Market Overview for Technology for Aging in Place

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When we're 84 -- considering the AARP Care Gap research

AARP’s Care Gap report sets the table for innovation possibilities.  Driven purely by population changes over the next several decades, AARP predicts that there will be fewer people in the age group (45-64) that can provide care to the baby boomer population when aged 80+.  Based on this model, says the report, boomers at that age will likely have various disabilities and thus may need some level of care. What technology categories would be useful and likely in-market with this multi-year lead time to think about them?  Of course, today there are millions of people who are 80+, but if you follow AARP’s logic, today there seem to be enough available family members, home care, nursing home and assisted living aides between the ages of 45 and 64 to care for them (emphasis on available). If caregiving availability shrinks, what are the technology implications for those who would serve that future wave of baby boomers?

Looking back: What happened with those tech predictions?

Let’s reflect on the market of tech for older adults. In December, 2011, a number of assertions were made about the future – as we move forward, let’s look back and examine if these predictions came to pass, or if they were more fantasy and hope.Those predictions opined that mobile devices would become more important and cut into the house-bound tech market. And tablets and smart phones are transforming multiple tech markets that impact seniors and their families – including apps and senior-specialized PCs, feature phones, and even game consoles like the Wii.  Consider the specifics:

GrandCare Systems to Offer GreatCall’s 5Star Urgent Response to Its Clients

07/16/2013

WEST BEND, Wis. & SAN DIEGO--(BUSINESS WIRE)-- GrandCare Systems LLC and GreatCall, Inc. announced today that GrandCare has added 5Star Urgent Response®, the leading mobile personal emergency response solution (mPERS), to its comprehensive caregiving technology platform.

Five New Technologies from What's Next Summit 2013

What's next in tech for older adults. At the Aging in America 2013 event in Chicago last week, attended by more than 2000 professionals who serve older adults, there were several tracks within the large event, including the Business Forum on Aging, National Alliance of Caregiving Coalitions and for new entrants targeting the boomer/senior market, there was a chance to hear speakers and meet other entrepreneurs at the 10th Annual What's Next Boomer Business Summit 2013.  At the Summit, these startups were eager to meet with AARP executives, investors, and other players in the space (like GreatCall and Philips Home Healthcare).  So here are five of the new products/services from those in attendance -- listed alphabetically; all of the material comes from their own websites:

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Link-age Connect Industry Study Finds Younger, More Mobile Consumers Will Drive Future Demand for Personal Emergency Response Systems (PERS)

03/12/2013

Link-age Connect Industry Study Finds Younger, More Mobile Consumers Will Drive Future Demand for Personal Emergency Response Systems (PERS)

Numera Libris Extends Beyond Safety to Personal Health Management, Enabling a Broader Range of Adults to Live Healthier, Independent Lives

AT&T and Numera Combine Personal Safety and Home Health Management with New Personal Health Gateway

02/21/2013

DALLAS, Feb. 21, 2013 /PRNewswire via COMTEX/ -- As 78 million baby boomers continue to age, falling is a serious issue that is often a precursor to many other serious and chronic health concerns. One-third of adults over 65, or 14.8 million people in North America, fall each year with many more falls unreported. Chronic conditions affect 21 percent of those between the ages of 45 - 64, and that percentage climbs to 45.3 percent of those over the age of 65.

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Aging in Place Technology Watch January 2013 Newsletter

So you want to launch a boomer/senior, home health tech product or service. It’s a new year and a full year later – so it is time for a tune-up and to publish this guidance again. Perhaps some time soon, your new or existing company will officially launch a new product or service, or perhaps a long-awaited and much-described and long-anticipated offering will finally launch. So here is a checklist that continues to hold true – with a few links here and there as examples:

Ten Tips -- 2014 Year-End Guide for Launching a Product or Service

So you want to launch a boomer/senior, home health tech product or service.  As your new company get ready to travel into battle at mHealth, CES, and all those 2015 launch events to-be-named-later, 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. Here is a checklist that continues to hold true – with a few links that are merely examples:

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