In 2013, skilled nursing facilities accounted for the largest share of elder care service revenue in America. The question now is though, what direction is set for the future? Who will be spending most on eldercare in America and where will that money be coming from? As our population continues to age,
But it seems that it is home healthcare that has the highest predicted growth rate in America. This is mainly due to the fact that elderly people generally prefer to remain in their own environments, rather than moving to a specialized eldercare home, away from their families. Given that home based services for the elderly are improving all the time – along with the advances in medical technology – it seems that this is a good option.
Remote monitoring, personal emergency response systems, and other such devices are being developed all the time for this demographic. And so they should be. Last year, VP of Technology and CIO, Clifford Cancelosi found that America’s over 50 group has the control of over 75 percent of the country’s total wealth. So clever start-ups are now increasingly focusing on what devices to make for them, such as Aging 2.0 whose mission it is “to inspire innovation for this unique population of users and to improve the lives of seniors around the world.”
Back to the growth projection of the different eldercare options, it is also anticipated that there will be an increase in the popularity of Continuing Care Retirement Communities (CCRCs) since seniors generally prefer these to standard senior homes that have a more rigid, less independent feel.
The eldercare market is definitely a good one for investment. Companies that are making the most of this include: CareSolver (technology to help organize and undertake daily tasks), Lively (sensors to keep track of your loved one’s actions and movements) and Tapestry (an app to help the elderly stay in touch with their friends and families).
It’s all happening on the senior front. Take care of your elders seems to be the message; they are vibrant and significant part of society.