Creating games for the elderly is an opportunity often missed by many businesses. Current trends show that the senior care industry is a part of the market that is least tapped, according to BCC Research, a US-based market research firm.
The senior care industry is a market segment that is expected to grow as rapidly as 6-8% in 2020 with over $400 billion in revenue, as reported by BCC Research. What’s more is that there are close to 1.5 billion older adults and people living with disabilities in the world today—a market segment expected to grow to nearly 28 percent of the world’s population by 2050.
There are many potential applications to senior-related technology that are not yet tapped but would cater to the needs of older people. The following are the benefits of investing in the senior care industry:
Senior living is a growing industry. There are plenty of opportunities for exploring the market. An estimated average of 4.8% annual market growth has been listed by market research groups such as Freedonia. Oxford Economics also cites that their projected value for the market by 2032 would reach up to $13.5 trillion.
We see a growing demand in healthcare, social services, and assisted living within the senior care industry. Any form of innovation involving the said services is welcome to potential customers.
Moreover, the senior care industry has few businesses to compete with. To date, there are only a few well-established businesses, such as Brookdale Senior Living, Genesis HealthCare, and HCR ManorCare, that are limited to their own niche, particularly to healthcare and living facilities. Expect very little opposition in this industry.
Oxford Economics said that by 2050 the current number of senior citizens would have doubled up to a total of 3.2 billion people. This allows plenty of opportunities for business to enter the market. Choices for senior care services are still few and they are predominantly healthcare and living facilities only.
Businesses can create and innovate several types of products for senior living. Particularly, games for Senior Living have not been largely developed and established. Entertainment is one of the many services not yet explored by established businesses.
Virtual Reality is also among those possibly used by older people not only for entertainment but also for providing therapy for dementia. Emerging technology has great potential to disrupt the market and add more variety to available products.
Oxford Economics notes that there are at least 4 different generations within the senior care industry, namely: GI Generation, Silent Generation, Baby Boomers, and Generation X. Each generation has its own priorities and set of needs involving entertainment, healthcare, and social interaction. Consumer spending of senior citizens shows trends in purchasing new technology that allows for an active and social lifestyle.
The needs of these incoming senior citizens dictate how new services will arise. From being limited to healthcare and daily needs, we predict that consumers will need entertainment, more connectivity with their loved ones, and other experiences.
Currently, there are over 1.6 billion seniors worldwide already within the industry that involve a high turnover rate due to the shorter life expectancy for senior citizens. According to Oxford Economics, the numbers will double after 30 years. This means that many senior citizens will act as consumers in the said market despite conservative figures shown.
Spending rate for senior citizens was about $500 dollars more than their younger counterparts. They are much more willing to spend on healthcare, utilities, and financial services.
The senior care industry is a growing industry because it is based on the age of customers. HTML5 games have proven that they have the capacity to successfully enter several niche markets such as the senior care industry without a high barrier of entry costs. The only challenge here is finding out the right games for each type of generation or audience.
To learn more about the benefits of HTML5 games, check out the rest of our case studies.