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Insights from 2023 Market Overview Technology for Aging (1 of 4)

The 2023 Technology for Aging Market Overview is publishedWith the establishment of the term AgeTech at CES 2023, the formal interest in the market of offerings for older adults has now been established.  Investors are interested, startups are multiplying, and the landscape is favorable for new and intriguing offerings in the space.  And in some cases, the new offerings are coming from current players.  There are caveats, of course. Tech for all ages remains stubbornly difficult to use, whether it is the frequency of upgrades, the multiple steps to authenticate that the user is not a robot (including checking a box that one is not a robot!) and so it goes. We are not surprised at any of the barriers and pre-requisites we face to log on. And we know that new barriers are just around the corner.

SiPhox Health Introduces World's First Lab-Quality Home Blood Testing Platform at CES

01/05/2023

LAS VEGAS, Jan. 5, 2023 /PRNewswire/ -- Backed by Khosla Ventures and Ycombinator, SiPhox Health is the first healthcare company to leverage silicon photonic chips to make diagnostics 100x faster, smaller, and less expensive – without sacrificing quality.

SiPhox Home consumer blood testing platform. This device is available for investigational use only.

Care Angel and Upside Partner to Offer AI-Driven Housing and SDOH Benefit to Health Insurers

11/08/2022

MIAMI & FT. LAUDERDALE, Fla.--(BUSINESS WIRE)--Care Angel, the leader in AI voice, nurse assistant technology that proactively identifies and addresses care gaps to improve outcomes for whole populations, and Upside, the only fully managed living option for older adults creating a new category of senior living, announce today a partnership to offer a comprehensive health-risk assessment and housing intervention solution to health insurers.

Parks Associates: More than 14 million US households used an independent living solution

10/10/2022

DALLAS, Oct. 4, 2022 /PRNewswire/ -- Parks Associates reports more than 14 million US internet households have used an independent living solution, such as PERS, medical alert systems, or a smart home solution. Further, 54% of US internet households now have a connected health device and are looking for new technology solutions that are integrated and focus on communication, fall detection, and safety notifications especially around fire, water, and gas detections.

Parks Associates: Family Caregiver Reported Adoption of Independent Living Solutions

Connected Health Summit

Did you miss one? Check out September’s Aging & Health Tech blog posts

September brings falling leaves, rising and falling hopes. Turns out that VCs are waking up to the opportunity in the longevity economy. Recognizing that people may live a lot longer, perhaps even to 100. How do you prepare for such a long life? Behold the rise of the active adult lifestyle, now enabled with a boom in 55+ rental communities. Combine that change with the ‘Forgotten Middle Market’ of senior living. Consider the Chicago Tribune article about tech for aging in place. Now add in the shortage of workers in home care, health care, and nursing homes. If there was a time to look at the role of monitoring and engagement technologies that augment and assist the worker in the care of older adults – it would seem that this is the time. Here are four Sept blog posts on these and related topics:

CENSUS: Senior care growth means tech change will be mandatory

The Census knows the growth and potential explosion of care needs and older adults. Consider their newly published document explaining the industries to those who may still not see what’s happening. "Assisted Living Facilities for the Elderly saw a 34.4% increase in revenue from 2013 to 2020.  Home Health Care Services experienced an even larger increase – 50.5% -- during the same period." These assertions are built on the Service Annual Survey (2021).   The U.S. Census Bureau projects that in 2050, the U.S. population ages 65 and over will be 83.9 million, nearly double what it was (43.1 million) in 2012.

Falling short on solving the care crisis, now and in the future

 A well-known consulting firm assesses the growing care gap. Boston Consulting Group analyzed the care crisis recently asserts that the lack of paid or unpaid care workers to provide care of children or aging parents may prevent them from filling unfilled jobs, noting the 99 million people today who are not in the workforce. y do an interesting analysis built around the premise that some people who could work do not because of care responsibilities. The conclusion -- the one hand, quality affordable care could be subsidized so that more would want to do the work, filling the unfilled care jobs (day care, elder care). And family members could thus remain in jobs that they would otherwise abandon to provide care. Okay, hard to argue with this macro view, but there are some key points missing. Take a look at Exhibit One in the document which asserts that nearly 50 million people, aged 18-64, could become part of the care labor force, particularly those that have children and remain at home to care for them.

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