Investors: Press Release
U.S. Has Pent-Up Demand for Eldercare Capable Personal Robots
CONYERS, GA, Jul 07, 2009 (MARKETWIRE via COMTEX) -- GeckoSystems Intl. Corp. (PINKSHEETS: GCKO) announced today that they expect pent-up demand for their cost effective, home based eldercare personal robots. This new type of modern eldercare will postpone, if not eliminate, many elderly persons from having to endure the loneliness and loss of independence when living in nursing homes, and other assisted living facilities. Their families can now better manage the difficult decisions regarding independence they allow their now dependent aged parent while minimizing the concern and risk the adult caregiving child is willing to assume to enable an acceptable level of independence for their now dependent parent. GeckoSystems is a dynamic leader in the emerging Mobile Service Robot industry revolutionizing their development and usage with "Mobile Robot Solutions for Safety, Security and Service."
"For the last several years, the US eldercare crisis is commonly portrayed as 'not happening' until the baby boomers reach the age of great reliance on their children and younger family members. The truth of the matter, since the US is the only country in the top ten of the world's industrialized nations without national healthcare, is that we really don't have solid statistics for our true 'bottom line' annual US eldercare costs. Many middle class baby boomers are presently suffering significant financial, time and emotional pressures attempting to care for their surviving WWII and Korean War era parents," observed Martin Spencer, President/CEO, GeckoSystems.
At the time of the company's founding, extensive primary market research was performed to determine the demographic profiles and the market segments appropriate to identify the probable early adopters of eldercare capable personal robots. Not surprisingly the scientific statistical analyses revealed that elderly over 65 living alone in metropolitan areas with broadband Internet available and sufficient household incomes to support were identified as those most likely to adopt initially. Using U.S. Census Bureau data from the 2000 census, the pent-up demand, to the degree possible for metro areas only, is -- to those not privy to this type of statistical analysis -- nearly unbelievable. Due to the high cost of assisted living, nursing homes, etc. the payback for a CareBot is expected to be only six to eight months while keeping elderly care receivers independent, in their own long time homes, and living longer due to the comfort of more frequent attention from their loved ones.
"We project the available market size in dollars for cost effective, utilitarian, multitasking eldercare personal robots in 2010 to be $74.0B, in 2011 to be $77B, in 2012 to be $80B, in 2013 to be $83.3B, and in 2014 to be $86.6B. With market penetrations of 0.03% in 2010, 0.06% in 2011, 0.22% in 2012, 0.53% in 2013, and 0.81% in 2014, we will anticipate CareBot sales, from this consumer market segment, only, of $22.0M, $44.0M, $176M, $440.2M, and $704.3M, respectively. We expect these sales despite -- and perhaps because of -- the present recession due to pent-up demand for significant cost reduction in eldercare expenses," concluded Spencer.
The foregoing forecasts do not include sales in non-metropolitan areas; elderly couples over 65 (only elderly living alone are in these forecasts); those chronically ill -- regardless of age -- or elderly living with their adult children.
Some believe that the technology is approved and paid for through options such as the Assistive Technology Act of 1998, which broadens the definition, use, and funding of technology at home. Other sources include long-term care insurance, Medicare and Medicaid, Medicaid waivers, and (potentially) stimulus funds from the American Recovery and Reinvestment Act of 2009, under the provisions for health information technology and electronic medical records for acute care.