How does the aging in place technology market evolve?The marketplace of products for Boomers represents a conservative $2 billion market. This market will continue to grow as 14% of Boomers have expressed interest in helping their parents as they age. The expected market growth between 2010 and 2020 is to at least $20 billion. The changes will be attributed to:
1. Role & need-based hubs that will emerge and grow.
“As hub-and-spoke portals mature, they will offer concierge service for consumers to view and share information, as well as to purchase targeted products and solutions.”
2. Aging in place provider silos will overlap (home design, healthcare services).
“In the future, role-or need-based hubs-and-spokes, with their caregiver- and older adult-focused lenses on need, will force convergence of aging-related categories.”
3. New developments and remodels will offer aging in place technologies.
Senior housing options will begin to become standard as “Boomers will expect home networks, webcams, and voice-activated security for personal emergency response – and aging in place vendors will leverage them to build more sophisticated and connected applications.”
4. Vendor standalone market entries will morph into solutions, designed for all.
“Today’s high product prices and one-off innovations will be replaced with integrated low-cost solutions and the evolutions of hubs (on and off line) that will force vendors to find customers through them.”
Recognition to Laurie M. Orlov & The Journal on Active Aging