Global elder-care technology products market: $7.2 billion industry forecast by 2018

The global elder-care technology products market was valued at $2.7 billion in 2012 and is expected to reach $3.2 billion by 2013. It is forecast that the market will reach nearly $7.2 billion by 2018, and register a compound annual growth rate (CAGR) of 17.7%.

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.

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