Changes in technology in recent years have had big impacts. As discussed on Forbes in an article titled, “Here’s Why Elder Care May Be The Next Billion Dollar Technology Opportunity” these changes in technology could potentially turn elder care into a billion dollar industry. One of the main reasons for this is the high costs of elder care. It is projected that elder care will cost $319 billion in the United States by 2016. For seniors who live on a fixed income, the potential expenses are staggering.
The opportunities for technology to aid in decreasing these costs are significant. Most elder care technology is still in early stages but, it is improving quickly. New technology already being produced includes wearable health monitors which detects vitals, body temperature and when an emergency has occurred.
Technology could help protect a senior’s savings by delaying or decreasing the need for in-home care. A high-tech monitor could provide the elderly additional time at home when they might otherwise require assisted living or nursing home care.
It is still too early to tell exactly what improvements will be made to the elder care market using technology. However, we know that demand is very high as are the costs – an ideal market for entrepreneurs.