Market Overview for Technology for Aging in Place

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IoT and home monitoring

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IoT and home monitoring

PACE accelerates into dubious for-profit nursing home avoidance

Nursing home avoidance – the home care wave fits the profile.  So we know that tech-enabled home care has received several infusions of cash lately.  Whether this is an anomaly -- once new-age firms realize that home care consists of difficult and backbreaking labor – or signals a trend, remains to be seen.  The apparent bloom of the home care business opportunity appears to be the inverse of the business gloom in senior housing, as noted in these Chapter 11 filings. These businesses are failing at the same time as nursing home bed capacity is anticipated to become constrained.   As AARP has endlessly repeated, 90% of older adults want to remain in their own homes. Or maybe it is 87%.  But regardless of intent, most will stay because they can’t afford anything else.  

Five Technology Innovations for Older Adults -- August, 2016

Innovation from companies that have been there, done that.  It's intriguing to observe companies that have been in business for a while.  Sometimes there is a redirect into a new space or channel (see Philips and its direct-to-consumer approach) and sometimes innovation arrives that may augment an existing portfolio.  The market of technology and services for older adults continues to expand (see a near-hysterical Huffington Post article.)  So flipping around the cliché that 90% of all startup companies fail, wonder if there is another one -- 90% of all existing tech-related companies launch a tech or a service targeting seniors and caregivers within the next 5 years?  Here are five offerings - all text is from the company sites or press releases.

Innovation for the senior market from Israel

Entrepreneurs from Israel have found or been found by Aging 2.0. The mission of Aging 2.0 extends beyond the US: they are seeking innovators and inventions from everywhere, holding events, inviting pitches and announcing finalists. Last week, 12 entrepreneurs from Israel were written up in Jewish Business News – targeting 'technologies for the myriad needs of the aging population.' Five are included here. These have some unique attributes, but also inspire questions -- which may be the 2.0 issue of aging tech/tech-and-aging. Consider the five below. The target recipient of the technology is uncomfortable with technology, may have a physical limitation (hearing or dementia), and be at risk of social isolation. For each of these inventors, next is to identify the go-to-market partner category that will move these offerings into the homes of those who benefit at a beta-tested price point, combining with already familiar services targeting the broader needs of these individuals. These are very early-stage and all text comes from the original article:

Essence New Voice Panic Detector Gives Seniors Verbal, Hands-free Emergency Access

07/11/2016

Tel Aviv – July 11, 2016 – Essence, a leading provider of IoT, cloud-based connected living solutions, demonstrated its new Care@Home Voice Panic Detector last month at a series of global telecare and security events. The VPD is the first product in the industry to employ voice recognition technology to give seniors two-way access to emergency response via a simple vocal command.

Six new tech-enabled housing concepts for older adults

The future of housing for seniors – or the future of senior housing? Innovators are approaching the tech-enabled future of homes for seniors from multiple directions – support for people with dementia, new approaches to tech in a senior housing campus, new systems for aging at home, and new kinds of age-friendly housing. Innovation is sorely needed -- considering that current approaches to senior housing, whether in assisted living (too expensive) or age-segregated communities (too isolated and/or risky) may not be right for everyone.  Here are some other recently noted housing approaches, material is from sites or news:

Five New Technologies for Caregivers and Older Adults, July, 2016

What are the rules and what are the criteria? Look through these grouped press releases -- all posted here because they (or at least the reminder-to-drink-water concept that is represented) could/should be useful to an older adult or someone who cares for them. It is intriguing that we are at a perceived point in technology utilization for app-to-app communication between an adult child and parent. Also Tochtech is reminiscent of Cookstop, noted here in 2011.  Comments are welcome.

Toch Smarturns Launches Kickstarter Campaign

06/30/2016

VANCOUVER, British Columbia, June 29, 2016 /PRNewswire/ -- Tochtech Inc., a Vancouver-based tech company whose mission is to provide SMART home solutions for safer living, launched its first product, Toch Smarturns on Kickstarter. Utilizing the Internet of Things, motion sensor, wireless and patent-pending technologies, the Toch Smarturns solution transforms existing stoves to SMART stoves, adding intelligence to the kitchen.

SentinelCare, a new approach to supporting loved ones aging in place

06/29/2016

In 2005, Mary Shofer, then 95 had just retired (yes, that’s not a typo).  At 5’1 and 90 lbs Mary was spry, active and walked 2 miles a day.   A widow for over two decades she was independent and vital.   Age-related edema was diagnosed and her physician made a mistake in dosing medication to lower her blood pressure.   At the first dose Mary’s blood pressure dropped so low that she was unable to stand and collapsed, breaking her leg, hip and ribs.     She lay on the floor of her apartment for nearly two hours before help was called.  Why?

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