Longevity industry

Last week, we talked about a study done a decade ago by Oxford Economicsfor the American Association of Retired Persons (AARP) in the USA for the country’s population who are aged 50 years old and beyond.  Collectively, they call the contribution of this group as Longevity Economy. 

In its release in 2013, its contribution was estimated to be about US$7.1 trillion in annual economic activity.  In 2015 or in just about two years, the Longevity Economy’s size was already about US$7.6 trillion.  If it were a country, it should have been the third largest economy in the world.

Notably, the report said that “it is the sum of all economic activity driven by the needs of Americans aged 50 and older, including both the products and services they purchase directly and the further economic activity this spending generates.” 

The “outsized contribution reflects the changing demographics, wealth, and spending patterns of the 50 and older population as the lifespan increases and the Longevity Economy becomes more pervasive and central to economic and social policies”, it added. 

For proper perspective, we wish to reiterate that by 2015, according to the report, “there were more than 1.6 billion people in the world who were part of the 50 and beyond age group.”  It is projected that by 2050, this number shall double to nearly 3.2 billion people.

Undoubtedly, most of them are still employed and are earning wages and are not only fueling demand but are still directly paying taxes to the government. Others are active entrepreneurs and investors and are not just producing goods and services but are instrumental in providing jobs to the younger generations. Clearly, therefore, while it is true that some are idle or bedridden, most of them are huge contributors of valuable economic activities.

Indeed, people are now living longer than before.The number will surely grow.   Consequently, this group’s spending sidewill increase too. As many startups are targeting this age group with products and services that not only extend their lives but let them live a healthy and enjoyable one, the rise of the longevity industrywill be inevitable. 

For one, in becoming seniors, “aging gracefully” has become a motto. Indeed, simply counting one’s wrinkles as the day unfolds isn’t a good way of aging. Consequently, many startups are now creating new products and services that extend healthy and fun-filled life years. Andas expected, angel investors are feasting on them.

Recent startups are tech-based.  Referred to as assistive technology or “agetech”, according to The New Economy (as written by Courtney Goldsmith), it is one way that “older people can gain greater independence.”  

“The elderly are able to live self-sufficiently for longer with smart devices that automatically dispense medication, technologies that monitor cognitive skills and networking apps that improve social connectivity”, it added.

Indeed, today, most startups are focusing on modernizing care facilities, better care at home, fighting isolation, and water-based cremation.In modernizing care facilities, Curve Health, a Miami-based startup, has a “platform that combines telemedicine, a health information exchange, predictive analytics, and smart billing.” Another Miami-based startup in UpsideHom is creating a “fully managed, tech-enabled living spaces for seniors.”  Also, there is this Rhode Island-based Intus Care that “helps care facilities predict patient risk.”  Carefeed, a Cincinnati, Ohio-based startup, “provides digital communication solutions to senior care facilities.”

To help caregivers, several startups are developing tools to render better care at home.  Tomorrow Health, a New York-based startup, provides“medical equipment to home-based care providers.” An Israeli startup Sensi.ai is developing an “in-home virtual care agent that can detect, predict, and prevent medical issues.” Boston-based Ianacare is developing a “communications and coaching platform for caregivers.”

Moreover,several startups are also coming up with innovative ways for seniors who feel isolated or in a state of loneliness.  Among others, Mighty Health (San Francisco-based) is building out its “digital wellness platform for seniors.”  New York-based DUOS is developing personal assistants (called “duos”) that provide companionship, tech help, transportation, and other services.”  Then, Intuition Robotics (Israel-based) is developing a “companion robot that engages seniors with personal updates, online games, video chats, and other features.”

True enough, a lot have been done to extend not just our lives but one that is healthy and enjoyable.  Maybe, in the near future, 3-digit ages will be prevalent. However, as we often say, nothing lasts forever.  If that time comes, a Los Angeles-based startup Doola has developed an “eco-friendly cremation using water instead of fire.”