Globally, the number of people over the age of 65 is expected to triple in the next 30 years, from 524 million to 1.5billion. In the North America alone, 10,000 people turn 65 every day. This group represents the largest consumer of healthcare and the fastest growing segment of the consumer market broadly. The Longevity Economy, defined as the sum of all economic activity serving the needs of Americans over age 50, is pegged at $7.1 trillion today and is expected to reach over $13.5 trillion by 2032.
At the same time technology continues to get cheaper, more ubiquitous and more powerful. At Aging2.0 we believe that many of the largest and most compelling use cases for the latest technology innovations (wearables, the Internet of Things, mobile-enables services, predictive analytics, robotics, virtual reality, artificial intelligence, etc) are solutions focused on aging and senior care. Recognizing that aging and care are very personal experiences, we believe that the most successful companies will strike the important balance between high tech and high touch. Historically underserved by technology, older consumers, caregivers and senior care providers are increasingly connected and are quickly adopting technology to address their needs.
In addition the U.S. healthcare system is being resigned to better align incentives, decrease costs and improve health outcomes. The changing incentive structures are creating new priorities and payment mechanisms within the healthcare system – in particular a focus on post-acute care, care management and providing quality care in the least expensive setting possible. There is a new focus on value based care and the emergence of risk sharing/bearing entities, which are not only creating a new demand for quantified outcomes data and cost effective tech-enabled care models but also new potential payers who now have a vested interest in delivering high quality care as cost effective as possible.
We believe that when high-tech, high-touch solutions are brought to bear to address the massive opportunities and challenges of the aging population all the stakeholders – seniors, service providers, society and investors – can succeed. Further the convergence of the above three trends – demographics, technology and healthcare reform – are creating large and growing needs and investment opportunity areas.
To learn more about longevity and hear me speak, attend the MITEF of NYC event on September 21, 2016, Monumental Opportunities and Challenges in the Age of Longevity. To sign up: http://bit.ly/mitSept21
For more information on Aging2.0 click here: www.aging2.com