By AARP Global Network 

As the populations of Europe and the United States age, more and more seniors will require enhanced care. As a way to strategically plan for these baby boomers, many companies are investing in assisted living technologies.

One new report conducted by Frost & Sullivan has found that devices aimed at helping older adults live safely at home or in retirement facilities earned revenues of approximately $154.92 million in 2009, a number that will likely rise to $525.58 by the end of 2015.

"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," said research analyst C.K. 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."

While governments are eager to invest in solutions that can help them accommodate the demands of aging baby boomers, recent budget cuts and the high price of initial installation have discouraged development.

The report suggests that businesses need to focus on raising awareness of the viability of assisted living devices and may also want to customize them so that they can better appeal to individual consumers. Another obstacle companies marketing these products to baby boomers have to overcome is concerns that a patient's sensitive health information could be put at risk by the technology.

Somsainathan stated that companies developing these devices should try to make them as user-friendly as possible while striving to make them secure.

Home medical alert systems are also expected to see unprecedented growth in the United States. The National Clearinghouse for Long-Term Care Information expects that 70 percent of American baby boomers will require long-term care technology during their retirement, according to TCPalm.com.

One product that Frost & Sullivan has recently recognized as a new solution for assisted living needs is BeClose, which received the 2010 North American Technology Innovation of the Year Award for personal emergency response systems (PERS).

BeClose offers an installation package of peripheral sensors, a base station and a website for online health monitoring. Each device can be customized so that it can meet the changing needs of a senior.

"With the [senior] demographic continuing to grow, elderly care and 'aging independently' are at the core of the current healthcare crisis," research analyst industry manager Zachary Bujnoch said. "This is where solutions like the BeClose system will play a crucial role."