Whether you’re new to the aging industry or an experienced AgePro, you know a lot of terms come and go. And while the AgeTech has been around awhile, it’s playing a bigger role than ever before. According to The AgeTech Collaborative from AARP, People 50 and older in the U.S. spent $77 billion on technology in 2022 — that number is projected to grow to roughly $120 billion in 2030.
We thought it might be helpful to go back to the basics and ask a few questions. What is AgeTech? What does it mean and what kind of industries are popping up. And of course, what does it mean to your clients.
What is AgeTech?
AgeTech is a category of digital products, services, and technologogies specfically designed around the needs, wants, and challenges of the world’s aging population. Â
From an artcile Innovation on Aging the authors state that “
“AgeTech, a subset of the health technology industry, uses technology to support healthy aging, and support care partners and health professionals to improve quality of life for aging adults. By enhancing and adapting alternative care approaches through emerging technologies, it is possible to enable and extend the ability for older adults to safely age in place within their own homes, improve care experiences, and/or decrease long-term care costs/needs.”
What are some examples?
The list is extensive and the benefits are many.
- Smart home sensors, automated systems, passive monitoring tools that allow older adults to safely age in place
- Care-coordination platforms and communication apps that reduce burnout and bridge information gaps for family
- Digital health, cognitive wellness tracking, fall detection, and edge-AI-driven mobility or physical therapy guidance
- Specialized financial tools focused on fraud prevention, budgeting, and financial security.
And this is just scratching the surface of AgeTech solutions available now. As the population of older adults grow, so will the AgeTech industry. If you’ve used technology to help your clients please share your experiences with us.
