For tech and older adults, the year 2021 was pivotal. It was the year of age-tech gaining AARP visibility as AgeTech. It was a year in which hearables moved into the mainstream of hearing assistance, and lower cost over-the-counter hearing aids became more likely. It was a year in which wearables for older adults began to make sense – as predicted in 2020, replacing the PERS pendant with a wrist-worn wearable. It was a year in which radar-based fall detection became a non-wearable alternative within the smart home. Radar, in fact, may join motion sensors, AI, cameras, and voice first technologies as no longer separate and disconnected, but instead part of an integrated smart home infrastructure. Imagine the home as a ‘participating caregiver’ with an in-home team of technologies that help enable older adults’ desire to age in place. Imagine “Family on Demand” as a form of insurance-reimbursed services. And imagine what might happen in 2022. Let's imagine it together -- starting next week. The blogs:
Within five years, predictive, proactive and adaptive smart home solutions that support health and wellbeing, comfort and safety, and engagement and entertainment will emerge to meet the needs of older adults, including subscription-based services that are integrated with wearables. Remote configuration and updates will be standard, and health insurers will be interested in smart home technology as a deterrent to hospitalization. With the addition of predictive analytics and machine learning, the home can become a participating caregiver for the oldest and frailest. What are a few of the trends that will make that feasible?
Tech for an aging population – niche or not. November is done. But recent announcements about tech and older adults make one wonder about the category. Should it be special, unique, with well-designed hardware by well-meaning and enthusiastic engineers? That sounds good – but is it? The oldest baby boomer turns 76 in January 2022. That sounds old. Does that place baby boomers squarely in the ‘I had a grandmother who fell down’ design target? The PERS industry, maybe a cash cow for persistent resellers, has actually not grown in the past four years – market sizing numbers have been stable at around $1.5 billion. But consider other trends -- the older population has grown, the Apple Watch was introduced and fall detection apps are available from Best Buy and FallCall, Philips Lifeline withdrew, Amazon has partnered with Vayyar (radar-based fall detection) in Alexa Together. What was once a sizable niche may actually be a hanging-on, but low growth market for the foreseeable future. Blog posts from November:
Age-Tech is in. Perhaps you have seen the Age-Tech term pop up since early 2020, led in the US by by AARP’s CEO Jo Ann Jenkins. Now it is all around – it characterizes AARP’s recently convened AgeTech Collaborative to ‘accelerate and scale new solutions for the 50+ market.’ AgeTech has its own Market Map as developed by Keren Etkin, Gerontechnologist. And more recently, a young San Francisco investor, Scott Rupp, offered up the Age-Tech economic outlook from Dominic Endicott of 4Gen investment in the UK, an ‘Age-Tech expert,’ describing what the Age-Tech market is today.