Six truths for startups tackling the older adult care opportunity

Six truths for successful startups tackling the older adult care opportunity

The current market for older adult care is massive — and growing at an unprecedented rate. According to an AARP report , the 106 million Americans over 50 represent a transformative force that will generate more than $13.5 trillion in annual economic activity by 2032, accounting for more than half of the U.S. GDP. In addition, Deloitte forecasts they will amass $26 trillion in financial assets by 2029. The older adult care challenge will continue to expand as nearly 10,000 baby boomers reach retirement age each day; in fact, research has shown that baby boomers will account for a 73 percent increase in the 65+ population. And, more than 30 million boomers will be managing more than one chronic health condition by 2030, according to the American Hospital Association. So how will current and future generations take care of the massive surge of parents, grandparents and great-grandparents who live longer and want to stay in their own homes? While the need for ongoing older adult care advances is clear, we’re still not sure what to call it (e.g. elder care, senior care, older adult care — what’s the right phrase to use?). In addition, many entrepreneurs aren’t sure how to make the most of it. Thankfully, older adults are embracing a variety of health-centric technology initiatives — from telemedicine and remote diagnostics to remote/automated monitoring and home-installed sensors, and I’m seeing the pace of this adoption increasing at a nice clip. We’ve got a ways to go, but the trajectory is in the right direction. Yet, Accenture predicts that half of digital health startups will fail within the first two years. […]