AgeTech

Aging in place – the latest trend. Rant on.  People want to age in place – just ask them, as AARP did in 2018.  Of course, in the not-cited part of that survey, only 59% expected to be able to do so. Little did they know that a pandemic was coming, that visiting with aging family would become a nightmare – with people unable to see their relatives for many months.  The death rates from Covid-19 (or with Covid-19) of seniors in nursing homes and assisted living were horrific on the one hand and daunting to prospective move-ins.  So by late 2020, EVERYBODY wants to age in place – an unprecedented trend, says Rock Health – and health innovators have taken note.

What happens when people avoid health-related in-person care? Rant on. Nearly a third of older adults, according to a National Council on Aging post, are foregoing visits to emergency rooms, afraid of catching the virus. Or they are avoiding outpatient visits, afraid of Covid-19, but also concerned about cost of care.  And the cumulative number of lost visits since mid-March continues to grow.   Family concerns about health and Covid-19 also continue to delay or prevent some move-ins to senior living communities.  Presumably, some avoidance is occurring even in circumstances where there is a pressing need for a move, such as worsening dementia.  But is telehealth viable for the oldest? 

August in the time of Covid-19.  Normally at this time of year, one looks back at the summer just passing and ahead to the autumn of trade shows, travel, and even – gasp -- talking in person.  This year, the emergence of Work From Home (with an acronym WFH!) has isolated most in Zoom rooms and revealed decorating styles, bookshelves and intriguing wall art. The world’s largest annual trade event that many tech firms would spend the fall preparing for, CES in January 2021, has moved to all-online. The irreversible telehealth boom may be slowing and yet, older adults may be unable to benefit.  More from August 2020:

Innovation for older adults – not keeping pace in the US.   We get pretty excited when a new venture firm starts up in the US that focuses on older adults. One imagines that the phone there is ringing off the hook. Why? That makes at least three US VC firms, including Generator Ventures and Linkage Ventures, that acknowledge the older adult technology market, let alone fund early stage entrants. Consider that the 65-and-older population has grown by a third in the past decade –  now at 54 million (or 16% of the US’ 328 million).  Are three VCs enough to cultivate innovation needed to serve older adults, given the shortage of caregivers in homecare, home healthcare and senior living? And that’s today – never mind the projected growth of the segment in the coming years.

Approaching the 20^th year in this job category, so let’s reflect.  OPINION ON. Industry analysts wear many hats, but the primary role is to understand and communicate about a particular category market of companies/players.  This includes writing market research documents (blogs, white papers, reports) about the categories that can help position them in comparison to each other and new entrants. It includes giving advice to current and new entrants. Analysts also do custom paid work for some of those companies– such as advisory sessions, surveys, webinars, speaking engagements, or white papers.  Analyst firms typically publish market overviews -- for the tech sector, Gartner Magic Quadrant positioning, Forrester Wave or IDC market surveys.