Meet Laurie in one of the following places:

Boston area -- July 17-August 26, 2015

Boston, September 15-16, 2015

LeadingAge Boston November 1-4, 2015

Health 2.0, Santa Clara, CA, October 4-7, 2015

 

Related News Articles

07/24/2015

Technology can help people stay at home longer.

07/14/2015

A new study that suggests the start of middle age is no longer 45 or 50 but, instead, 60.

07/14/2015

At summit, experts discussed making technology accessible to seniors. A study on topic was also released by AARP.

07/13/2015

Honor hopes to start a trend of tech companies focusing on the needs of seniors.

Market Research Reports

Updated: (01-29-2015) Technology Market Overview Report Click here

Published: (06-20-2014) Challenging Innovators 2014 Report Click here

Published (03-08-2013) Next Generation Response Systems Click here

Updated (8-25-2012) Aging and Health Technology Report Click here

Updated (7-31-2012) The Future of Home Care Technology Click here

Published (2-14-2012) Linkage Technology Survey Age 65-100 Report Click here

Published (4-29-2011) Connected Living for Social Aging Report Click here

You are here

Trending again – Technology for aging in place

What goes around comes around and gets a new market sizing. You may have seen a rather giddy press release recently that sized the market for aging in place technology at a cool $30 billion by 2017.  The global market for elder care technologies will hit $7.2 billion by 2018 and as for home monitoring of seniors, the number of units of wearable wireless devices will climb from 3 million units (2011) to 36 million units by 2017, and users of family locator services (including PERS) will reach 70 million by 2016. It’s a good thing these sizings forecast three to four years from now. That will give everyone time to overcome barriers that hamstring utilization today -- like controlling the cost of device, figuring out who pays for them and will the target user actually be able to afford to use it/wear it to help them stay safe or will the doctor and supporting staff remain engaged to help the user keep their chronic disease(s) under control?

All size of sizings aside, the tipping point for expectations may be near. While broad adoption may be years away, the changing of the minds appears to have begun, making the market sizings feasible. Telehealth and remote (patient) monitoring are in the cards of the Veterans Administration, CMS is expanding its coverage of telehealth for Medicare patients, and even the senior housing industry mulls the potential for sensor-based monitoring of residents.  Note on that last one – mulls the potential, something that has been mulled many times over the past five years. However, between the VA and CMS, remote patient monitoring by 2018 seems likely. The US PERS market hugs its market size close to the industry vest, but it is certainly within the 3 million global units (1 million of which are in the US).

Investors will put their money into tech categories for older adults.  Even if sales lag expectations, investors will be reassured by the latest press that helps them identify the business ROI for senior housing, or perhaps they will like thinking about products like Lively as a sensor network for older folks -- in either case, investor money and guidance is now available, helping to get companies jump-started on their real work search for partners, retail sales channels and customers. Considering that investors must put their money someplace and that the market of mobile health technologies for the young and mostly-healthy may be crowded, we should expect market growth – on the funding side. Now if someone could just figure out how to engage the end user -- that will close the loop linking market size to product-service to benefit.

Comments

Hi Laurie - great post - as usual right on point and highly relevant.
You state that Investors will put their money into tech categories for older adults. Who are these investors and which companies are they investing in or will they invest in?

Except for Lively - who has raised serious money from serious investors?
Thanks
Michael Neuvirth

Serious money over the past 5 years:

1) Healthsense

http://www.bizjournals.com/twincities/news/2012/09/19/healthsense-gets-funding-from-merck.html

2) WellAware

http://mobihealthnews.com/5695/wellaware-raises-7-5m-in-venture-capital/

3) MobileHelp

http://www.mobilehelp.com/news_pr.php?id=10

4) Living Independently Group (turned into Quiet Care turned into Care Innovations)

http://www.prnewswire.com/news-releases/living-independently-closes-10-million-financing-led-by-valence-capital-management-53632612.html

Recently:

Linkage Ventures

http://medcitynews.com/2012/03/new-venture-group-formed-to-invest-in-technologies-to-help-the-elderly/

Today, though, more of the serious money is all in mHealth/telehealth -- if the product or service can be even loosely be categorized as telehealth or remote patient monitoring, big money is out there -- and as a side benefit, perhaps seniors will be helped as well.

https://ehrintelligence.com/2013/04/29/mhealth-vc-investment-nears-500-million-in-q1-of-2013/

 

Thanks for the list - I know of hundreds of companies in this space trying to raise money - I hope they are all successful. This industry needs new, innovative products that are truly market driven

Luckily we were able to attract angel money to launch the Iamfine.com service. The VC's are still largely seeking the bigger social media payouts such as facebook and twitter.

Paul

Laurie as usual very helpful for the information and where it comes from. Technology is always the next gateway to improve life in many different ways. This market is growing but also the numbers of players and solutions. Solutions look good but are there specific solutions that are hot in the market that make sense for people to use or develop. Thanks Baruch Buchbinder

User login

login account