Why the Home Health Market Will Explode

Looking to find more customers? It's easier than you may think.

Make that a million times easier.

Home Health Technology is one of the most lucrative markets in today's economy. Every month approximately one million people turn 60 years old, and 80 percent of them are in developing countries. Not to mention nearly two-thirds of people who have ever lived to the age of 65 are still alive today.

In fact, the fastest growing population segment is people 85 and older. The second fastest? Those who have turned 100, according to AARP.

Need to know more? About 3.5 million people worldwide will be over 100 years old by 2050, according to HelpAge International.

This rapidly growing population (also known as the "silver tsunami") of seniors and aging baby boomers represents a thriving client base that cannot be ignored in today's economy.

"The recession is probably the best thing that ever happened to the aging and technology industry," said Laura Mitchell, business relationship specialist for GrandCare Systems, a leading provider of high-end, in-home health technologies and vocal advocate and educator to dealers and policy makers. "People cannot afford to go into assisted living where, on average, you're spending about $4,000 to $8,000 a month.

"Whereas if you can purchase a system and stay in your home for even a month or two, you've already purchased the system. Not to mention, a lot of people who may need to go into a facility cannot sell their house right now and so they don't have the option to moving into a facility. They need something in the interim."

Home Health at EHX Spring

EHX Spring 2010 has partnered with GrandCare Systems to present the Home Health Tech Pavilion in Orlando, Fla. on March 25-27. These dedicated sessions and hands-on exhibits will teach custom electronics professionals how they can tap into this booming marketplace.

"Dealers really do need to be the expert in this industry," said Mitchell.

Many CE pros already have the skills they need to succeed in this industry. Health care providers are turning to those who have experience in home automation to set up systems in homes and in long-term care facilities. GrandCare, for example, uses existing protocol-driven sensors such as the Z-Wave mesh network and Bluetooth technology.

"There is an especially good fit for people in the home automation industry who already have a feeling of how to set up sensors, to set up mesh networks, to make sure there is Internet access in the home, to do smart sensor placement," said Mitchell.

Revenue Opportunities

While the technologies may be familiar, the revenue opportunities are new. GrandCare offers incentives of about $5,000 per system installation to their network of dealers as a reward for their work as early adopters. Individually, installers can profit from recurring revenue add-ons.

"Not to mention there are extreme opportunities for value-adds," Mitchell points out, "Because what you're doing is you're trying to make sure that this senior or this individual can stay home comfortably and happily in their homes. This is not only installing this technology, but maybe they're going to install safe path lighting or things that are going to be value-adds that other people cannot provide."

The silver tsunami is coming and there is no better time to ride the wave.

"The demographics and statistics don't lie," said Mitchell. "We're not replacing anything, but we're creating something new. It's an exciting time to be involved."


Learn more about retrofit technologies in the Retrofit track at EHX Spring. | http://www.ehxweb.com
Electronic House Expo Spring 2010: The New Opportunities Show, March 25-27, 2010, Orlando, Fla.
Smart Energy | Commercial | Home Health Tech | Recurring Revenue | Digital Content | Retrofit