How longevity economics creates a wealth of opportunity – Advice Eating

Life expectancy has almost doubled in the last 70 years and is expected to continue to increase. But as longevity economics dawns on us, The same goes for unforeseen problems and problems that previous generations never faced. With dozens of problems that arise as As we move into the age of longevity economics, big names see opportunity in this emerging market.

Pivotal Ventures, an investment and incubation firm founded by Melinda French Gatessays that alone the segment of elderly care one $390 billion investment opportunity. To drive growth in this segment, Pivotal Ventures has partnered with Techstars future of longevity Accelerator.

The exploding need for aged care is just one factor emerging in the face of longevity economics, but a crucial consideration nonetheless. However, if you consider that the elderly care almost touches everyone’s life by either needing it or having to arrange it for a loved one, it’s surprising how little innovation the industry has seen over the last few decades.

“[Elderly care] is one of the few industries that has not yet embraced technology,” said Alistair Cohen, founder and CEO of Oncare, a care Management software platform that aims to simplify elderly care by digitizing core aspects of the process such as visit scheduling, medication management and payment. “It’s a huge industry and it’s not going anywhere.”

growing need

In fact, as life expectancy increases, life expectancy is only destined to grow. The National Audit Office forecasts a staggering 57% increase in adults aged 65 and over in need of care by 2038 compared to 2018.

OnCare, a home care software company, aims to make life easier not only for the elderly population itself, but for everyone else involved. This includes the caregivers and the families who care for their elderly loved ones, resulting in a very large potential consumer base.

For now, the company is focused on their application, but future plans include “helping families find care agencies in the first place,” says Cohen. “We developed OnCare Local, a prototype search tool that simplifies the process of finding aged care by using a website to filter it for the right care agency, as opposed to the current process of just asking friends and family .”

Innovation as such is likely to have a profound impact on anyone looking for elder care, but especially those stuck in the sandwich generation, caring for both parents and children. More than one in four sandwich workers report symptoms of mental illness. The prevalence of mental illness increases with the amount of care providedso if technology can minimize the time spent on caregiving, Agetech’s positive impact could extend far beyond the elderly themselves.

The role of the tech world

Software is just one element of the equation, but as technology advances, robots can also play a key role.

“What I think we’ll see [in the future] robots are taking over some of the manual work done by human caregivers today,” says Karen Etkin, gerontologist and author of The AgeTech Revolution, adding that robotics could allow people to spend more time doing activities that ” uniquely human, like offering companionship and emotional support to their loved ones.”

“As we move forward, there will be new technologies that are in the homes of more and more people that we can connect to that can help show the customer what their visiting schedule is and who is coming,” says Cohen .

But as Cohen also points out, “living longer is good as long as the quality of life remains good.”

While software and robotic developments go a long way in making life more enjoyable, other startups see opportunities to prolong wellbeing.

These include companies like SilverSneakers, a health and fitness program for adults over 65 that offers services like online fitness classes with experienced trainers. GetSetUp also saw an opportunity in using technology to provide services to older adults. The company has created a digital community where seniors can learn, share and socialize. The platform offers diverse offerings from cooking classes to startup accelerators that teach users everything they need to know before starting a business, be it planning the strategy phase or public speaking.

“As life expectancy increases, we will see more people changing careers over the course of their livesEtkin says, attributing the value of helping seniors transform their career paths.

Longevity economics coupled with technological innovation has really opened Pandora’s box of new market opportunities. Elderly care, robotics and wellbeing extension are just the tip of the iceberg and only time will tell the true extent of the market size. But one thing is certain: Society cannot and does not want to neglect the elderly.

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