TECH SUPPLIER Jul 2019 - Market Perspective - Doc # CA44482919
Boomer Tech Canada: Opportunities in Age-in-Place, Independent, and Assisted Living Environments
This IDC Market Perspective looks at the opportunities in age-in-place, independent, and assisted living environments. In just one generation from now, half of the Canadian population will be 55 and older. Over that period of time, over C$3 trillion will be spent on medical care — educating, preventing, and caring for seniors. By 2050, the healthcare bill for senior care is projected to represent 6% of Canada's GDP. But these dollars will shift over the next three decades. As seniors live longer, healthier lives, the dollars for preventive care will increase, as will the healthcare investments in home and remote care. Spending will also follow the pattern already in place, with a higher proportion going to the 70+ population. Yet these dollars will need to be extended as people increasingly choose to stay in age-in-place environments.
"Technology providers have already recognized the shift that is occurring," says Mark Schrutt, strategic advisor, Public Sector and Innovation Research. "Digital is actively rewriting the rules of senior healthcare, redesigning the possibilities, and injecting more accountability in monitoring individual health. The dynamics of caregivers and provider facilities, families, friends, and patients are being remade in today's Amazon- and Netflix-like expectations."