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Aging in Place Technology Market -- new, real, next, now
Thu, 03/19/2009 - 09:07 - Laurie Orlov
Some called me crazy. Maybe an analyst who sees the non-tech world of aging through a tech-focused set of tinted glasses. When this blog began and I ranted about the importance of describing and shaping a business market of technology to help boomers and seniors successfully age in their own homes, I received virtual quizzical looks from many experts. I am a determined (some might say obnoxious) sort, however, and as I began to interview people, go to conferences, speak to industry experts, and write what I'd learned, I became more and more convinced.
Well, today from the vantage point of my presence at the 3000-strong ASA convention in Las Vegas, I know that I was right. The press release for Aging in Place Technology Watch hits the airwaves this morning, along with the Gilbert Guide release and journalist Mark Miller writes about the Market Overview in today's Retirement Revised. [The Market Overview and vendor matrix documents are live and available to all.] As the market overview describes and then asserts, Aging in Place Technology is a $2 billion market today, growing to $20 billion by 2020. And those I speak with say that is conservative.
The pace at which I am discovering vendors, websites, and new services is accelerating. I found another three yesterday -- software to manage a senior center called My Senior Center that could also serve as an administrative tool for the new senior villages (NORCs), an attractive medication management canaster system from AMAC and VibrantNation -- a peer-to-peer portal for women over 50.
This conference has tracks within tracks for baby boomer entrepreneurs starting businesses in the aging market (like me), tracks within tracks about technology and aging, boomer business strategies and speculation on the future of senior centers and healthcare in the home. From people I spoke with, it seems that there are a boatload of people standing up, dropping out of their current career paths, and seeking ways to enter this new, exciting, and today still woefully under-served consumer population.
In my market overview (which you can download from the homepage), I used a quote that to me, sums up the role of technology for aging: "Before the tech revolution, the village took care of us. Now we will have an electronic village." I believe this is so. And so, it must happen, sooner rather than later.
See -- and hear -- you soon with your views!
Comments
Absolutely...
There is no doubt that this market is real and in it's infancy. As the caretaker of aging parents in the early 2000's, though technology in the business place offered solutions to make us more effecient, effective and maximize productivity, personal technology solutions, particularly in this arena were rudimentary or non-existent. In addition to this the propensity of my parents' generation to leverage these types of solutions, even in their simplest forms would be unlikely or at best a challenge.
As we baby boomers and younger creep up in years, our comfort level with technology has increased and the relationship with it has morphed from a curiosity to a dependence. It makes sense that with the increasing size of the aging population, the rapid advancement in technology and our growing use of technology as a staple of our daily existence, the stars are aligned for this market space to take off.
AIPT
AMRN! Your timing is perfect. The age wave is spawning a broad range of many helpful aging in place technologies and players. Thank you so much for keeping us informed about the latest developments in this exciting new tech space!
Patient-focused Tech
"...woefully under-served consumer population."
This part really caught my eye because it's soooo true! Big integrated health care systems cost millions or billions, but the patient is left to his own devices to try to manage very complex medication and treatment regimens alone.
I'm one of those who dropped out of one career (35 years in LTC pharmacy practice), started my own software company http://www.ontimerx.com in 2000, and developed a simple-to-use medication reminder tech solution because I saw a need. This software enables the patient or caregiver to easily and effectively manage medications - a major part of every senior's daily routine. And yes... Technology works for this demographic - we have many users in their 80's.
But yet here we are - almost a decade later, and people are still woefully struggling. The ones (big pharma and insurers) who could easily afford to make this solution available to every patient oddly don't seem to be interested in helping them.
Makes no sense to me!