Getting old? There’s an app for that. And a smartphone interface. And a tablet device that lets family members monitor your medication schedule, send text messages and share photos.
A major new wave of technological innovation is aimed at helping people stay in their homes as they grow older and require care. These “age in place” products are coming from companies ranging from tech mainstays like Samsung Electronics Co Ltd to much smaller tech startups.
The huge baby boom generation and those that follow will provide a vast and growing potential market in the years ahead. The population of Americans older than 75 will hit 33.3 million in 2030, and 48.4 million by 2050, up from 18.8 million in 2010, according to the U.S. Administration on Aging. As much as 80 percent of boomers say they want to stay in their home as they age, according to AARP research.
Laurie M. Orlov, a tech industry analyst, geriatric care specialist and founder of research firm Aging in Place Technology Watch, predicts that the market will jump from $2 billion in revenue today to $20 billion or more by 2020. Learn more.