Demand for Home Health Technology to Rise with Aging of Baby Boomers
W
ith the huge generation of baby boomers starting to turn 65, builders and remodelers can expect a corresponding
rise in demand for home health technology and integrated systems, which are of particular interest to individuals in the upper age cohort. Statistics from AARP and others support expectations for this to become a significant trend in the housing industry. According to AARP, nearly two-thirds of all people who have ever lived to age 65 are alive today. Think about it. That means that the people 65 or over right this minute are two out of every three 65+ year-olds who have ever lived, throughout history and all over the world.
Concern over aging parents is on the minds of 88% of adult children and 75% of older parents, according to AARP. Numbers from the organization also confirm that 75% of adult children and 69% of parents are specifically concerned about the parents’ ability to live independently as they get older.
Home health technology — electronic systems that can provide individuals access to health monitoring at home — allows older Americans to live at home longer. This is good news, because 91% of pre-retirees aged 50 to 65 say they want to live in their own homes in retirement, according to the MetLife Mature Marketing Institute.
Aging-in-Place Technology Watch blogger and analyst Laurie Orlov projects that today's $2 billion aging and technology industry will be worth $20 billion by the year 2020.
“When I travel to expos and conferences as a speaker or participant,” said Tom Ardolf of Cybermation Inc., an electronic systems contractor (ESC) based in Waite Park, Minn., “I often find more than one vendor who says, ‘I’m specializing in aging-in-place.’”
Whether it involves older adults or children with special needs in the home, the possibility of a life-threatening physical injury occurring when no one is around is a big motivator for the installation of home health technology integration systems. Home owners are increasingly seeking out aging-in-place
16 NOVEMBER 2011 | HOUSTON BUILDER | GREATER HOUSTON BUILDERS ASSOCIATION – BUILDING A BETTER FUTURE
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