AgeTech

The rise of AgeTech – it is a trend. It’s easy to say, and it resonates -- especially compared to other long-standing terms like assistive technology, gerontechnology and durable medical equipment (DME). Parks Associates published a useful chart this week about the Changing form factors of panic buttons – take a look. But that was not the real subject of the article (thankfully). Rather, it suggested that while form factors are changing (from pendant to smart watch to home sensor technology), the shortage of labor in the caregiving market means that tech to help 66 million caregivers matters more than ever. In fact, one in five ‘broadband’ households is currently or will soon care for a family member, likely remaining in their own or a relative’s home.

As 2022 begins, the oldest baby boomer turns 76. As the population aged 65+ exceed 54 million, trends emerge. Because of the sheer size of the older adult market, and the wealth of baby boomers, vendors increasingly see them as constituents for new offerings.  The pace of innovation is accelerating, driven by older adult changing needs, shortage of care workers, investor interest and of course.  Considering the recent CES 2022 product introductions, we are entering a world of 'touchless' interactions, ubiquitous sensors and hearables, as well as AI and machine learning, now about to reach its promise and contribute to serving older adults.   Here are just four of the trends identified in the 2022 Market Overview, Technology for Aging. 

Age-Tech is in.  Perhaps you have seen the Age-Tech term pop up since early 2020, led in the US by by AARP’s CEO Jo Ann Jenkins.  Now it is all around – it characterizes AARP’s recently convened AgeTech Collaborative to ‘accelerate and scale new solutions for the 50+ market.’  AgeTech has its own Market Map as developed by Keren Etkin, Gerontechnologist.   And more recently, a young San Francisco investor, Scott Rupp, offered up the Age-Tech economic outlook from Dominic Endicott of 4Gen investment in the UK, an ‘Age-Tech expert,’ describing what the Age-Tech market is today.