Tech market for active aging poised for a boom

The U.S. market for active aging technology now encompasses 85 million Americans or more than one quarter of the national population, according to a new report from the Consumer Technology Association (CTA) and the CTA Foundation.

That population represents a $24.4 billion market opportunity in 2015 and will grow to $42.7 billion in 2020, according to the white paper CTA Market Report: Active Aging.

That is a 12 percent compound annual growth rate over the next five years for tech products that support a proactive way of living that balances growing older with the active pursuit of quality of life.
 
“Technology is fundamentally changing the way we live – and active aging tech can dramatically improve our lives as we age,” said Gary Shapiro, CTA president and CEO. “These innovative, connected technologies not only enable seniors to live safer, healthier and longer lives-–whether through personal health technology or remote monitoring solutions-–they also allow their caregivers to be more closely connected while they care for their aging loved ones. More, these consumer benefits can translate into billions of dollars in savings for the U.S. healthcare industry.”

“As the demographics in the U.S. and around the world shift toward an older population, technology will allow seniors to live healthier, more connected lives, and keep them more engaged with their families and communities,” said Steve Ewell, executive director of the CTA Foundation, a public, national foundation with the mission to link seniors and people with disabilities with technologies to enhance their lives. “CTA research reveals seniors in our country have a strong desire to live independently and at home. But among seniors 70-and-older, awareness of active aging technologies and how to use them is still low. Our foundation strives to help seniors understand and embrace the newest technologies available to them.”
 
However, seniors’ perception is validated through their adult childrens’ perspective, many of whom are front-line caregivers. Today, there are more than 40 million caregivers in the U.S. who take care of aging family members and serve as coordinators between their loved ones and the healthcare system. Opportunity for technological solutions include safety monitoring using sensors, tools that help consumers track their personal health indicators, wearables that track activity and apps that meet a range of wellness needs.