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Market Overview for Technology for Aging in Place

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Boomer-Senior Tech Business

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Boomer-Senior Tech Business

Time for a refresher: ten tips for startups entering the market

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:

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 completeMedian 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.

Technology for dementia care needs more innovation in 2016

 With so much digital health talent and money in Silicon Valley, little aims at dementia.  Is it because the consumer doesn’t complain enough in surveys? Let’s face it, most tech for dementia care is stunningly rudimentary, consisting of (at best) warn and lock doors, cameras to watch for wandering, and if the residents are lucky enough – engagement technologies (like SingFit or iNTL) may be deployed or are at least being considered. If there are 2.5 million people in the US living in Nursing Homes and Assisted Living, more than 50% of them have some dementia. (My opinion – it is much higher than that.)  The rest of the 5.3 million who have some sort of dementia are still living at home.

Taking Shape: The 2016 Market Overview of Technology for Aging in Place

Six years ago, you had to make the case for tech. Why was it useful to describe a market of technology that could help people live longer in their homes?  It was necessary to justify this lens with demographic projections, costs of aging somewhere else, how many wanted to stay in their homes – and then, only then – start describing enabling technologies that could help facilitate their own or family member’s successful aging at home.  The tech market was filled with passionate founders and niche, senior-focused products. That was then.

Technology for seniors – why have a separate category?

Everything and nothing is in the caregiving innovation frontier. Keep slogging through the enormous market scoped in the AARP Caregiving Innovations Frontiers report. Study the teeny-tiny vendor icons (the only reference to market entrants in the document). Icons can be included for offerings that are not yet in the US market, or were produced at a 3-day hackathon (like Witness) and abandoned, or they're yet not a fit in the 'caregiving' world (like Lyft or Uber), or they're no longer a standalone business, like BeClose, Lively, Isowalk, and DoctorAHA).

Tech for age-related markets: learn, select, study workflow, train -- repeat

LEARN: How does useful technology find the older adults who need it?  The new tech laundry list is a staple of our fast-paced tech times. What is new right now, this minute that could, might, or maybe be useful to older adults -- six new technologies for this, five more for that. An exhibit area at aging-related event features more than 50 startup logospitches for pilots and advice on preparing to pilot.  Perhaps a technology could fill a real need of frail seniors – like a wearable band that notes dehydration and suggests a drink. Note that Nobo’s B60 was developed for athletes and the doctors that treat them. The company is aware of the senior need, but it might take a proactive third party to pull them towards that opportunity.

What's Next Boomer Business Summit Announces Programming Details, Keynote Speakers, And More For 2016 Event

01/26/2016

SAN FRANCISCO, Jan. 26, 2016 /PRNewswire/ -- What's Next Boomer Business Summit, the nation's leading annual conference for the boomer and senior markets, is excited to announce programming details for this year's event being held on March 23, 2016, at the Omni Shoreham Hotel in Washington, D.C.

The future of caregiving tech is unbelievably large

Is there more caregiving gold in those Silicon Valley hills?  The CES gadget landscape was, on the one hand, rich with cool wearables fitness and smart cars and clothes.  And on the other hand, there were quite a few sessions about health and caregiving, Doctors see a pushy tech industry that isn’t helping them provide better care, never mind without the doctor – though poor healthcare apps could be costly for hospitals. But the biggest the biggest surprise last week was when AARP/Parks Associates released a report about the super-sized, ginormous 'caregiving' tech opportunity in the upcoming period, that is starting now, of 2016-2020.

From age-specific and age-unaware toward age-friendly design

The lens used to view age sees a different picture. Population segments can be broad. Baby boomers, for example, now span aged 51 to 70, and people in the youngest segment may not feel they have anything in common with the oldest. On the one hand, a 70 year old with a disability may fit directly into the awkward dual goals of the CTA Foundation: "It was established with the mission to link seniors and people with disabilities with technologies to enhance their lives." In that case, an Age Suit may help (young) marketers better understand physical limitations. On the other hand, the mission of AARP is broad, "which enhances the quality of life for all as we age. We champion positive social change and deliver value through advocacy, information, and service." Grantmakers in Aging has an audacious goal: "by 2019 – for 20% of all philanthropy to go to aging."

Six possible technologies from CES 2016 – Part 1

Find the needle in the CES haystack.  That’s not easy, since there were 3200 exhibits last year and 170,000 attendees, with this year’s totals for the show not out just yet.   The Consumer Technology Association -- renamed from Consumer Electronics Association -- wants to be new, as the 500 startups in the Eureka Park exhibit area must have figured out by now. And the plethora of health exhibitors and speakers at the Digital Health Summit act as testimony to the importance of health and then there are the CES essentials: stereo/headphones, smartphones, sensor/wearables, smarter cars, sensory experiences and sleep -- not necessarily together or in that order. And the mostly young attendees will be excited to find an age suit to add 40 years to their age. No kidding.

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