Assisted Living Technologies Market Report, Global, 2024

The assisted living technology market size has grown rapidly in recent years. It will grow from $6.73 billion in 2023 to $7.82 billion in 2024 at a compound annual growth rate (CAGR) of 16.1%. The historical growth can be attributed to factors such as aging populations, increased prevalence of chronic diseases, rising healthcare costs, improved internet connectivity, growing awareness of the benefits of home healthcare, and supportive government policies and incentives.

The assisted living technology market size is expected to see rapid growth in the next few years. It will grow to $14.4 billion in 2028 at a compound annual growth rate (CAGR) of 16.5%. The anticipated growth in the forecast period can be attributed to factors such as increasing integration of smart home technologies, a rising geriatric population with technological literacy, growing availability of telehealth services, increasing adoption of personalized care solutions, growing preference for independent living, and expanding regulatory support for digital health initiatives. Significant trends expected in the forecast period encompass the integration of AI for personalized care, expanded use of IoT devices for real-time health monitoring, increased availability of telehealth services, advancements in wearable health technology, development of voice-activated assistants, and enhanced cybersecurity measures.

The increasing demand for personalized senior care services is poised to drive the expansion of the assisted living technology market in the coming years. Personalized senior care services encompass a broad spectrum of offerings tailored to assist elderly individuals in their daily lives. This demand surge is fueled by factors such as the growing elderly population, their unique requirements, and the pursuit of high-quality care. Assisted living technologies facilitate remote monitoring of seniors' health parameters, including vital signs, activity levels, medication adherence, and fall detection. These tools aid seniors in adhering to medication schedules, mitigating errors, and enhancing overall health outcomes. For instance, according to the Australian Institute of Health and Welfare, the number of individuals aged 65 and over residing in permanent residential aged care increased by 3.1% over the last five years, from 172,000 on June 30, 2017, to 178,000 on June 30, 2022. Consequently, the escalating demand for personalized senior care services propels the growth of the assisted living technology market.

Key players in the assisted living technologies market are actively developing multi-sensor remote patient monitoring platforms to facilitate convenient and continuous remote monitoring of vital signs, thereby enhancing patient care. A multi-sensor remote patient monitoring platform empowers healthcare providers to closely monitor patients' health status and deliver personalized care, ultimately leading to improved patient outcomes and better management of chronic conditions. For instance, in January 2024, Blue Spark Technologies, a US-based health technology provider, introduced VitalTraq, a multi-sensor remote patient monitoring platform. VitalTraq utilizes remote photoplethysmography (rPPG), a contactless technology that swiftly measures heart rate variability, blood pressure, and respiration rate through a 30- to 60-second facial scan. This platform integrates Blue Spark's FDA-cleared TempTraq, a Bluetooth-enabled patch that continuously monitors patient temperature and promptly alerts patients to temperature fluctuations in real time. The combination of contactless scanning and wearable temperature sensors offers a comprehensive remote monitoring solution.

In April 2024, Legrand, a UK-based company specializing in innovative connected technology for health, acquired Enovation for an undisclosed sum. This acquisition reinforces Legrand's presence in the assisted living technology market, enriches its product portfolio, strengthens its European leadership, and provides access to valuable expertise and innovation for advancing assisted living technologies. Enovation, headquartered in the Netherlands, is a provider of specialized healthcare software focused on connected health and assisted living solutions.

Major companies operating in the assisted living technologies market are 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.

North America was the largest region in the assisted living technologies market in 2023. The regions covered in the assisted living technologies market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries 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.

Assisted living technologies (ALTs) comprise a diverse array of tools, devices, and systems crafted to aid seniors and individuals with disabilities in their daily tasks, foster independence, bolster safety, and enhance overall quality of life. These technologies encompass a spectrum of solutions, spanning hardware devices, software applications, wearable gadgets, and smart home systems, all customized to cater to the specific needs and preferences of users.

The primary components of assisted living technologies encompass hardware, software and apps, and services. Hardware denotes the physical devices and equipment utilized to assist the elderly in their daily activities. Assisted living facilities, nursing homes, rehabilitation centers, home care settings, hospices, and others employ various facility types, including adult family homes, community-based residential facilities, and residential care apartment complexes, to accommodate these technologies.

The assisted living technologies market research report is one of a series of new reports that provides assisted living technologies market statistics, including assisted living technologies industry global market size, regional shares, competitors with a assisted living technologies market share, detailed assisted living technologies market segments, market trends and opportunities, and any further data you may need to thrive in the assisted living technologies industry. This assisted living technologies market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The assisted living technologies market consists of revenues earned by entities by providing services such as health monitoring, telehealth services, fall detection and prevention, and medication management. The market value includes the value of related goods sold by the service provider or included within the service offering. The assisted living technologies market also includes sales of motion sensors, bed sensors, door sensors, wearable sensors, smartphones, tablets, and specialized communication devices. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.