Revenues for Aging in Place Market to Surpass $30 Billion by 2017
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 and nursing homes, or spent with an in-home nurse. Combined with the mobile consumer medical market, Aging in Place is the answer to many of the issues facing the medical market. New market data from Semico Research, Aging in Place: The Internet of Things for the Golden Years, forecasts that revenues for this important and growing market will surpass $30 billion by 2017.
“How does the medical industry proactively engage consumers into monitoring and managing their health before they are afflicted with a chronic or acute illness?” asks analyst Michell Prunty. “One key point to consider in answering this question is that, according to a survey by Digitas Health, consumers are more willing to use technology over medication at a rate of 90% compared to 66%. Further, the Administration on Aging claims that consumers adhere to their medication plan 98% of the time when using an in-home automated monitoring system.”
Semico’s new report, Aging in Place: The Internet of Things for the Golden Years, is a primer on the market, showing areas of opportunities for growth and innovation, and providing examples of vendors already on the market who are making significant inroads. This report is not meant to be an exhaustive list of every vendor in the market, as this market is so new there are no significant market leaders. Every day there are new entrants who have the capability of capturing a large market share of shipments.
An abridged version for those interested in a primer on the market is also available