Technology for Seniors $294B Market
During a recent market research analysis, I calculated about $85 Billion is spent annually on technology for personal self-care and family members by over 115 million Americans age 50 years and older. The data also shows by 2050, the world's population of people aged 60 years and older will double to 2.1 Billion. Further, analytics showed seniors age 50-plus in the United States embrace technology such as smart phones, tablets, smart TVs, home assistants like Amazon Alexa and wearable mobile devices. To connect with others, seniors often favor 90% text, 85% email, 70% use social media and 65% video chat writes James Dean @SCS.
Increasingly, seniors rely on technology such as remote video conferencing and diagnostic telemedicine, a 50% cost savings versus in-person hospital or office visits with a doctor or nurse practitioner. But in-home care offers many benefits beyond just lower costs. For example, a new January 2023 study by the New England Journal of Medicine found that 24% of hospital patient visits resulted in a negative or harmful experience to their health.
The most common adverse events reported during hospital visits overall (nearly 40%) were related to medications given in the hospital. Surgery and other procedures accounted for over 30%, followed by what the study authors called “patient-care events,” at 15%. They include falls and bedsores, both of which are considered preventable.
Research proves in-home care solutions, combined with AI technology, robots and mobile devices can significantly increase the quality of elderly care while reducing costs in key areas.
Maintaining health long-term
Early detection
Diagnosis
Decision making
Treatment
End of Life Care
Research
Training
Companionship
Senior consumer data shows the average adult age 50-plus spent $915 on tech purchases in 2022, up 11% from 2021 ($820) and 130% rise from 2019 ($390). While over 85% engage in some form of streaming for entertainment often on a smart TV. And 1 in 4 now regularly uses driver assisted smart car apps to help navigate the roads during travel or local errands.
Significant business opportunities exist in developing better technology for seniors. A typical family home may contain up to 500 smart devices reports James Dean @SCS. And the senior technology market sector is estimated to reach $294 Billion by 2035 at 10% CAGR.
Even more compelling is the data analytics finding that 50-plus seniors, overwhelmingly does not believe today’s technology is designed with them in mind. Promising growth sectors to focus on include;
aging in place, home healthcare devices and medical diagnostic technology
secure Fintech applications for ages 50 plus, automation of wealth management
companionship technology to alleviate loneliness for ages 50 plus
high speed internet access for online retail, edutainment and medical information
easy access to shops, public transit, light rail and autonomous vehicle systems
voice command technology applications and smart home appliances
one level homes built using green materials that require very little maintenance
Conclusion
The cost savings benefits of a senior population aging in place i.e. staying in the home using AI technology, smart devices and even part-time local family care is 50% less expensive than residing in an assisted living or nursing home community. And seniors tend to live longer, more fruitful lives staying in their home. While a senior put in a nursing home, typically lives just 13 months before passing. Companionship is the biggest benefit of a nursing home.
Generally, the cost comparison of living in your home until the end, aging in place is over 50% less expensive, on-average about $2,500 total per month total ... versus the cost of assisted living facilities about $4,000 to $7,000 per month writes James Dean @SCS.
While the life expectancy of a senior put in a Nurse Assisted Living Facility maybe as little as just 13 months on-average. The median being 5 months, about 65% die within 12 months of being put in assisted living. University of California San Francisco Study Click Here
I recommend joining, The National Council on Aging (NCOA) which is a great resource to connect with benefits, products and services that enable you to age at home (in-place), a 50% cost reduction vs. senior care facility. Try the Free Aging Wellness Tools Click Image Below ...
Review AI Technology Case Study of Olga Robertson, Age 91 Years Old - Watch Video ...
Review Case Mabu AI Robot by Catalia Health - Details Here
AI Solutions for Senior Living - Argentum - Example Click Here
Overwhelmingly, data shows 90% of seniors age 65 plus want to stay in their own home i.e. independently age in place until the end (AARP / USC 2022) - University of Southern California Data Here
Case studies clearly show AI technology does greatly enhance a seniors quality of life and produces more cost efficient living in their own home by leveraging a combination of technology and local family support which extends lifespan and joyful quality of life.
We found One Floor residential homes are very cost effective, particularly with relatives nearby close by to assist with home maintenance, healthcare, fun activities, companionship.
For example, a 3-BED One Level Home 1.5-bath, 3-bedrooms, about 1,900 sq ft home with a YARD / GARAGE / PATIO - Sold $267,000 in a quaint community like Rocky River, Ohio on Lake Erie - Example Here ... 3900 River Lane Rocky River OH 44116
NOTE : The investment cost analysis of nurse assisted living facility at $6,000 per month x 42 months (3.5 years) equals $252,000 (money spent, gone forever) with no added property investment benefit (ZERO) ... versus staying in your own private home, one level, age in place and growing the money with steady real estate value appreciation over the long-term.
So, the financial calculations also prove, it's much better to age in place, i.e. stay in the home, while leveraging AI technology, and local family assistance writes James Dean @SCS.
If you have questions contact us or leave comments below.