My project is now more focused on general health, physical fitness, diet, exercise, and fat loss. It is simple and prevention-focused.
Tele-healthcare was the market from which this idea stemmed. Tele-healthcare is focused on recovered patients or patients who have serious health problems and need frequent or constant monitoring by a remote party.
My project also incorporates a heart rate monitor, scale, and body fat monitor. These products are all great, but making them interconnected and intercommunicating really improves the usefulness of each of these objects. Comparing heart rate information with weight and body automatically through a computer system gives the user insightful information about their progress, or lack their of.
There is a final product named Fitbit, so far unreleased (they claim early 2009) which tracks your calories and distance over the day. Its small, automatic, and painlessly easy to use. The device connects to your computer and you can view information on your activity and compare it with other users.
My product is focuses on working independently of a computer. Also, to save money, there is no telecommunication aspect; the information is not sent to anyone else besides the user. The focus is cheap, simple, and easy.
Seniors said in one marketing report I read that $50 would be the most they are willing to spend on new technology. Thats fairly low. The Fitbit is priced at $100.
So far, taking a brief look at the market a heart rate monitor ($10) and combo scale/bodyfat ($25) monitor can be purchased for $35 total. That leaves $15 retail for the price of the central unit that displays and calculated information. I think this looks feasible. There's no reason good design can't bring those prices down even further.