Recent technological innovation has had a major impact on multiple industries. From food service to marketing, it is easy to see how software solutions have increased efficiency and and reduced costs. One industry that is often overlooked but has been heavily impacted by innovation is eldercare.
In a Forbes article, Michael Wolf, chief analyst at NextMarket Insights, detailed the following reasons why eldercare is the next profitable technology opportunity:
Caring for aging relatives is expensive
Wolf noted that by 2016, the cost of caring for older adults will exceed $319 billion. The largest component of this expense is traditional at-home care. While many eldercare experts agree that aging in place is better for older adults than living in a nursing home, checking in on a parent or relative around the clock can place a financial and emotional burden on a caregiver.
"The cost for traditional live-in care ranges anywhere from $3,000 to $6,000 a month, a high toll which can be back breaking for many families," Wolf wrote. "If new technologies can help reduce or hold off these costs for a few years, there is no doubt that elderly [individuals] and their families will embrace them."
Eldercare technology is new
Normally you would be wary of new products, but eldercare technology is emerging during an optimal period. Innovation in cloud computing, robotics and telecommunications have made solutions for older adults safer and able to be improved more quickly.
Wolf mentioned that there are dozens of startups that are throwing their hats into the eldercare market. While this shows that many entrepreneurs see eldercare as a viable business opportunity, consumers shouldn't focus on that point. The value of eldercare technology should be its integration and holistic approach to supporting safe and active aging. The focus should not be on the brand name that the technology comes from, as new brands will emerge to bring creative solutions to the growing needs of the eldercare marketplace.
Independa's CloudCare platform offers an integrated care and engagement solution, developed to foster supported independence of older adults and effectiveness of the people who provide them care. Contact us through our online form to receive more information or schedule a demonstration.
