Seismic Shifts: Older Consumers, Caretakers, and Technology
Elizabeth Parks
Market Research and Marketing Communications Expert | Thought Leadership | Networking / Brand Visibility for Tech and IoT Markets - Consumer, Small Business, Multifamily
Research cited is from the newly published report: Healthy and Well at Home: Senior Assistive Technology by Kristen Hanich, Director, Parks Associates and Yilan Jiang, Sr Director, Parks Associates
The COVID-19 pandemic has exposed the vulnerability of our senior population. As of 2021, almost a quarter of heads of US broadband households or about 24 million households report either currently caring for a loved one or expecting to provide care in the next five years. A majority of the cared-for population resides in their own home or a relative’s home.
Family caregivers play a large role in the decision-making around senior care solutions, oftentimes acting as the buyer or a key influencer for seniors. Many help install solutions into seniors' homes, provide set-up, or technical support.? In 2021, the average age of the currently-cared-for population dropped by several years.?
A growing number of companies, care providers, and investors are interested in the at-home care market, particularly for seniors. This encompasses private duty, home health, telehealth, remote patient monitoring, and independent living, among others. AlayaCare’s recent funding round, at $225M, was the largest ever in home health. The PERS and RPM markets are additionally converging, with PERS providers offering RPM solutions.
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In the past year, Best Buy has doubled down on health and healthcare. It has doubled its vendor partners, growing its SKU count by over 150%. It is working with hospitals and care centers to curate health products for patients and has launched a senior care ecosystem targeted to healthcare customers, particularly insurers. This new ecosystem combines its Lively Mobile mPERS, Geek Squad tech support, at-home health technology powered by new acquisition Current Health, and smart home platform Assured Living.
New players are entering into the PERS space, with smart speakers such as the Amazon Echo gaining PERS-like features and fall and emergency detection becoming almost standard on smart watches from Apple, Samsung, and Garmin.
The industry is undergoing a seismic shift as seniors who have become accustomed to using new technologies expect them to be implemented in their own health solutions and in their homes.
Click for more information about Parks Associates report Healthy and Well at Home: Senior Assistive Technology
Chief Executive Manager - High Tech Research & Development Company
2 年Someone has to say it... We will be younger when someone else will be caregiver. Way to Go, Parks!!!
Global Workforce Transformation Leader | Digital Equity and Education | Empowering Communities with Calix
2 年Brianna Plencner, CPC, CPMA thought of you!
Ryan Frederick Rodney Harrell, PhD Sarah Susanka, FAIA Kathryn Lawler Liddy Manson Colin Milner Louis Tenenbaum
OTT | Connected | Smart Health
2 年Parks Associates is spot on with this research. Along with the boom in senior living and care-assisted devices (also across the life span) will be a 10x magnitude need for DTC health conditions education & information channels via OTT/CTV. Soon to launch via InnerCityMD. Parks Associates is also expertly tracking broadband households who are accelerating their cord cutting to adopt OTT/CTV and VA (voice-activated) media. Keep it up Elizabeth!