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Market Overview for Technology for Aging in Place

Meet or hear Laurie in one of the following:

What's Next Boomer Business Summit, Chicago, March 21-24, 2017

April 7-10, Washington, DC

Boston, April 30-May 4, 2017

Washington, April 28-29, 2017

 

Related News Articles

02/23/2017

Some older adults are living in neighborhoods that may be making them sick. 

02/17/2017

The tech giants are working on adding voice-calling features to Echo and Google Home.

02/17/2017

The effort is hung up over concerns about privacy, telecom regulations and emergency services. 

02/17/2017

Health spending is projected to grow annually at a rate of 5.6% on average from 2016 to 2025.

02/16/2017

65 to 74 hold more than 5 times the debt that similar ages held 20 years ago.

Monthly blog archive

Seven intriguing health technology offerings from HiMSS 2017

HiMSS – a tech-enabled vision of health potentialAs health spending approaches 20% of the US GDP, health tech innovation has become a visible lever for its curtailment. At this annual HiMSS event those with comfortable shoes could see a plethora of ways to improve outcomes, lower costs, change behaviors, engage patients, streamline the back office processes, about telehealth, confronting the onslaught of security breaches, sessions on population health, healthcare transformation and improved care delivery workflow.  This was an opulent show, spanning a 1300-participant exhibit hall with major player (anchor) exhibitor booth investments writ large.  Here are seven interesting examples that could benefit the older adult market– listed in alphabetical order:

Seven Examples of 'Voice First' Approaches to Benefit Older Adults

Has the 'Voice First' interface trend gone mainstream -- and can it benefit seniors?  Some think so. What has initially been driven by Apple platform Siri and the Amazon Echo – and now with Google Home -- is about to become mainstream (or as it is described, 'Voice First’) as the primary way we interact with technology.  There is even a possibility soon that both the Echo and Google Home devices could be utilized for voice calling.  Here are seven examples of 'Voice First' approaches and experiments for seniors. Soon there will be more that reference Google Home – please comment with your own 'Voice First' example -- these are from the company websites or news stories:

Five Tech-Enabled Ride Service Options for Older Adults

Tech-enabled transportation options for older adults.  Who would have thought of such a specialization before Uber and Lyft, but today, even Uber and Lyft have introduced specialized offerings. All are interested in (or have been) expanding beyond their home base or current business. Some are scalable nationwide – or want to be. Is the service appropriate for the older adult population it is intended to serve?  Is there a growing opportunity for home care companies to add transportation to their services, especially those home care companies that already have consumer apps?  Does this signal a business opportunity for senior housing firms? Information below is from the websites of the firm or related media.

Pew Fact Sheets Shed Light on the Tech Adoption of Older Adults

The upshot: older adults are not buying into the trendiest tech.  Maybe it is because they can’t afford it, aren’t aware of it, or are unconvinced of its value.  Or maybe the unconvinced who could afford to spend the money fear privacy violations or identity theft. Or are burned out at staring at too much information on Facebook or Twitter.  Considering their twenty years of life expectancy at age 65, perhaps overcoming technology adoption resistance and gaps should be a greater priority for those who want to help those in the oldest decades live their best lives. Looking at the update from Pew, observe:

Time to ask what technology should be in the home of older adults?

Tech-enabling home care is one lens on future of care.  Venture capitalists listen carefully for trends fueled by talk in the media.  During the past several years, they heard plenty -- about the longevity economy and an investment-related network, digital health watchers like Rock Health and Startup Health 'moonshots', and all things boomer and their tech interest about the future. So they saw home care as a growth opportunity.  Buried in and mostly around the wave of investment and media interest in boomers (oldest age now is 71), the tech industry also noodled a bit more about the over-hyped Internet of Things, emerging voice recognition technologies, and technology adoption trends (everybody except for those aged 75+).

2017 Tech-Enabled Home Care Report: Rising worker scarcity, family expectations

Why does tech-enabled home care show potential? Growing life expectancy and shrinking assets limit options of older adults in late life, leaving those who may need care more likely to receive it at home. The biggest constraint for this industry is scarcity of willing workers. Although a greater role for technology is envisioned by many, the highly fragmented home care industry has made incremental progress in achieving it.  As the industry matures, standard practices and tech-enablement have begun to take shape. With the coming age wave, venture capitalists have been intrigued and funding has exploded, exceeding $200 million by 2016 year end. 

AARP charts Tech Adoption among older adults -- what does it mean?

What’s happening with older adults and tech adoption?  Not much. Let’s take a look at the AARP 2016 Technology Trends Among Mid-Life and Older Americans. Hint, the report focused most of its analysis on boomers and below. So that leaves the rest of us to look more closely at what they found about older ages, since it seems that this is the most recent set of material on this topic.  From Page 10: “Adults age 70+ are the least likely to have adopted any device.”  And on Page 12: only 29% of those aged 70+ own a smartphone – and of non-owners in that age group, only 4% plan to buy one in the coming (2017) year.

Ten Tips for Launching a Product or Service -- 2017 Kickoff Refresher

So you want to launch a boomer/senior, home health tech product or caregiving marketplace, or caregiver advisory service.  As your new company get ready to travel into battle later this spring to a plethora of lively pitches, it is time to for you to revisit this guidance. Perhaps some time soon, your new or existing company will officially launch a new product or service, or perhaps a long-awaited, over-described and much-anticipated offering will finally ship. First read the AARP-sponsored Challenging Innovators research report. Then look over this updated checklist that continues to hold true – with a few links that are merely examples:

Terminology matters: Digital Health or Tech and Aging?

Is there a difference between health tech and aging tech? A friend told me about a comment from an arrogant investor (that may seem redundant to some). The observation was that ‘aging’ was not important, health is THE topic and subsumes (overrides) aging. Do you buy that? Just ask my daily alerts or search yourself for the term 'aging seniors.'  See that the list starts with NCOA and improving the lives of older adults.  Okay, now do the same for 'digital health' (investment north of $4 billion in 2016). Other than a few blog posts, there is virtually no intersection.  And as for VC focus on the aging demographic?

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Five technologies for older adults from CES 2017

CES 2017 – an overwhelming 'tech-o-rama' that defies categorization.  So do not expect insight here about why, where, or what was intriguing to journalists and geeks, including the Wall Street Journal.  There will be no discussion of how Vegas may be different in a year where the show, which attracted 175,000, ended on a Sunday. [Rant on] And the Silver Summit at CES is long gone, first replaced by Lifelong Tech in 2015 and then fully absorbed into the Digital Health Summit last year and this year. And there will be no discussion here about why, oh why, do all of the demonstration videos of nearly everything have to limit the viewer imagination to the young people being shown? [Rant off] Okay, there is no existing aggregator source for tech that could be useful to older adults -- spanning multiple categories -- nor to caregivers who care for them, either professional or family. Note that some media articles grouped items: a)  tech related to hearing loss, b) tech to assist people with disabilities, and c) an Accessibility Marketplace.  In addition to those offerings, here are five that so far caught my eye -- drawn from various sources:

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