Market Overview for Technology for Aging in Place

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Aging technology

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Aging technology

Design for all – what we wanted and what we got

Here’s a test. Can you look at a list, for example, of technologies that vendor websites claim are aimed at older adults and their caregivers -- and substitute younger beneficiaries or health care recipients?  Do designers who develop applications, devices, and websites that appear to target older adults do that exercise of substitution as they proceed from concept to pilot to delivered offering? Was that what was meant in the concept ‘design for all’ in this prescient report ‘Connected Living for Social Aging’ sponsored by AARP in 2011?  Per the report’s definition of ‘Design for all’: User experiences that appeal to all age groups, persisting across versions and devices 

The Venn Diagram of Health, Aging, and Caregiving

You see it in the media and hear about it with investors.  Digital Health is in its bubble of $8.1 billion in 2018,  which amounted to 8.6 % of VC investments, despite limited exit strategies – but investors love it.    Startups focused on the aging/technology space, however, receive only 0.7% of venture capital investment, including the big money ($115 million to date) that has gone to just one company.  (And that company is quietly pivoting to become a home care consolidator/platform company).  Meanwhile, over at the $30 billion (2018) home care market, a worsening shortage of workers in the midst of demand growth, is creating a recruiting near-panic among agencies, senior living firms and families, and produced.

Linkage – A rare survey of technology ownership among the oldest

When there’s nothing else to buy. Funny about technology ownership among the oldest – generally there is no way to know whether they own any or if would they buy it. Neither Pew (in 2018) nor AARP (2019 technology ownership) broke out upper age ranges. So Link·age Connect is an outlier that asks ownership questions and documents age breakdowns of responders, half of whom were age 75+. This 2019 Technology Survey of Older Adults Age 55-100, conducted online, notes that 80% of respondents (45% of whom live in senior-oriented communities/housing) have smartphones. At this point, if the mobile phone breaks, what’s the store rep going to promote, and it doesn’t matter which store? While they carry flip/feature phones, an iPhone or an Android phone can be used just like a flip phone. More than 50% of respondents have smart TVs (yes, that’s nearly all you can buy these days).

The Longevity Revolution: How the Rapidly Expanding Aging Population  is Generating Entrepreneurial Opportunities 

04/05/2019

Startup opportunities abound in the new world of tech assisted aging.

As the average life expectancy rises, a massive shift in the demographics of aging is having profound effects throughout the economy. The 50+ year-old population today controls almost 80% of US aggregate net worth. Increasingly tech savvy, this group spends more money online than Gen X and Gen Y consumers combined. As women and men alike redefine expectations for later life, they are leveraging their health and wealth in ways that were unimaginable only a few years ago.

Policy action on aging and technology – let's expect results

Should we expect change from aging-related tech policy initiatives? The answer is yes. Many are chosen, ideas are circulated from a long list of participants -- good ideas are collected and then the initiative is disbanded.  Maybe it is because the government changes a year later, but the net result is that recommendations appear, but measurements of status or success may not.  A good example from the past 3 years: the PCAST report, summarized in an ASA publication by David Lindeman: 'Independence, Technology, and Connection in Older Age."  A prior report recommending change in the hearing technology industry may have contributed to or encouraged the sale of PSAPs and the introduction in 2018 sale of over-the-counter hearing aids – and may have encouraged additional categories of hearing aids and the growth of interest in 'hearables.’  So to the degree that there is a connection, that’s a good outcome.

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