New analysis from Frost & Sullivan, European Markets for Assisted Living Technologies, finds that the markets earned revenues of $154.92 million in 2009 and estimates this to reach $525.58 million in 2015. The research closely examines assisted living devices for use in residences and institutions.
"A rapidly expanding elderly population in Europe is driving the need for continuous care, with mitigating this challenge featuring high on the agenda of governments in several European countries," notes Frost & Sullivan Research Analyst Somsainathan. "Governments are keen to address the needs of the elderly and provide the right social care to reduce the healthcare costs involved. Such trends are spurring the development of the market for assisted living technologies."
Rising awareness, coupled with the burgeoning need for assisted living technologies, are motivating market advancement. Participants are keen on capitalising on the end-user acceptance of these technologies and augmenting their shares in a market that is becoming increasingly competitive.
The market is developing at a brisk pace, surpassing the general healthcare industry average, mainly due to the spiralling demand for assisted living technologies. The increasing recognition of assisted living technologies is allowing participants to penetrate into the market with ease. Competition is intensifying rapidly, encouraging market participants to expand their geographic scope and improve their product portfolio.
However, high initial costs and shrinking budgets are the most important challenges for market participants. Similarly, the privacy and confidentiality issues involved have made end users reluctant to adopt such solutions.
"The high initial costs involved in setting up assisted living services have been paralleled by the post-recession phase which has led to shrinking healthcare budgets," explains Somsainathan. "Moreover, confidentiality and privacy issues in terms of data collected about end users have made many end users wary about adopting such technologies."
Product customisation and developing user-friendly technologies are key to boosting market penetration. A proper understanding of client needs will help design the right solutions, especially when the target client pool are the elderly who, in general, are sceptical of technological devices.
"Developing technologies that are user-friendly and marketable to the elderly population is critical to maintaining growth momentum," concludes Somsainathan. "Understanding client needs and ensuring product customisation based on this information will ensure success for assisted living technologies."
European Markets for Assisted Living Technologies is part of the Patient Monitoring Growth Partnership Services programme, which also includes research in the following markets: Data Management Systems for Patient Monitoring Markets in Europe, European Market for non- Invasive Blood Pressure Monitors, European Telemetry Equipment Market and European Pulse Oximetry Market. All research included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants.
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