Friday, September 5, 2014

Aging in place market to reach over 120 million units by 2017

USA: We are a society that is growing older by the minute. By 2030, there will be over 72 million people over the age 65 in North America alone. And one thing is certain: none of the elderly want to end up in a nursing home.

In fact, elderly who can avoid lengthy nursing home stays, on average, have a median household wealth that is 1,130 percent greater than those who have stayed in a nursing home over 180 days.

We want to grow old in our homes, surrounded by our families and living a normal life.  Technology is how we can enable those 72 million people to accomplish this goal.  Aging in Place is the concept and practice of allowing the elderly to live in their own homes and reduce the amount of time spent in hospitals, nursing homes, or spent with an in-home nurse.

This market includes devices like, but not limited to:
* Remote Health Monitoring Hubs
* Oximeters
* Hearing Aids
* Glucose Monitors
* Medication Reminders
* Scales
* Heart Rate Monitors
* Safety Alert Bracelets
* Smart Patches

Revenues will reach over $30 billion by 2017, and almost 70 percent of the over 120 million unit shipments will come from wellness peripherals.

Like the Mobile Healthcare market, the Aging in Place market will be affected by Big Data, wireless technology, cloud services, and a variety of cultural issues that affect whether a patient is willing or able to engage and manage their own wellbeing.

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