[Report] Technology for Aging- 2024 Market Overview

Technology for Aging 2024 Market Overview January 2024

What’s new in this version of the report? Most everything. Every line in this Market Overview has been reviewed and updated to reflect the latest available links, trends, demographic data about older adults, policy changes, new products, as well as inclusion of available data about what tech they own and/or prefer. AI is and will be everywhere – in full view and embedded in devices and software. From the launch of ChatGPT in 2022, throughout 2023 the software industry was full of announcements, all AI, all the time. CES 2024 also offered AI everywhere and in nearly every announcement. In 2024, AI will likely be everywhere and all around, from tech where it is embedded to AI-centric devices and services, including the emergence of AI in professional care work, back office senior care, and the home-based support of older adults. And Parks Associates reports an average number 17 devices in connected homes. But new tech continues to confound. AARP’s latest survey of the 50+ confirms that half of the responders are not totally happy with the tech that they own. Only half say that old and new tech work together consistently. Caregivers are still not well-served by technology. And the majority of adults aged 70+ do not feel technology was designed with them in mind.

WHO SHOULD READ THIS REPORT?

This report was revised in January of 2024, updating products, services, websites, and apps – adding 30 entrants, either new to this version or new in the marketplace. It serves as a market overview with a single purpose: it is intended to describe the need for, and the current market of, offerings to help aging adults live full lives in their homes of choice. As such, it is relevant to:

• Vendors and entrepreneurs marketing to baby boomers and seniors

• Government agencies and policymakers

• Venture capital and angel investors interested in the boomer/senior market

• Retailers with a focus on older adults

• Food service companies

• Financial services companies

• Life sciences and medical technology companies

• Telecommunications and network companies

• Retirement communities that serve independent adults

• Senior living communities and long-term care providers

• Home care and home health agencies

• Physician practices serving older adults

• Hospitals and integrated service delivery networks

• Caregivers, seniors, and family members