Remote monitoring

The WSJ article circles the problem.  When 41,000 older adults die as a result of falls each year at a cost of $80 billion (projected to $101 billion by 2030), maybe more scrutiny is required than this (unlocked) WSJ article provided.  Each year 1 in 4 older adults fall, and the number of (reported) falls is rising each year. Note that 43% of women aged 75 live alone – hazards in the home can increase the risk of falls. Aa person living alone is at risk of an undetected fall and, as with Jane Glenn Haus, an associated long lie time. According to the CDC, "falls account for 25% of all hospital admissions and 40% of all nursing home admissions. 40% of those admitted do not return to independent living; 25% die within a year."

Sensor-based remote monitoring of older adults – a good idea in 2009.  That year, GE acquired the sensor-based monitoring technology, QuietCare from Living Independently Group (LIG). Sensors could be placed around the home and alerts transmitted about the older adult – across multiple rooms, motion, and lack of motion could all be detected without a wearable. At that time, the ‘home health monitoring’ market was projected to grow to $7.7 billion by 2012. That did not happen, but fast forward to 2023 – market sizing indicates a sizable ‘remote health monitoring’ space. In the 15 years since the QuietCare acquisition, much has happened – although many players left the space when it was unclear how to make money in it.

The population is aging – and still, the tech solution market is immature.  Investors of all types demonstrate interest in a product here and an offering there.  Competitions highlight product winners; money is raised for one product at a time.  One reason for the immaturity of the market is the behavior of buyers. Senior living companies buy a product for this and an offering for that. The future is predicted to incorporate new technology like AI – but that is always ‘in the future.’ Everyone agrees that AI could enhance retirement living and healthcare, but deployment of new offerings is always described as in the future. No other software categories in tech history – consider office, finance, supply chain –  remain a laundry list of point products when markets expect suites.

The 2024 media message touts aging in place. It’s what everyone wants to do, even those with homes that are difficult to navigate, long distances from family, and must have major modifications to enable remaining there. Yet you read this message nearly every week  -- Next Avenue lauds the benefits, sponsored by Lively from Best Buy Health.  Fortune tests home monitoring systems they say are critical to Aging in Place.  And USA Today publishes a survey that underscores the desire to age in place. So what is the market of tech that will support this goal?  AARP calls it AgeTech – and has a startup directory of new entrants, including categories of health, mobility, caregiving and more.  But that is a list, not a solution.