniques that aid in measuring sugar levels, cardiac output and blood pressure. It is accomplished by utilizing wearable sensors that are handy and reduce stress for the caretaker.
Japan’s average life expectancy has continued to increase and Japan has become one of the leading nations in terms of long-life expectancy. As of 2018, the average life expectancy was 81.25 years for men and 87.32 years for women. Life expectancy is expected to reach 84.95 years for men and 91.35 years for women by 2065. The percentage of people aged 65 and above has also been rising and is the highest in the world. It was 28.4% in 2019 and is expected to reach 33.35% in 2036 and 38.4% in 2065. The number of people participating in the basic old-age insurance scheme across China had reached 175 million, out of which 43.67 million were retirees, by the end of 2005. The high old age funds and the rising geriatric population will propel the usage of ambient assistance living devices and increase the growth of the region's market.
The China market dominated the Asia Pacific Ambient Assisted Living Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $1,465.3 million by 2028. The Japan market is estimated to grow a CAGR of 24.6% during (2022 - 2028). Additionally, The India market would experience a CAGR of 26.1% during (2022 - 2028).
Based on Product, the market is segmented into Safety & Security, Communication Devices, Medical Assistance Products, Mobility, Telemonitoring, Compensatory Impairments, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Ambient Assisted Living Market is Projected to reach USD 19.1 Billion by 2028, at a CAGR of 24.5%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Honeywell International, Inc., Panasonic Corporation, ADT, Inc., EnOcean GmbH, 2PCS Solutions GmbH, Assisted Living Services, Inc. (Assisted Living Technologies, Inc.), Televic Group NV, Bay Alarm Medical (Bay Alarm Company), Sensara B.V., and LifeStation, Inc.
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