Targeting the untapped market of wearables for elder care #WearableWednesday
Techcrunch has a great piece on wearables for elder care and medical use.
Today’s 20-something tech wizards might not worry about the challenges of old age — but they should.
Seniors represent a huge untapped market for tech companies. While just 13 percent of America’s population is 65 or older today, that slice will jump to 19 percent by 2030.
One area that holds particular promise? Wearables.
Such technology is already supporting healthier lifestyles. More than 20 percent of Americans are using wearables. Ralph Lauren, Adidas and other top brands have developed smart wear to help people optimize their workout routines.
Wearables that foster healthy aging and independent living will soon fill seniors’ wardrobes. With recent advances in nanotechnology, “smart clothes” that monitor seniors’ health and remind them to take their medications are on the way. Analysts predict that medical applications will soon account for the largest share in the smart textile industry, reaching $843 million by 2021…
…Wearables empower patients to take active roles in managing their own health. For seniors, that can include new ways to manage such chronic illnesses as diabetes and heart disease.
Chronic disease accounts for an astounding 86 percent of U.S. health spending. More than nine out of 10 seniors have at least one chronic condition. Technology that helps seniors avoid complications from their conditions can yield tremendous savings by eliminating unnecessary emergency room visits and hospital stays.
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