Active Aging Tech Can Help 85 Million Americans, Says New CTA Report

ARLINGTON, Va.–(BUSINESS WIRE)–The U.S. market for active aging technology now encompasses 85 million
Americans or more than one quarter of the national population, according
to a new report from the Consumer Technology Association (CTA)™,
formerly the Consumer Electronics Association (CEA)®, and the CTA
Foundation
. The white paper CTA Market Report: Active Aging
says the active aging market, which consists of both seniors and their
family caregivers, represented a $24.4 billion market opportunity in
2015 and will grow to $42.7 billion in 2020. That is a 12 percent
compound annual growth rate over the next five years for tech products
that support a proactive way of living that balances growing older with
the active pursuit of quality of life.

“Technology is fundamentally changing the way we live – and active aging
tech can dramatically improve our lives as we age,” said Gary Shapiro,
president and CEO, Consumer Technology Association. “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. More,
these consumer benefits can translate into billions of dollars in
savings for the U.S. healthcare industry.”

According to the report, these key growth drivers will propel the U.S.
active aging market:

  • Baby Boomers, the Silent Generation: The U.S. is facing
    a retirement wave in the coming two decades – the Baby Boomer
    generation (roughly 76 million Americans) is beginning to reach age
    65, and at the same time the “Silent Generation” is expected to live
    much longer than previous generations.
  • Long-term Care Market Dilemma: Despite the potential boom in
    demand for senior care services, most long-term care service providers
    are dealing with rising demand amid a capacity shortage and restrained
    funding/reimbursement.
  • Economic Incentives for Aging at Home: The high cost of
    institutional long-term care services makes the option of aging at
    home more financially appealing, among other factors.
  • IoT and Smart Home: The Internet of Things (IoT) and smart home
    technology will simplify consumers’ lives, offer more insights about
    habits and behaviors related to personal health and well-being, and
    provide peace of mind to both seniors and their family caregivers.
  • Improved FDA Transparency: In recent years at the technology
    community’s urging, the Food and Drug Administration (FDA) clarified
    and improved its review process, removing significant market
    uncertainty for device makers and app developers who are critical to
    developing active aging tech innovations.

“As the demographics in the U.S. and around the world shift toward an
older population, technology will allow seniors to live healthier, more
connected lives, and keep them more engaged with their families and
communities,” said Steve Ewell, executive director of the CTA
Foundation, a public, national foundation with the mission to link
seniors and people with disabilities with technologies to enhance their
lives. “CTA research reveals seniors in our country have a strong desire
to live independently and at home. But among seniors 70-and-older,
awareness of active aging technologies and how to use them is still low.
Our foundation strives to help seniors understand and embrace the newest
technologies available to them.”

However, seniors’ perception is validated through their adult childrens’
perspective, many of whom are front-line caregivers. Today, there are
more than 40 million caregivers in the U.S. who take care of aging
family members and serve as coordinators between their loved ones and
the healthcare system. Opportunity abounds with technological solutions
including:

  • Safety and Smart Living: Includes safety monitoring using
    sensors, emergency response solutions and home living support services
    that attempt to reduce seniors’ home owner hassles.
  • Health Device and Remote Care Providers: Includes personal
    health technology that empowers consumers to track their personal
    health indicators that in the past could only be collected at a
    doctor’s office; remote diagnostic and monitoring solutions and
    virtual consultation as a supplement to in-office visits.
  • Wellness and Fitness Solution Providers: Includes wearable
    fitness activity trackers, diet and weight loss tools that encourage
    healthy eating and age-appropriate exercise together, and wellness
    monitoring tools and apps that help seniors address a range of niche
    wellness needs.

CTA Market Report: Active Aging was designed and formulated by
CTA Market Research, the most comprehensive source of sales data,
forecasts, consumer research and historical trends for the consumer
technology industry, in partnership with the CTA Foundation. The
complete report is free to CTA member companies at members.CTA.tech.
Non-members can purchase at store.CTA.tech.
CTA released the report today at the 2016 Boomer Summit.

About Consumer Technology Association Foundation:

The Consumer Technology Association (CTA) Foundation is a public,
national foundation affiliated with the Consumer Technology Association.
It was established with the mission to link seniors and people with
disabilities with technologies to enhance their lives. The Foundation is
focused on strategic support of programs to impact these communities and
has launched its first series of grants in 2012. It also serves
to facilitate dialog between industry, consumers, government, advocacy
groups and other key stakeholders around important issues. For
more information on the CTA Foundation please visit CTAFoundation.tech.

About Consumer Technology Association:

Consumer Technology Association (CTA)™, formerly Consumer Electronics
Association (CEA)®, is the trade association representing the
$287 billion U.S. consumer technology industry. More than 2,200
companies – 80 percent are small businesses and startups; others are
among the world’s best known brands – enjoy the benefits of CTA
membership including policy advocacy, market research, technical
education, industry promotion, standards development and the fostering
of business and strategic relationships. CTA also owns and produces CES®
– the world’s gathering place for all who thrive on the business of
consumer technology. Profits from CES are reinvested into CTA’s industry
services.

UPCOMING EVENTS

  • Winter Break
    March 21-24, Park City, UT
  • Technology & Standards Spring Forum
    April 4-8, San
    Diego, CA
  • CES on the Hill
    April 19, Washington, DC
  • Digital Patriots Dinner
    April 20, Washington, DC
  • CES Asia 2016 – Register
    May
    11-13, Shanghai, China
  • CEO Summit
    June 21-24, Tel Aviv, Israel
  • Innovate!
    September 20-22, San Jose, CA
  • CES 2017
    January 5-8, Las Vegas, NV

Contacts

Consumer Technology Association (CTA)
Danielle Cassagnol,
703-907-5253

dcassagnol@CE.org
www.CTA.tech
or
Izzy
Santa, 703-907-4308

isanta@CE.org