Wellesley, MA (PRWEB) September 16, 2013
According to a new technical market research report, Technologies for Long-Term Care and Home Healthcare: Global Markets from BCC Research (http://www.bccresearch.com), the global market for elder-care technology products was valued at $2.7 billion in 2012 and is expected to reach $3.2 billion by 2013. BCC Research projects the market to reach nearly $7.2 billion by 2018, and register a compound annual growth rate (CAGR) of 17.7%.
According to BCC Research, the national health expenditure in the U.S. was approximately $2.8 trillion in 2012, as compared to $2.5 trillion in 2010. In large part, these spending increments are attributable to an aging society. Moreover, the amount spent on healthcare for older Americans is three to five times greater than the cost of care for someone under age 55.
Seniors overwhelmingly want to age in place, but family members living far away worry about their elderly relatives living alone. Advances in communications and information technology (IT) have created products that make remote monitoring feasible. Smart phones, personal digital assistants (PDAs), and wireless networks are everywhere, including within seniors’ homes. These technologies carry both economic and emotional appeal to caregivers and the elderly.
Broadly defined, elder-care technologies are products and systems that increase the health status and quality of life for seniors. Information and communication technologies can augment the quality and efficiency of care provision, thus improving both the aging and care giving experience. In addition, monitoring technologies have the potential to improve safety for older citizens, mana
Copyright©2012 Vocus, Inc.
All rights reserved