Project Background

PROJECT BACKGROUND:

Americans age 65 or older accounted for approximately 12.6% of the total population, or roughly 36 million people, with an average expenditure of $3,588 per person on healthcare1. This represents a total healthcare spending of $129 billion. An even more eye-raising figure is that within the next 15 years another 32 million new customers from the older baby boomer demographic will enter this market representing a total spending power of $2.1 trillion2.

Some of these elderly individuals have difficulty opening their medication containers due to conditions such as osteoarthritis, rheumatoid arthritis, post-traumatic arthritis, carpal tunnel syndrome, ganglion cysts, cerebral palsy, muscular dystrophy, and heberden nodes. These conditions make it difficult for some individuals to utilize the capabilities of their hands. Statistics show that due to their conditions, 55% of senior citizens fail to take their medication. This poses a serious health risk. Furthermore, an approximated 140 billion dollars worth of medication is lost every year. Designing a device to assist the elderly to open medication containers can ensure that they have a solution for this specific challenge.

Realizing the importance of a detailed market analysis for the plausibility of this project, the group employed the services of a Business and Technology student. A much more elaborate market analysis and customer study can be viewed in the Market Analysis section. They were performed by fellow a Stevens’s undergraduate, Kerri Rettig.

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1 Demographic Profile: American 65+

http://www.metlife.com/WPSAssets/78466792201110468360V1F65+Profile-10-10-04.pdf

12 Demographic Profile: American Baby Boomers

http://www.metlife.com/WPSAssets/18827370211149688405V1FBoomerProfile6206.pdf