Mobile apps, trackers and smart alerts are in high demand.
Technavio said it is expected that the global senior living market will grow to US$12.74 billion by 2028, with a compound annual growth rate of 5.9%.
The industry's expansion is attributed to the aging baby boomer population and the long-term trend of evolving healthcare technologies.
Patient data management through mobile and electronic health records has become a major trend in long-term care, providing insights into patient weight, diet, exercise and vital signs.
Correspondingly, ancillary services such as mobile apps, wearable devices, trackers, communication devices and smart alarms are also in high demand.
“Adoption of smart homes is also increasing in developed countries, reducing reliance on caregivers and boosting market growth,” the report states.
Improved Internet access has also led to the development of online platforms, mobile applications and mHealth technologies adopted by caregivers and health care providers.
