Global population aging is putting pressure on providers. From treating chronic conditions to enabling hospital-at-home models, this Market Map looks at the companies developing technology for senior care.
By 2050, the number of people aged 60 and older around the world will double to over 2B.
Today, around 85% of older adults have at least 1 chronic condition, according to the CDC. Further, this group is disproportionately affected by social isolation and mental health issues. When left untreated, these conditions can contribute to higher hospital admission rates, more expensive treatments, and poorer patient outcomes.
With long-term demand for senior care expected to surge, providers are turning to technologies that are being developed with the elder population in mind. Notably, many of these technologies are home care solutions, which help seniors age in place by supporting living at home rather than moving into an assisted living facility, skilled nursing facility, or residential care home.
In addition to benefiting patient wellbeing, these solutions reduce the load on providers. For example, home care enablement companies like Lifted provide daily services like personal care and medication-prompting for at-home patients.
Using CB Insights data, we identified 194 companies helping providers improve senior care delivery, from caregiver coordination to fall detection tools.