senior living

The 2024 Technology and Aging Market Overview is online. It provides new information and insights about trends that drive technology change for the older adult marketplace. They represent the context for understanding new technologies discussed and featured in the report. This year is in many ways unusual -- the oldest baby boomer turns 78, AI investment and interest reached fever pitch, and the annual CES show had its highest turnout, with AI everywhere since 2020. These trends include the possible future role of AI, that can help address workforce issues and provide benefit over the coming months and years:

AgeTech is a niche market no more.  As we approach 2024 and the plethora of tech introductions from CES 2024, let's reflect. This past year underscored the demographic changes that have brought an aging population -- turning 65 at a rate of 10,000 per day -- into the sight lines of investors, startups and health providers. The very recent monumental investment that swept AI and media visibility underscored how AI could help older adults. And the shortage of labor in the care industries put a spotlight on the gaps in care that AI tech can help close.  No doubt 2024 will reveal more investment and innovation in tech for older adults.  All material is drawn from the websites of the companies.

The Harvard study describes a bleak care future. And the NORC study underscores the housing problem for the Forgotten Middle. Life expectancy for the 65+ is another 20 years on average.  But only 14% of Americans can afford long-term care in the home. And if they could afford it, only 4% of their homes are aging-ready. Nor are they telehealth-ready – where 36% of Americans do not have high-speed internet in the home. For low-income individuals, home and community based services may have a 3-year wait to obtain them. Further, 42% of women aged 75+ live alone. 

Trends worth noting about care work. You know the statistics and they are alarming. Doctors and nurses are burning out, especially in the ER. Turnover is highest in the lowest-paid care positions – home care is at a high point at 77% as of 2022. Pressure is growing in senior living to ‘keep people well’ in conjunction with a higher level of acuity of care needs. Demand and costs are up, and availability of workers is down. What will drive innovation in care?

Why AI will be an enabler for care work. Healthcare delivery is migrating away from the hospital. As care delivery and consumer expectations change, the traditional fee-for-service model has already morphed into the new era of health-care consumerism – a patient-organized mix of self-care, urgent care, and in-home care, avoiding emergency rooms or long wait for a doctor visit. More seniors used telehealth at home during the pandemic – and today the landscape is set for growth in the use of AI in care delivery to augment, assist, and in some cases provide care: