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According to the Consumer Technology Ass
ociation, technology for the active aging presents a $24 billion market opportunity that could reach $42 billion by 2020.
Most Americans over 40 probably remember the old Life Alert commercials featuring a kindly grandmother who suddenly – and quite dramatically – falls to the ground, writhing in pain. Unable to reach the phone, she uses her life alert necklace to call for help. Her line, “I’ve fallen, and I can’t get up!”, became a key catchphrase of the 1980s.
In the past, equipping senior citizens with wearable emergency devices provided a sense of safety and security. But while those old ads featured frail adults prone to all manner of calamity, today’s senior citizen are healthier, more active, and increasingly tech savvy. Over the last decade, older adults and their families rely more and more on technology to stay connected and improve quality of life.
As the authors of the March 2016 Consumer Technology Association (CTA) Report on Active Aging explain, “The world is aging, and so is America. Beneath the seismic shift in the U.S.’s demographics lies the aging population’s desire to live healthier and happier, stay active and independent, and pursue longevity and quality of life.”
The New Retiree
The modern senior citizen pursues an active lifestyle with time devoted to physical activity and social and community participation. There is also collective rejection of traditional assisted living within this demographic. As Health Populi explains in their analysis of the CTA report, these new senior citizens are committed to a “resiliently stubborn wish to age comfortably at home.”
“This population rejects passive aging,” states the report.
For today’s older adults, retirement goal revolve less around leisurely days of rest and relaxation and more on “a proactive way of living that balances growing older with the active pursuit of quality of life.”
Steve Ewell, executive director of the CTA Foundation sums up the reports finding, saying, “technology will allow seniors to live healthier, more connected lives, and keep them more engaged with their families and communities.”
Seizing Opportunity
Over 85 million Americans represent the U.S. market for active aging technology. That number includes caregivers, family members and the almost 76 million Baby Boomers heading towards retirement age. In addition, the “Silent Generation” of current assisted living residents will most likely live longer and require continued, and costly, healthcare.
As these factors ignite the industry, the CTA believes smart home technologies, wearable devices and software will push aging tech innovation. Software designed for senior living will help caregivers and facilities deal with rising care costs and challenging reimbursement procedures. For seniors choosing to remain in their house, smart home technologies and wearable devices are crucial. Maybe most importantly, improved FDA transparency removes market uncertainty, giving developers the incentive to pursue development of aging tech devices and services.
Stronger Connections
For senior care providers, the CTA recommends an agile and adaptive approach for dealing with this sea change within the senior living industry. Facilities and care providers will need to find a way to balance affordability with modern lifestyles by addressing both the wants and needs of their residents. The report also suggests using broad channel partnerships and strategic marketing in order to address the concerns and desires of residents and their families.
Ultimately, aging tech will transform the senior living industry as it enhances the resident experience and strengthens the bond between caregiver, client and community.
“These innovative, connected technologies not only enable seniors to live safer, healthier and longer lives,” says said CTA President and CEO Gary Shapiro. “They also allow their caregivers to be more closely connected while they care for their aging loved ones,”
