Check out LogicMark’s investment deck here.
In America, greater than 10,000 Child Boomers attain the milestone age of 65 every day. By 2040, 25% of the American inhabitants can be over the age of 65. In the meantime, senior residents are selecting to stay life independently greater than ever earlier than, a shift that has gained momentum within the wake of the pandemic.
As of late, almost three-quarters (70%) of Individuals shudder on the considered being admitted right into a nursing residence, a Gallup poll revealed. Moreover, virtually two-thirds of households would hesitate to confess a liked one to a nursing residence facility. Nevertheless, dwelling independently introduces a bunch of different challenges that should be overcome.
Whereas emergency and security wants have developed over the previous a number of many years, private security options usually lag behind and do not hold tempo with fashionable technological requirements. This has an impression on susceptible communities, in addition to the “sandwich era” – a lot of whom are caring each for their very own kids in addition to their growing older dad and mom.
Why Seniors Are Susceptible To Falling
In actuality, the main reason behind damage and loss of life for senior residents over the age of 65 is falling, and with extra of the growing older inhabitants dwelling independently, the pattern is simply getting worse, according to the U.S. Facilities for Illness Management and Prevention (CDC). In truth, of the roughly 58 million Americans age 65 or older, one in 4 report experiencing a fall, based mostly on historical data from the CDC, a rising drawback they admit might be prevented.
Dr. Esiquio Casillas, Senior Vice President and Chief Medical Officer for the AltaMed Well being Companies Program of All-Inclusive Look after the Aged, explained the trigger, saying, “That is as a result of growing older impacts our muscle energy and adaptability, making it tougher to take care of stability and stability. Older adults are additionally extra more likely to have persistent circumstances that may have an effect on their mobility, coordination and general stability. Plus, age-related imaginative and prescient adjustments and listening to loss could make it tougher to navigate and determine potential hazards.”
Recognizing these considerations, LogicMark LGMK, with almost 20 years within the private security merchandise market, has developed a whole suite of options, together with private emergency response techniques (PERS), well being communications units and internet-of-things (IoT) applied sciences for a related care platform.
LogicMark says its expertise harnesses information to determine dangers whereas anticipating wants and defending information privateness. It carries the potential to reverse a troubling and harmful pattern of loss of life from unintentional falls. Contemplating the expansion that the senior medical alerts/PERS market is about to expertise, with the market alternative projected to reach $17.26 billion by 2028 – reflecting a compound annual development charge of 10.6% – LogicMark might be strategically positioned to capitalize on this pattern.
LogicMark’s Enterprise Evolution
Since its founding in 2006, LogicMark has grow to be a frontrunner in private security. Early in its inception, the corporate relied closely on reactive medical alert {hardware}, merchandise that generated one-time income and have been predominantly concentrating on the business-to-government (B2G) market, which LogicMark says it has not solely penetrated however is robust in regardless of fierce obstacles to entry. Since 2021, the corporate’s transformation has been in full gear, coinciding with the appointment of CEO Chia-Lin Simmons, who stays on the helm.
LogicMark reviews that it has since expanded from a one-time income mannequin to at least one that features recurring subscription income with an excellent lifetime worth. Its newest merchandise exist in white-hot areas equivalent to AI, software-as-a-service and cellular functions, whereas it has additionally broadened its attain to incorporate business-to-business (B2B) and business-to-consumer (B2C) channels.
The LogicMark ecosystem integrates proprietary AI and machine studying applied sciences, facilitating ongoing connectivity and scalability.
How LogicMark’s Merchandise Can Be A Lifeline In Misery
LogicMark has no scarcity of merchandise and options from which senior residents and others can select that would function a lifeline in occasions of misery. Whereas LogicMark affords quite a few services and products, listed below are a pair which can be uniquely match for seniors:
Freedom Alert Mini: The latest in its line of cellular medical alert units, Freedom Alert Mini brings revolutionary expertise to medical alert units. 24/7 monitoring means this system will at all times attain assist and guarantee wearers obtain essential help. Fall detection will alert emergency companies even when the fallen can’t communicate. GPS location companies permit caregivers to watch system location always. Caregivers can set geofencing boundaries to obtain alerts when these below their care could wander. The Care Village app offers final reassurance as a hub for emergency alerts, system standing and geofencing boundary administration.
Guardian Alert 911 Plus: Guardian Alert 911 Plus is a 4G LTE expertise that provides wearers peace of thoughts to journey anyplace inside vary of a mobile community. An industry-leading battery life means Guardian Alert 911 Plus solely must be charged each 3-6 months, based mostly on battery monitoring settings. LogicMark introduced two-way voice communication to medical alert system expertise. Guardian Alert 911 Plus might be worn on a lanyard, in a belt clip or on a wrist strap. This system is a one-time buy, requiring no month-to-month monitoring charges.
Aster: For growing older adults who’ve a mobile phone and aren’t prepared for a conventional medical alert system, LogicMark affords Aster, a private security app that connects on to a monitoring service to make sure the person’s security. In an emergency, a swipe will instantly join them to monitoring professionals who will keep on the road and dispatch emergency companies to assist. A press and maintain will permit all growing older adults to arm the app once they don’t really feel secure and name assist once they launch. The comply with me characteristic permits customers to schedule occasions or appointments that they want a check-in after, to ensure they’ve left safely. The Bluetooth button might be clipped to a keychain or purse to name emergency companies instantly when assist is required.
Freedom Alert Plus: Freedom Alert Plus is an in-home, Wi-Fi-powered medical alert system. LogicMark reviews that it’s the first of its sort with a contact display and fall detection, making the system the final word security companion for across the residence and yard. 24/7 monitoring means emergency professionals are at all times obtainable to dispatch assist when wearers want it. Care Village offers caregivers with peace of thoughts, understanding they may at all times obtain alerts when their liked one wants help. They’ll monitor system battery life and Wi-Fi connection to ensure Freedom Alert Plus will hook up with emergency companies.
The problems round private security and independence aren’t going to vanish by themselves. Traders who’re enthusiastic about taking part on this digitization of the non-public security market can try LogicMark’s investment deck here.
Featured photograph by Oppo Find X5 Pro on Unsplash.
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