By 2030, the 65 plus population in the U.S. will have increased by over 100% since the year 2000 to over 70m people. The resulting number of family caregivers helping take care of the most vulnerable within that population will have similar momentum. At the same time, the ratio of family caregivers to seniors needing care will have gone down from 4 to 2, meaning each caregiver is going to need more help and will need to be more productive.
These three things combined create an unprecedented amount of opportunity in the longevity market. While today the market is primarily made up of traditional care services, like all markets, it will eventually shift quickly to technology enabled services that will deliver better, more targeted support for seniors, more visibility and peace-of-mind for caregivers and will lower costs for the healthcare system. So, while the entire longevity market has a bright future, in particular, I believe tech services that support independent aging is a once-in-a-lifetime market growth opportunity that is ready to explode.
What worries me is that there have been too many companies that have tried and failed to be successful in this space. However, I do believe that most of the failures have been self-inflicted. Too many companies have focused on the technology first, or the healthcare system first, or the family caregiver’s needs first, instead of focusing on the needs of the senior themselves. Not putting the needs of the senior first in your product and go-to-market strategy will spell doom. The senior needs to be connected and engaged for tech services to work, and trying to force solutions on them that they do not like or want will simply fail.