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The Need for Technology to Help Elders Age In Place

Helping our elderly relatives live independently and gracefully in their own homes has been an age-old problem. Mom wants to live in her family home with dignity, but of course we worry that as she ages, she could fall and hurt herself and we wouldn’t know for many hours, if not days. Luckily, the advent of technology has made it possible to monitor our elderly loved ones without taking away from their independence or dignity.

The need for technology to help elders age in place is an ever-growing opportunity. The future of longevity is a booming market. 

The elderly population is projected to nearly double from 52 million in 2018 to 90 million by 2050

Because of this vastly growing population, “Age Tech” has really taken off. Age Tech is about digitally enabling the Longevity economy, whether it’s a product or service purchased by elders or for elders. AARP and Oxford Economics sized the US Aging Economy at $7.6 Trillion a year. 

There have been several meaningful acquisitions in Age Tech. Great Call, a company that provides easy-to-use cell phones for senior citizens as well as emergency buttons, was recently acquired by Best Buy for $800 Million. Best Buy has made $200 Million worth of additional acquisitions in the healthcare space. Similarly, Pill-Pack, a company that assembles all your medications and delivers it to you, was acquired by Amazon for $1Billion. 

CarePenguin helps older adults age in place

With this rapidly growing population of elderly people, the reality is, there will never be enough rooms in senior care facilities to accommodate all of them. There will always be millions of senior citizens who not only want to, but have to live in their own homes. 

The 2018 AARP National Survey showed that 76% of senior citizens want to stay in their current residence as they age. 80% of Americans aged 65 live in their own homes, and that number drops down to 54% by age 95. It’s surprising how many senior citizens remain in their homes, and with the growing population, there will be more people than ever aging in place.

Our mission is for every family to have CarePenguin in their elderly loved one’s home to keep them safe without making them feel like they’re living under a microscope. CarePenguin allows senior citizens to age in place while maintaining their dignity and providing peace of mind to their families, ensuring them they are okay. 

CarePenguin is now available exclusively on our website. Get peace of mind that your elderly loved one is okay by singing up for CarePenguin today!

Sources:

PRB

Forbes – Age Tech

AARP

Forbes – Aging in Place