Global elder-care technology products market: $7.2 billion industry forecast by 2018
Technologies for Long-Term Care and Home Healthcare: Global Markets - a new market research report on companiesandmarkets.com
PR-Inside.com: 2014-04-04 16:13:01
The global elder-care technology products market was valued at $2.7 billion in 2012 and is expected to reach $3.2 billion by 2013. It is forecast that the market will reach nearly $7.2 billion by 2018, and register a compound annual growth rate (CAGR) of 17.7%.
National health expenditure in the U.S. was approximately $2.8 trillion in 2012, as compared to $2.5 trillion in 2010. In large part, these spending increments are attributable to an aging society. Moreover, the amount spent on healthcare for older Americans is three to five times greater than the cost of care for someone under age 55.
Seniors overwhelmingly want to age in place, but family members living far away worry about their elderly relatives living alone. Advances in communications and information technology (IT) have created products that make remote monitoring feasible. Smart phones, personal digital assistants (PDAs), and wireless networks are everywhere, including within seniors´ homes. These technologies carry both economic and emotional appeal to caregivers and the elderly.
Broadly defined, elder-care technologies are products and systems that increase the health status and quality of life for seniors. Information and communication technologies can augment the quality and efficiency of care provision, thus improving both the aging and caregiving experience. In addition, monitoring technologies have the potential to improve safety for older citizens, manage their health, and assist them in maintaining their independence.
Elder-care technologies include two groups of monitoring systems: home telehealth and safety monitoring. Home telehealth is the use of technology to deliver care in patient´s residence and includes the monitoring of the patient´s physiological parameters and symptoms, as well as education about the condition. Safety monitoring includes assist-call devices, medication-management products, wander-management systems, fall-management devices, smart-home systems, and robotically enhanced mobility-assistance devices. These technologies hold the promise of enormous cost savings for the healthcare system by enhancing the ability of providers to provide timely intervention prior to a deterioration point of acute care.
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