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.

Trending again – Technology for aging in place

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

where and who are the investors?

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

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.mobilehelpnow.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.

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

 

Hope To See More Investments

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

Money raised to launch service

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

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.