Market Overview for Technology for Aging in Place

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A stake in the ground: 2009 Market Overview Published - Technology for Aging in Place

Good NEWS! This week on Wednesday, you can access the 2009 Market Overview docs from this site.  A download page will be presented to anyone who is willing to fill out a short contact form that we will then use to build the newsletter distribution list. If you want to comment, this blog entry will be the one to comment on.

So let's get right to the point -- why does this market overview matter?

It describes a real and viable market that is emerging now but will grow to match the need!

  • There is looming crisis of care -- the cost of ALFs outpaces the growth in senior population and far out-paces growth in able-bodied workers who can help with the care we will need by 2020.
  • Baby boomers and their parents will want access to this technology -- they just may not know it yet.
  • The technology (and related services) market will grow from $2 billion to $20 billion by 2020
  • Market growth will be dependent on smarter marketing, baby boomers taking their interests with them as they age,and as they see growing frailty among their perhaps long-distance parents. And last but not least:
  • Vendors will grasp that there's money to be made selling technology-enabled solutions to a groundswell of individuals who are generationally comfortable with technology, who are regularly reinventing themselves, and expect to use a broad range of technology to communicate with family and friends, preserve their home safety and security, partak in continuous learning and ways to contribute to society, and last, but not least, have access to cheaper, more available health-related solutions in their home. 
  • Consumers will realize that the new technology is by definition faster, smaller, cheaper, than the previous generation. These tech-smart consumers will learn that they can help themselves or their parents to remain longer in their homes of choice -- starting now!

So go forth on Wednesday and download. Think about the material and comment. The first research report was difficult to construct -- but future ones will emerge more quickly based on building on ideas already established. This summer -- a report on health and technology in the home.

It's going to be a great year to describe and assess an emerging and exciting market.

Let's go forth and do it together!

- Laurie Orlov

Principal Analyst

Aging in Place Technology Watch

 

 

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