The U.S. market for active aging technology includes 85 million Americans, according to a new report from the Consumer Technology Association and its related CTA Foundation.
CTA Market Report: Active Aging says the active aging market, which includes older adults and their caregivers, represented a $24.4 billion market opportunity in 2015 and is expected to grow to $42.7 billion in 2020.
“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,” said CTA President and CEO Gary Shapiro. “More, these consumer benefits can translate into billions of dollars in savings for the U.S. healthcare industry.”
The report identifies key growth drivers of the market are the baby boomers and their parents, the long term care market, economic incentives for aging at home, the smart home, and improved transparency for the technology community at the Food and Drug Administration.
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