It is true that eldercare and aging independently are core issues of the PERS market. The rapid proliferation of next-generation IT infrastructure and PERS technology has made it possible for many aging individuals to live more independently and safely. It has become so successful that it has gone from a $900 million market in 2010 to over $2 billion markets today and expected to grow to $11.1 billion by 2025. However, this consumer base typically uses the technology for under 5 years, due to death, extended hospital stay, or entry into long-term care.
Expanding Your Market
The key to expanding your market is understanding the value the systems have to younger people and the many environments suitable for use. Here are just a few examples:
- People working alone
- People at risk for injury on the job
- Individuals that exercise alone
- Older children home alone
- Health-compromised persons of any age
The answer to expanding your PERS and mPERS market is simple: A younger PERS user means a longer account life, and a longer account life means lower rates of attrition. The strength of the market is poised to grow on that premise. A younger market also more readily adopts technology as a tool and can see the value of its use in daily life.