The world aging population
The world's older population continues to grow at an unprecedented rate. For example, some refer to Europe as "the largest retirement home in the world." In the UK, in twenty years’ time those aged over 65 will make up nearly 23% of the population, up from 17% today (Residential research 2014, Night frank.) The rapid ageing is expected to occur in all parts of the world.
% of the population 60 years or over
In 2050 one person in four will be over 65
and one person in ten will be over 80
2012 - 11% of the world's 6.9bn peaple are over 60
2050 - 22% of the world's 9bn peaple are over 60
Personal Emergency Response System Market Overview
The Personal Emergency Response System market was PERS (Personal Emergency Response Systems) market is valued 11.1B USD by 2025 , 5.8% forecasted cagr grows
(Mordor Intelligence, March 2018.
Aging in place statistics
Aging in place is the ability for elder to continue to live in their own homes for as long as possible
of seniors want to stay in their own homes as they age
want to stay in their current homes
want to move to new homes
prefer to stay in their homes even if they need assistance or ongoing health care
want a personal alert system that allows to call for help in emergencies
want to make the home easier to use
expect they will be able to live independently
10% of the $214 billion home improvement industry is dedicated to ageing in place
75% of the caregivers think about the parents’ ability to live independently as they get older
Falls -the leading
cause of injury-related visits to the emergency room in the U.S. is
the primary cause of accidental deaths (75%) in people over 65.
By 2018 the 50+ population in U.S is forecasted to spend almost $100B out of pocket,on healthy living solutions
$ 100 BILLION
The growth in the aging population across the globe is expected to boost the PERS market
As the elderly population grow, there is a substantial need for medical alert systems at home. Among the elderly, falling down is one of the most common causes of injury. According to the American Hospital Association, more than one-third of adults aged 65 years and above suffers from a fall each year, leading to several other chronic problems if not dealt in time.
Most of the elderly prefer to age in their homes instead of other options, such as nursing homes and assisted living. According to the American Association of Retired Persons, 90% of the people aged 65 years and above want to remain in their homes for as long as possible. With the help of personal emergency remote systems, the elderly can age in the comfort of their own homes. Moreover, caregivers have easy access to help via medical alerts.
Mordor Intelligence (March 2018).
Overall cost associated with the personal response system is expected to rise*
"It may cost up to
per month/person basis"
All PERS offer 24-hour monitoring services 24/7. However, cost varies, depending on the services and technology offered by the providers. In most companies, the slim system, which requires a landline, is usually around 50-80 US$ a month. Nonetheless, the cost is expected to rise & may reach up to ~250-400 US$ per month/person basis, as services are added.
*Mordor Intelligence, March 2018.
The Longevity Economy
"As we live longer, our society is being transformed in ways we couldn't have imagined. It’s vital that individuals and businesses recognize the tremendous potential of this longevity revolution. Far from being an economic challenge, our aging population could generate the most significant economic opportunity of our lifetime" (Forbes).
"If the U.S. Longevity Economy were to stand alone, it would, in GDP terms, be the third largest economy in the world–behind only the U.S. and China"