Growth in the Aging in Place Technology Market

Aging in place – a powerful idea that is increasingly preferred by the US’s expanding elderly population. Many in this group feel trapped, wanting to retain their independence in their own home while giving their family members peace of mind regarding their safety as they age. In other situations, family members live too far from their elderly loved one to provide care effectively.

As the need for a comprehensive solution to these issues rises, new technologies are being developed to address them.  According to Laurie Orlov, veteran eldercare advocate and founder of Aging in Place Technology Watch, the eldercare technology market is worth $2 billion but by 2020 will have expanded to at least $20 billion.

The market is developing rapidly, with pieces of a complete solution spread among several companies. While many products are aimed for seniors to use in their own care, there is a significant focus on current and future caregivers. “Caregiving technology for family members and healthcare professionals will be a big driver,” says Orlov.

Two major segments of the aging in place technology market are home safety and security and home health and wellness. Caregivers are searching for a way to allow their loved ones to remain in their homes while ensuring their safety and wellbeing. In-home health monitoring offers a comprehensive solution to this issue. Remote caregiving via healthcare management systems, like the one offered by BeClose, provide detailed information about your family member’s activity in a noninvasive way. Through a web-based dashboard, caregivers can track detailed information and receive alerts if there is a problem.

What kind of technology do you use as a caregiver? Would you use a remote healthcare management system? Join the discussion in the comments below.

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