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Market Overview for Technology for Aging in Place

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aging in place

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aging in place

Barriers to Technology for Successful Aging -- Same Old, Same Old

Technology adoption for successful aging has no deadline.   Much like aging itself, there is no schedule. So no one ever has to complete the job, or as with communication carriers, even begin the job. But well-meaning associations, committees, advocacy groups, and senior-centric organizations are united in encouraging forward motion. And so the task force initiatives, councils and recommendations are funded and catch the eyes of the media – even if the actual transformation cannot always be detected in surveys. And as with identity theft, phishing, and newly invented scams, tech adoption in the older age ranges can appear to be two-steps-forward, one-step-backward.

Add more technology breadth to Aging in America

You walked the Exhibit Hall at ASA. You've been there, done that -- the American Society on Aging conferences and always the Exhibit Hall – so that you could note what the organization prioritizes for its many social services attendees to hear about or visit. A few years ago, you were observing that there were many companies, so little tech. This time it seemed that the exhibit hall had even fewer tech offerings than previous, and very few brand-new companies. Big firm entrants were there -- like Tunstall (Exhibit Hall) and GreatCall (Sponsor), along with divisions of larger firms, like Plantronics/Clarity.  You might have thought it was surprising to see a new senior-focused business unit from Hasbro -- with a Companion Robotic Cat (Exhibit Hall). Maybe you noted that a few smaller firms were there – with tech like MyMar (medication reminders for assisted living staff), MyMemory Carebook (life legacy), SwiftAlarm (PERS) and SingFit (dementia care music technology).

Five new technology offerings for Aging in Place - March 2016

Staying up-to-date by rounding up recent announcements.  As the recently published 2016 Technology Market Overview noted, most older adults will remain in their own homes, served by home/companion and home healthcare providers and assisted by a variety of tech-enabled products and services. Over the past month, new offering announcements have that can help seniors, care providers (family and professional) meet the objective of remaining at home. Here are five, noting as always, that all material is provided from the websites/announcements from the companies themselves.

HERO, A Smart Home Appliance For You and Your Loved Ones

03/09/2016

(NEW YORK)—HERO, a Brooklyn-based health technology company, debuts the HERO smart appliance, the world’s first household companion for managing vitamins and medicines. HERO is now available for pre-order at an early bird price of $399 at herohealth.com. HERO is built in Brooklyn and expected to ship in early Summer 2016.

Five takeaways: 2016 Market Overview Technology for Aging in Place

The romantic notion of aging in place is becoming a necessity, not a goal. The 2016 Technology Market Overview is complete. Median net worth of the 75+ age range is now $156,000, inclusive of home equity. This is deferring moves to assisted living – its move-in age now a mid-80’s and frailer demographic. But boomers are right behind them – and even less able to move in. They have simply not saved enough – holding an average retirement savings portfolio of only $136,000 – enough for just two years of a private assisted living community like Brookdale. And worse, the average 65-year-old enters retirement years with an unprecedented level of debt.

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