Fundamental challenges, which build prerequisites for our solution, include aging of the population, permanently increasing age of retirement as well as the cost pressure and the growing demand for personnel in public healthcare. Eventually, aging is one of the major societal challenges in EU, which has already become a significant economic factor. One of three Europeans will be over 65 by 2060. In Finland, the number of over 75 years olds will more than double until 2040 from current 420.000 to 950.000. According to the Aging Report published by the European Commission in 2015, total government spending on pensions, healthcare and long-term care will increase by almost 20% between 2010 and 2060. As the population is getting older, societies need to pay more attention both to the preventive health care and for more effective rehabilitation. Sizeable economic costs caused to the society by unintentional falls and subsequent rehabilitation can be significantly reduced with the help of Physilect, which motivates seniors for self-driven physical exercises at home guided by a virtual assistant yet under close supervision of a rehabilitation professional.
We are targeting at commercialization of our products for global markets by exploring market opportunity created by the aging of population and a growing need for novel rehabilitation solutions. Our main objective for the near future is to make sure our business model is scalable and valid outside the domestic market. Actions implemented within RemoRehab proposal provide grounds for SME Instrument Phase 2 project, which will be mainly devoted to building distribution channels internationally.
