As the pace of life has gradually increased and the standard of living has gradually improved, more and more people have no time to take care of their families in recent years, so in-room person centered technology has begun to be widely used. In-room person centered technology refers to technology and procedures applied in care facilities, and is involved in areas such as board and care homes for aged and adults, nursing homes, long-term care facilities, and assisted living facilities. In these care facilities, technology products such as tablets and televisions provide entertainment and learning for the elderly, and also provide them with some appropriate assistive care, thus increasing the efficiency and reducing the workload of nursing staff.
Long-term care facilities are institutions that provide rehabilitation and continuing professional care to patients and residents who need assistance with their daily lives. Long-term care facilities include rehabilitation facilities, inpatient behavioral health facilities, and long-term chronic care hospitals. Currently, long-term care facilities have a market share of 21.68%.
Board and care homes for aged and adults are licensed institutions that specialize in providing 24-hour care, usually in private residences. These senior living homes provide assistance with room and board, 24-hour nursing care, and other forms of personal care. Board and care homes provide a more natural and home-like atmosphere. Its market revenue has reached $67.67 million in 2020.
Nursing homes are institutions that specialize in providing assistance to seriously ill patients. This institution not only provides 24-hour supervision and care, but also develops some rehabilitation plans and organizes some social activities to help patients recover. But this type of care usually needs to be requested by a doctor before admission. In 2020, its market revenue has reached $155.26 million, which is the highest market revenue in all application fields.
Assisted living facilities are in residential facilities and provide a group living environment for consumers. Most facilities have group dining areas and common areas for social and recreational activities. In addition to helping with activities of daily living, assisted living facilities include services such as medication management, daily monitoring, and personal care to help ensure their health and safety. In 2020, its market revenue has reached $124 million.
In recent years, with the gradual acceleration of the aging process, the number of elderly people suffering from the disease of Alzheimer is increasing. Once they develop the disease of Alzheimer, they are unable to live alone. Specialized care facilities can help them and ensure their safety. Specialized the care units of Alzheimer in skilled nursing facilities provide special services for people with the disease of Alzheimer and other dementias. The skilled nursing staff helps patients to manage and treat the disease and ensure a full and happy life. The market for care facilities for the disease of Alzheimer is valued at $32.55 million in 2020.
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In-room Person Centered Technology Market Status and Prospect Analysis in Various Regions
North America is the largest revenue market with a market share of 42.12% in 2020, of which the United States accounts for 86.4% of the North American market. As a country with a developed economy and a large elderly population, the nursing care industry in the US has become increasingly mature. Its market revenue has reached $216.9 million in 2020 and is expected to rise further in the future.
Europe has the second largest market share in the world with 27.13%. With advanced economies, high healthcare and aging trends, and a well-developed care industry, Europe has a strong demand for in-room person centered technology. Its market revenue is expected to increase from $139.72 million in 2020 to $224.69 million by 2025.
Asia Pacific market share in 2020 is only 24.98%, ranking third in the world. However, with the growing economy of some developing countries and the gradual increase in the aging and sick population, the demand for care will further surge. Its market share is expected to expand to 28.37% by 2025, which will surpass Europe.
The Outbreak of the COVID-19 Epidemic Will Affect the Development of the In-room Person Centered Technology Market in the Short Term
Since the outbreak of the COVID-19 epidemic, the epidemic has spread to nearly 100 countries worldwide, infecting so many people that its spread has far surpassed that of SARS. The World Health Organization has declared it an emergency public health event.
According to the date of the US Centers for Disease Control and Prevention, nursing homes and long-term care institutions in the United States receive more than 1.3 million elderly and infirm patients currently. Since the outbreak of the epidemic, American nursing facilities have received repeated attention from the local media due to the high number of infections and poor treatment outcomes. The New York Times noted that nursing facilities currently account for only 11% of the confirmed cases, but nearly a third of the deaths. The elderly has been a susceptible and high-risk group for the virus due to weakened immune systems and common underlying diseases.
The outbreak has caused mass deaths of elderly people in many nursing homes, which will reduce the overall demand and slow down the growth of the global in-room person centered technology market. The in-room person centered technology market revenue in 2020 is $514.96 million, slowing down the growth rate to 1.3%. As the epidemic is gradually brought under control, the market is expected to reach $824.87 million by 2025, growing at a rate of 11.31%.
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