The expanding market for elder care is unprecedented. The AARP reports that there are 106 million Americans aged over 50 years old, who will bring about more over $13.5 trillion in spending by 2032. By 2029, baby boomers will comprise 73% of the 65 and over population, and by 2030, over 30 million of them will be managing chronic health issues. Organizations like Aging 2.0 are responding to the surge in the aging population by connecting and supporting innovators leveraging technology to tackle its challenges. Innovative healthcare solutions which specialize in aging populations are poised for a windfall as they improve the health and comfort of seniors.
Some of those companies include Caremerge, who have built a unified platform and mobile communication tool for people living in senior living communities, their families and their care teams. Kindly Care created a digital tool to help people find non-medical home care for those who wish to age in place. It vets caregivers, and allows families and individuals to determine wages. Loved ones can track care and tasks on the app, where caregivers can note anything pertaining to patient care. CareAngel is a virtual assistant for loved ones of those aging at home. CareAngel sends alerts and notifications through their mobile app to ease the minds of people apart from elders. The virtual assistant delivers customized calls and messages to loved ones, and aggregates reports for everyone included in the Care Circle.
Sheri Rose, CEO and Executive Director of the Center, told MobiHealthNews, “we reached out to technology companies and said, ‘you tell us how your innovative solutions that you’ve come up with applies to this use case,’ and then we developed programs based on that.”
One Thrive Innovation Center partner is Samsung, who are working with the Center to showcase inventive tools for elders. The Center displays videos of patients and caregivers using the technology, as well as exhibits that demonstrate how the technologies are used in actual clinical cases, including Samsung’s Smart Home and the Internet of Things. Smart Homes track and monitor the user’s habits and movements around the house. For example, a smart bathroom mirror can remind patients to take their medications, while sensors within a smart kitchen can prevent overflows in the sink and audit water usage.
Chief medical officer at Samsung, Dr. David Rhew, told MobiHealthNews, “It’s an opportunity for people to see not only what’s available today, but what we intend to do is to continue to update this with the latest and most cutting edge things people will be able to use in the home to be able to better manage.”