Technology support for the over 65s
We are currently going through an unprecedented demographic shift, with the over 65’s being the fasted growing demographic in the country. By 2041 it is predicted that 26.4% of the UK population will be 65 and over. For the first time in history, older adults are expected to outweigh the number of children by 2034
The pandemic has proven that technology can aid and support older adults and has forced older adults to adopt technology more than ever. The fact that this generation are more tech savvy than ever before, combined with the increase in longevity spending by the over 50’s suggests that the AgeTech market is set to boom.
Some predictions suggest that the AgeTech market will be worth £2 trillion by 2025
What is AgeTech?
AgeTech is the use of technology to help us live longer healthier lives. This can be anything from helping the older population to live at home for longer, making efficiencies for homecare providers and improving wellness including social and physical activity. It can be used for monitoring, tracking as well as setting reminders for taking medication & appointment. There are many new products in the market that improve mobility, offer virtual care, tracking vital signs, monitor falls, connecting caregivers/families and patients.
Here, I take a look at just a few of the companies that are offering solutions to help the way we age.
Founded in 2017, UK based CareTech company has raised $22.9 million so far. It’s mission is to transform care for older people. They provide much needed technology to care providers to help them delivery more efficient, personalised and preventative care so older people can live healthier, happier lives in their own homes.
Founded in 2020 in California, Bold have raised $7 million. Their mission is to help older adults live their strongest, happiest, and healthiest lives. It is an online digital exercise platform for older adults aimed at reducing falls. Members gain access to an at-home, digital workout platform personalized to their interests and needs. Expert trainers, science-based assessments and fitness programs improve strength, flexibility, balance, and reduced falls for members.
Founded in 2018 in San Francisco, Virtue is a digital therapeutics company developing new approaches to treat and prevent age-related diseases. The LookBack Platform uses VR to deliver digital therapy to dementia sufferers
Founded in 2017 as a connector between the gig economy and the longevity economy. Papa is the first and only on-demand assistance service to help older adults with transportation, house needs, technology, and an amazing social experience. They are expanding service into 50 states and raised $18 million in a recent series B round.
A major player in the tech-enabled home care space. Founded in 2016, Cera raised £54 million. Cera delivers healthcare services equivalent to several dozen hospitals or 1,000 care homes daily and has grown 100-fold over the past two years making it one of the fastest growing businesses in Europe.
Founded in 2009 Electronic Caregiver innovations are the path to delivering improved care and outcomes with greater speed, accuracy, access and scale. Set to debut Addison, it’s Virtual Caregiver in March 2022. Addison is a state of the art, 3D-animated caregiver with an endearing personality. The Virtual Caregiver is designed to engage with and help monitor the health of aging and chronically ill clients.
Founded in 2017 an AI startup, supported by MaRS. Wearables for elderly to monitor bio metrics in real time. Their technology allows families to self-manage their loved one’s health using simplified and affordable wearable devices that offer 24 hour remote monitoring.
Based in Philadelphia, Patina have raised $50million. They have a fierce determination to improve the care experience for older adults. Patina helps simplify things for members by offering high-quality primary care that is easy for them to access in their homes and through the computer and phone. It exists to allow people 65+ get the healthcare and aging experience they deserve.
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