Assisted Living Technologies Market on the Rise in Europe

An increasing aging population and the associated need for healthcare services have heightened government attention on assisted living technologies, promoting the growth of this market in Europe. These are the latest findings of Frost and Sullivan (Palo Alto, CA, USA), an international consulting firm.

Rising awareness, coupled with the burgeoning need for assisted living technologies are motivating market advancement, which is developing at a brisk pace, surpassing the general healthcare industry average. The increasing recognition of assisted living technologies is allowing participants to penetrate into the market with ease. As a result, competition is intensifying rapidly, encouraging market participants to expand their geographic scope and improve their product portfolio.

Conversely, the early stages of technological and market development of assisted living technologies and limited awareness of their advantages could threaten growth prospects. High initial costs and shrinking budgets are other important challenges for market participants, as are the privacy and confidentiality issues involved, which have made end users reluctant to adopt such solutions. 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 skeptical of technological devices.

"A rapidly expanding elderly population in Europe is driving the need for continuous care; mitigating this challenge features high on the agenda of governments in several European countries," said Frost & Sullivan Research Analyst CK 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."

Frost & Sullivan have found that the European markets for assisted living technologies earned revenues of US$154.92 million in 2009, and estimates this to reach $525.58 million in 2015.

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