Aging in place: technologies to live long and independently

Our comprehensive market intelligence report provides a deep dive into the opportunities and challenges facing the aging in place industry – and explains why it’s time to put aging in place centre-stage.

We are excited to announce the publication of a brand new market intelligence report that provides a detailed analysis of the significant and growing aging in place market.

The 136 page report, which is supported by an education grant from Primetime Partners, explains the drivers and catalysts behind aging in place, examining why it is needed and how the world is responding and also includes a deep dive into the pathways and interventions offered by aging in place, looking at context and market place.

Longevity.Technology: Being able to stay in your own home as you get older is called aging in place – and the demand for this option, as opposed to care homes, or moving in with relatives, is rising. 90% of older adults nationwide want to remain living in their homes if possible, but most homes are not equipped appropriately. The demand for technology to allow safe, independent living and reduce isolation and loneliness is on the up, and healthcare infrastructure, companies and investors need to be ready.

The aging population is projected to grow exponentially over the next few decades – the so-called silver tsunami. Care homes are already under pressure, and the prevalence of multi-morbidity prevalence in aging cohorts aged 65-74 years is set to increase from 45.7% in 2015 to 52.8% in 2035. This means more aging individuals who will need increased levels of care, and a real need to remodel and equip homes with aging in place technology to allow independent aging in place.

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Report author, Beth Hyndman, says: “The COVID-19 pandemic has focused our attention, more than ever before, on how we care for our aging population. The devastating effects of the pandemic on care homes has cast doubts over what is actually the best place to spend the later years of our lives. Independent living is now becoming more important than ever before, and we must find new, innovative ways to make Aging in Place more accessible.

This report dives into the economic and societal challenges we will face with a rapidly growing aging population across the coming years and how technology can aid us in caring for them, extending independent living and quality of life.”

Our report is supported by an educational grant from Primetime Partners, and its foreword is written by Abby Miller Levy, Managing partner and Co-founder of Primetime Partners.

She says: “Now is the best time to be an entrepreneur in the Aging space. Public policy experts and investors alike have known for decades that the Aging population will double in size by 2050 due to a combination of lower birth rates and longer life expectancies … In my opinion, one of the most fascinating takeaways from this report are all the unmet needs that could be solved by technology focused on aging in place. The report confirms the statistic from other data sources, that 90% of Older Adults want to age in place. The authors go a step further, to highlight the types of technology innovation required and outline a future vision of what is possible.”

Our report measures agetech against assistance with six ADLs – six activities of daily living (ADLs) – eating, dressing, bathing, toileting, continence and mobility – that describe the main basic tasks people must be able to complete without assistance to remain independent. An estimated 53% of people aged 65 and over in England are unable to complete 3 or more ADLs and are not receiving adequate care to meet their needs.

For ease of use, the report is in four sections:

  • Part 1 explains the drivers and catalysts behind aging in place, examining why it is needed and how the world is responding.
  • Part 2 is a deep dive into the pathways and interventions offered by aging in place.
  • Part 3 is for potential investors exploring the investment opportunities in aging in place.
  • Part 4 showcases the trailblazers in the aging in place sector.

Our aging in place trailblazers (Carewell, EchoCare, GetSetUp, Savonix, SensorsCall, Sentai and UnaliWear) will also be featured on Longevity.Technology over the coming weeks.

Daragh Campbell, Head of Research, First Longevity, says: “We have a longer-living population that isn’t on a healthy trajectory, multi-morbidity prevalence in people aged 65-75 will rise to 52.8% by 2035. This will create a massive strain on care services, but by scaling-up technologies that allow individuals to remain at home, and age in place, governments around the world will be able reduce their economic care burden.”

Get access to the ‘Aging in place’ report absolutely FREE.