As 10,000 older adults turn 65 daily, demographic is sparking interest from marketers, retailers and entrepreneurs with offerings for this growing Longevity Economy.

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As documented in the new Technology for Aging Market Overview 2020 from Aging in Place Technology Watch, this market was sized by the Consumer Technology Association at $30 billion by 2022. Rising health costs and policy changes are driving care of older adults into the home, where personal care will be assisted or augmented by technology. The market of Technology for Aging includes categories of technology for engagement, health and wellness, safety, and learning and contribution of older adults and those who care for them. This 2020 Market Overview identifies key trends and changes for 2020 and adds 25 new offerings to its index of technology for these categories.

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Says Mary Furlong, Founder of the What's Next Boomer Summits: "Laurie Orlov is the best analyst in the longevity market. She uses the data to sharpen our understanding of the marketing and investing across multiple segments."

In 2020, a modest category becomes mainstream. It took the aging of the baby boomers and the sheer size of the aging population to turn a 2009 market niche into a 2020 major market category. That category is less about products specifically designed for older adults as it is about the marketing of many existing offerings as useful to them. This includes smartphones, tablets, smart home technology, Voice First hardware and virtual assistants, and in-home sensors. Each of those devices is enabled for older adults by either more targeted marketing and packaging, enabling software, or bundling into solutions for in-home caregiving and/or healthcare.

The older adult market presents a challenge and an opportunity. Large players like Samsung, Amazon, and BestBuy see a market opportunity worth seizing. In 2020, Medicare Advantage plans began covering some in-home technology to help seniors remain independent – and the use of digital health technologies, including remote patient monitoring and remote consultation, continued to grow. During 2020, hearing technology advances, the emergence of hearables and changes in buying patterns will further disrupt that industry.

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Laurie Orlov

Laurie Orlov
@AgingTech
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