For retailers seeking to find the next big market that they could benefit from, they might want to consider the aging tech market. According to a new report from the Consumer Technology Association released this week, the current market for active aging technology encompasses some 85 million Americans—roughly more than a quarter of the national population.
The CTA Foundation whitepaper, “CTA Market Report: Active Aging,” said that the active aging market, which consists o both seniors and their family caregivers, represented a $24.4 billion market opportunity in 2015 and will only continue to grow. By 2020, the market or aging tech will grow to $42.7 billion, according to CTA, representing a 12 percent compound annual growth rate over the next five years.
Active aging tech includes products that support a proactive way of living that balances growing older with the active pursuit of quality of life, CTA explained.