CTA Report: Active Aging Tech Can Help 85 Million Americans
For retailers seeking to find the next big market that they could benefit from, they might want to consider the aging tech market. According to a new report from the Consumer Technology Association released this week, the current market for active aging technology encompasses some 85 million Americans—roughly more than a quarter of the national population.
The CTA Foundation whitepaper, “CTA Market Report: Active Aging,” said that the active aging market, which consists o both seniors and their family caregivers, represented a $24.4 billion market opportunity in 2015 and will only continue to grow. By 2020, the market or aging tech will grow to $42.7 billion, according to CTA, representing a 12 percent compound annual growth rate over the next five years.
Active aging tech includes products that support a proactive way of living that balances growing older with the active pursuit of quality of life, CTA explained.
"Technology is fundamentally changing the way we live - and active aging tech can dramatically improve our lives as we age," Gary Shapiro, president and CEO of CTA, said in a statement. "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."
Among the key growth drivers for this market identified by CTA: a retirement wave over the next two decades as Baby Boomers step into retirement as well as the increased life expectancy with the Silent Generation; the evolution of the smart home and Internet of Things technology; the economic incentives for aging at home; the long-term care market dilemma; and improved FDA transparency after years or urging by the tech community.
CTA also recognized the growing population of adult caregivers—some 40 million Americans—who will turn to technology solutions as they look for ways to care for and check in on their aging loved ones.
"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," Steve Ewell, executive director of the CTA Foundation, said in the statement. "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."