Iveda Enters Japan’s Lucrative Elderly Care Market with Monitoring Solutions

Rhea-AI Summary

Iveda (IVDA) announced an initial purchase order for its IvedaPinpoint wristwatches from B-Lab, a Japanese technology provider. These IoT devices will monitor seniors living alone in Japan as part of an elderly care study. The watch tracks movement, with alerts for inactivity, and can include a body temperature sensor. This project follows a prior study funded by the National Institute on Aging. The initiative highlights the growing demand for technology in senior care, particularly in Japan, which has a significant aging population. CEO David Ly emphasizes the potential for future growth.

Positive

• Received purchase order for IvedaPinpoint wristwatches, indicating market demand.
• Collaboration with B-Lab targets the growing elderly care market in Japan.
• Innovative IoT solutions address critical issues in senior care.
• Second study funded by reputable organizations, enhancing credibility.
• CEO's positive outlook on long-term growth potential in elderly care.

Negative

• None.

MESA, Ariz., Oct. 27, 2021 (GLOBE NEWSWIRE) -- Iveda (OTC: IVDA), the worldwide provider of IvedaAI^™ intelligent video search technology, Sentir^® video surveillance products, IvedaPinpoint^™ and IvedaHome^™ IoT (Internet of Things) platforms with smart devices, today announced that it received an initial purchase order for IvedaPinpoint wristwatches from B-Lab, a Japanese technology provider. The watch is an IoT (Internet of Things) device that will be used to monitor seniors living by themselves for an elderly care study in Japan. Iveda’s smart IoT sensors are a timely solution to the dire problem of elderly care, a growing global challenge.

The watch will monitor a patient’s movement and record path history to ensure healthy patient activities and safe boundaries. For instance, if a patient does not move for a certain period, it will send an alert to a caregiver, medical staff or family members for immediate attention. Lack of movement may need to be checked as it can mean the patient has fallen due to an injury, accident or illness.

In addition, Iveda’s IoT body temperature sensor can be added to the solution seamlessly. It monitors a patient’s temperature, and an abnormal reading triggers an alert.

This is the second study of its kind that Iveda has embarked upon. The first was funded by the National Institute on Aging (NIA), part of the National Institutes of Health (NIH), in collaboration with the University of California, Berkeley, Psychophysiology Laboratory. The Japan project involves a larger sample size of elderly patients.

The IvedaPinpoint platform enables an advanced senior care solution with a USB-powered, IoT WiFi/Bluetooth base station and a wristwatch device. It features a panic button for emergency notifications that monitors both rest and activity cycles. The watch also offers built-in real-time location tracking. Iveda’s base station, acting as a geographic area hub, features the auto calibration of multiple base stations to pinpoint precise location (within two feet) of any tracker device.

The world’s population is aging, even more so in Japan, which has the oldest population in the world. According to the World Economic Forum, age 65 and above represents a third of Japan’s population. Technology is a crucial element in senior care when growing demand outstrips the availability of caregivers. Because there is not enough workforce to attend to an aging population, the Japanese government is promoting the transition of care from facilities to the home.

According to Tokyoesque, a market research company, by 2040 more than 9 million (39.3%) people will be living alone in Japan, not always by choice. Their research identified four sub sectors in Japan’s agetech sector: living/nursing care, food, medical/health and out-of-home services. These sub-sectors are projected to reach $165.8 billion by 2030. The sector represents a long-term opportunity to cater to the growing senior demographic, with cognitive care, companionship and mobility being three of the key focal points.

Though more pronounced in Japan, this phenomenon is unfortunately also common in other parts of the world. According to the American Association of Retired Persons (AARP), 10,000 Americans turn 65 every day. This trend is expected to continue into 2030.

“Japan is not an easy market to enter, but once you build credibility and trust, long-term success is inevitable. We are fortunate to collaborate with our new partner as they truly understand the needs of the growing senior care market,” said David Ly, CEO of Iveda. “Our IoT devices are what this sector needs not only in Japan but in other countries in the same situation. The growing elderly/home care market is lucrative and could deliver exponential growth in the coming years for Iveda.”

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Iveda and Sentir are registered trademarks of Iveda Solutions, Inc. IvedaAI, IvedaPinpoint and IvedaHome are trademarks of Iveda Solutions, Inc. All other trademarks are property of their respective owners.

About Iveda

Iveda^® (OTCMKTS:IVDA) specializes in IoT platforms that offer service providers a turn-key cloud video surveillance system, smart sensors and intelligent video search technology. Iveda utilizes proprietary command center, big data storage and deep-learning algorithms. Iveda has a SAFETY Act Certification from the U.S. Department of Homeland Security as a Qualified Anti-Terrorism Technology Provider. Headquartered in Mesa, Arizona, with a subsidiary in Taiwan, Iveda is publicly traded under the ticker symbol “IVDA.” For more information call (480) 307-8700 or visit www.iveda.com. To follow Iveda visit www.facebook.com/ivedasolutions, www.twitter.com/ivedasolutions or www.linkedin.com/company/iveda-solutions.

This release includes forward-looking statements. Actual results may vary materially from those expected. Iveda’s business is subject to significant risks and uncertainties described more thoroughly in the Company’s SEC filings, including but not limited to its report on Form 10-12g with audited financials for the year ended December 31, 2020 and December 31, 2019 and its subsequently filed quarterly reports on Form 10-Q. All forward-looking statements made herein are qualified by such risk factors, and readers are advised to consider such factors carefully. Iveda undertakes no obligation to revise these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Contact:

Iveda
Luz A. Berg
Chief Marketing Officer & GM
480 307-8700 | lberg@iveda.com

FAQ

What is the recent announcement from Iveda (IVDA) regarding their wristwatch products?

Iveda announced a purchase order for their IvedaPinpoint wristwatches from B-Lab for elderly monitoring in Japan.

How does Iveda's wristwatch benefit elderly care?

The wristwatch monitors movement and sends alerts if the user is inactive, aiding caregivers in ensuring senior safety.

What market opportunity does Iveda see in Japan?

Iveda recognizes a significant market opportunity due to Japan's aging population, with projections of over 9 million people living alone by 2040.

What are the features of IvedaPinpoint wristwatches?

The wristwatches track movement, provide location tracking, feature a panic button for emergencies, and can include a temperature sensor.

What was the first study conducted by Iveda related to elderly care?

The first study was funded by the National Institute on Aging and involved collaboration with the University of California, Berkeley.