wearables, smart watch

Companies and products worth noting in August.  It may be the dog days of summer, but life and innovation move forward – and so it is with offerings to note that serve older adults. In particular, it is great to see the emergence of Primetime Partners, specifically focused on the aging-related market opportunity. The first, HomeEXCEPT was one missed at the time, emerging from a 2017 AARP Innovation Business Plan competition. The last was offered by a giant US network.  Go figure.

In 2020, focus sharpens on technology market categories of aging and caregiving.  AARP published a new report that showed growing interest in technology among those aged 70+.  CES 2020 saw several exhibit areas and innovations focused on older adults and what they need. This past week, Cambia Health released a survey of caregivers, 64% of surveyed caregivers use at least one digital tool to help them with caregiving.Samsung, Best Buy and Amazon now group offerings that could be helpful for older adults and those who care for them. What other changes matter for this market? 

October was a long and extravagant month for the tech market.  Between trade events, including the Connected Health Conference in Boston, LeadingAge in San Diego, HLTH in Las Vegas, the Aging 2.0 Revolutionize Conference in Boston which was highlighted by the reveal of Venture Capital investor Dominic Endicott's $2 Trillion Age-Tech market size, making the Consumer Technology Association's $29 Billion look cautious. No doubt there were also many smaller events throughout the country. Here are the October blog posts:

You are increasingly likely to have a wearable -- around your neck or on your wrist. You may collect your own data for your own tracking and use.  For those who see a wearable in a health context, they may be disappointed to know that their doctor doesn’t seem to care or know what to do with your heart rhythm data.  But you can gain great benefit from tracking your performance (exercise, heart rate) – competing with yourself, and feeling the satisfaction from any improvement over time.  What are the benefits of wearables today -- and in the future?

The last gasp of August and Labor Day's hurricane Dorian is behind us.  Note how a devastating Hurricane Dorian already has become a past tense Wikipedia entry (!). Now we must contemplate the fall season of tradeshows and events, rev up anticipation for impending technology announcements, consider that technology anti-trust investigations are launching in multiple states. Meanwhile, the older adult technology market is still comprised of four main categories, into which the new entrants and inventions, including wearables, sensors, AI, and predictive analytics, will fit. The research report, Voice, Health, and Wellbeing 2020 has now launched and interviews are underway. Interest has grown in the use of technology to mitigate social isolation – more on that topic later this week, and the US population aged 65+ passed 52 million in 2018. What to make of all this? Here are the blog posts from August for consideration:

How do wearables contribute to health and wellbeing of older adults? Did something happen recently propelling sales up 51% that pushed consumers out the door to buy a wearable, like a fitness band or a smartwatch? Was it the coolness of the Apple Watch? Was it fear of ailments that worsen with lack of exercise?Or to put the question another way, what is it that these devices do that can help maintain or improve health, noting that 32% of baby boomers today get no exercise whatsoever, according to the CDC. However more than 50% are striving for 30 minutes per day and want feedback about how they're doing. Today’s wearables have functions that are relevant because they:

​The new trend – tech/services for older adults, not just tech.  When the 2009 Market Overview was completed a decade ago, there were gadgets galore, most introduced with maximum enthusiasm and a shoestring of cash.  Today, perhaps due to pending boomer bulge, innovators and their funders may be having a somewhat easier time, at least in some market categories – health, home care, transportation come to mind.  The other apparent trend is the enthusiasm of partners (health care, senior living, home care) to try out new tech-enabled services that target a problem or opportunity that may have existed a decade ago, but is truly apparent today. Finally, the pace of tech improvement is notable – lower cost and improved utility of on body (or in-room) sensors, predictive analytics, and device integration – with smartphones, health systems, and broader solution sets.  Here are eight of the 33 new offerings from the 2019 Market Overview (material from the vendor/news sites) that deserve a closer look – future posts will highlight others: