This report provides Transforma Insights’ view on the Assisted Living market. This segment comprises connected medicine dispensers, assisted living people tracking devices, residential care, and alarm systems. This report also provides insights on comprehensive living solutions, i.e., tracking devices and other assisted living solutions for patients that need significant day-to-day support and monitoring.
The Connected Medicine Dispensers market is primarily driven by non-adherence to medical prescriptions, especially by old-aged patients. Globally, billions of prescriptions are generated every year and patients often forget to take medicines at prescribed times. This is more evident among patients suffering from dementia and other chronic diseases.
The use of Assisted Living People Tracking Devices helps families of elderly people, or those suffering from Alzheimer’s or other forms of dementia, to monitor their movements and can offer immediate assistance during emergencies such as in the case of falls.
In the case the Alarm Systems & Living Solutions, the market will be majorly driven by the increasing number of elderly people living alone. Alarm systems can share immediate requests for medical assistance in case of emergencies by sending instant alerts, either directly to the emergency services or to the providers’ emergency call centres.
Comprehensive Living Solutions are focused on residential care facilities that include monitoring residents’ locations to avoid elderly patients getting lost, fall management, and sending alerts to family members or caregivers during emergencies.
The report provides a detailed definition of the sector, analysis of market development and profiles of the key vendors in the space. It also provides a summary of the current status of adoption and Transforma Insights’ ten-year forecasts for the market. The forecasts include analysis of the number of IoT connections by geography, the technologies used (including splits by 2G, 3G, 4G, 5G, LPWA, short-range, satellite and others), as well as the revenue split between module, value-added connectivity and services.
A full set of forecast data, including country-level forecasts, sector break-downs and public/private network splits, is available through the IoT Forecast tool.
The report examines key factors that are influencing the development of the market, including:
This section of the report finds the major reason behind the growing adoption of connected medicine dispensers. It then focuses on the various features of these devices (such as being capable of holding medicine doses for weeks, thereby lowering the need for refills). In a separate paragraph, it talks about the connectivity technologies in these devices and the advantages of using these technologies.
It also mentions a few examples of Connected Medicine Dispensers, including Philips medication adherence solution, which can hold medicine doses for up to 4 weeks, can notify patients to take medicine at the scheduled time by sending audio and visual alerts, and notify pharmacists of non-adherence to medicine doses.
This section of the report talks about the benefits of wearable monitoring devices (like remaining connected with caregivers and family members) and explains why these devices are important in countries with increasing ageing populations and for patients suffering from conditions like Alzheimer's. It also mentions the communication technologies that are preferably used in such devices.
It also gives a few examples of Assisted Living People Tracking Devices, including the Jiobit Smart Tag, a senior tracking device offered by Life360. The device offers real-time location sharing, has an SOS button feature, can hold the location history of a user for up to 30 days, and can set up a geofence area.
This section focuses on why this market will be particularly driven by the rising number of elderly people who live alone. It then explains the features of IoT-based GPS-enabled alarm systems which make them highly relevant in this context. For instance, most alarm systems are equipped with fall detection technology consisting of motion sensors which continuously monitor a patient’s movement to detect falls. It also talks about the major reasons that may hinder the adoption of these devices (like reluctance amongst elderly people to adopt new technology) and the connectivity technologies that are used in these devices.
This section also mentions a few examples of Assisted Living Alarm Systems & Living Solutions, such as the Essence Umbrella, a device with fall detection and geolocation tracking capabilities.
This section explains how the increasing geriatric population has led healthcare providers to use IoT-based systems to manage residential care facilities and then talks about the benefits of these devices (like providing visibility about an elderly person’s movement including wanderings, falls, and lack of activity). It then dedicates a separate paragraph to wander management and expounds on why it is crucial for elderly patients suffering from conditions like dementia and for senior care facilities. It also talks about the kind of connectivity technology used in these devices and the reasons behind their preference.
It also mentions a few examples of relevant IoT deployments in this application, such as that of the Samaritan Village, which leveraged CenTrak’s security solution to help its staff take appropriate actions in restricting the residents’ movement, eventually increasing staff efficiency and enhancing the quality of care provided to the residents.
The key vendors section lists some of the main providers of products and services related to the Assisted Living market such as AngelSense, Essence SmartCare, hero, Life360, Medical Guardian, and MedMinder. The report provides profiles of the various vendors including aspects most relevant to this Application Group, such as product offerings, pricing, financial results, and technology.
In the market forecasts section, we provide a summary of the forecasts from the Transforma Insights IoT Forecast Database:
The report charts the growth in the number of connected assisted living devices which will grow from 29.7 million in 2022 to 160 million in 2032.
Transforma Insights forecasts are compiled on a country-by-country basis. This report includes a regional summary, showing splits between Australasia, Greater China, North America, Europe, Japan, Latin America, MENA, Russia & Central Asia, South East Asia, South Korea, India & South Asia, and Sub-Saharan Africa.
Transforma Insights’ IoT forecasts include splits between the various connectivity technologies as follows: 2G, 3G, 4G, 5G mMTC, 5G non-mMTC, LPWA (non-mMTC), Satellite, Short Range, and Other.
This section discusses which technologies will be used in the assisted living application group.
This part of the report discusses the market growth in terms of revenue (module revenue, service wrap revenue, and VAC revenue). Transforma Insights estimates that the revenue in the Assisted Living Application Group will grow at a CAGR of 19% between 2022 and 2032.
