Aging In Place Tech Will Grow Into $20 Billion Industry says Analyst
The number of business aimed at helping older American’s age in place continues to boom according to the Washington Post.
It makes sense considering that more than half of respondents older than 65 said it was “very” or “extremely” likely that they would remain in their homes throughout retirement in a recent Associated Press and LifeGoesStrong.com survey.
“Technologies for aging in place is a $2 billion market now, but I project that it will grow to $20 billion by 2020,” said Laurie Orlov, head of a market research firm that studies such technology.
Because of longer life spans, the rising cost of nursing homes and the difficulty of selling homes, only about 3.1 percent of Americans older than 65 lived in nursing homes in 2010, down from 5 percent in 1990, according to census figures. And the older population is surging; 10,000 people will turn 65 every day for the next 18 years, according to the Pew Research Center.
Jon Pynoos, a professor of gerontology at the University of Southern California, said although $20 billion may be optimistic, “it’s not an unreasonable estimate.”
“We’re going to see more technology built into houses, and we’re going to see more portable devices,” he said. “The number of people in the old-age category will increase dramatically, and those peoples’ homes are not well-equipped in terms of addressing the needs they have.”
Written by John Yedinak