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European Markets for Assisted Living Technologies
Frost & Sullivan, Nov 2010, Pages: 98
This research service titled European Markets for Assisted Living Technologies offers a comprehensive overview of the market, including key challenges, drivers and restraints. It also discusses major market and geographic trends, along with revenue forecasts and strategic recommendations. This research service covers the following: assisted living devices for use in residences and institutions.
Market Overview
Ageing Population Drives Demand for Assisted Living Technology Solutions
An increasing ageing population and the associated need for healthcare services have heightened government attention on assisted living technologies, promoting the growth of this market in Europe. Early stages of technological and market development and limited awareness about the advantages of assisted living technologies threaten growth prospects. However, product customisation will help mitigate these challenges. “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 the analyst of this research. “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.
Understanding of Client Needs and Product Customisation are Key to Success
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 the analyst. “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 the analyst. “Understanding client needs and ensuring product customisation based on this information will ensure success for assisted living technologies.”
Market Sectors:
Expert Frost & Sullivan analysts thoroughly examine the following market sectors in this research:
- Assisted living devices in residences
- Assisted living devices in institutions
By Region:
- The United Kingdom
- Germany
- France
- Spain
- Italy
- Scandinavia
- Benelux
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