Seventy-two billion dollars is a substantial sum of money for any industry. But did you know that this figure represents the projected revenue from markets created by senior caregiver spending in 2020? That’s what a recent report from AARP and Park Associates reveals: “Caregiving Innovation Frontiers: A universal need, a growing opportunity—leveraging technology to transform the future.”
Here’s another staggering stat: $42.9 billion. That’s the expected profits from six market segments affiliated with caregiver spending this year alone. If you’re paying close attention, you’ll note that the difference between these two numbers represents the expected growth in these combined markets in the next four years: $29.3 billion.
Yes, that’s a sizable and respectful figure, and it represents an opportunity that providers of aging services may want to consider seizing—as the day is close at hand.
The figures are derived from survey data detailing consumer needs, interests, and behaviors, as well as an examination of services already in the marketplace, says AARP. The report also provides detailed descriptions of the six market segments that will produce the aforementioned revenue and are ripe for opportunity now:
- Daily Essential Activities: Meals, home and personal care, home repair, delivery, transportation services.
- Health and Safety Awareness: Health vital alerts, diet and nutrition, medication management, personal safety monitoring, telehealth.
- Care Coordination: Care planning, care professional engagement, records and benefits management, recovery support.
- Caregiver Quality of Life: Respite and backup care, social support, health and wellness, financial/job security.
- Social Well-Being: Digital inclusion, life enrichment and empowerment, community networking, life companions.
- Transition Support: Home retrofit services, long-term care insurance planning, long-term care provider referral, legal assistance, hospice/funeral planning.
In addition to breaking down revenue forecasts for each of the segments, the report is packed with details about companies already offering similar services in each submarket segment and littered with relevant factoids that bring the opportunities into context for providers. For example, did you know that 67 percent of caregivers want to monitor their care recipients’ health and safety but only one-tenth of them are currently doing so?
If you’re looking for opportunities to expand or diversify your services into the community—or if you simply need to market a technology or service you already offer—I would suggest reading this report ASAP, as it offers an insightful and very helpful examination of the near future for aging services providers. How will you seize the moment?
