Tech-enabled equipment or companionship services that help elderly people function independently.

Platforms that match seniors with home care providers as well as app-based products to facilitate communication between senior families and caregivers

Tech-enabled products used to diagnose, prevent, and treat conditions common among seniors.

Remote monitoring, medical diagnosis, communication, and coordination between caregivers and families of the elderly.

A concentration of wealth and a willingness to adopt age-in-place technologies present new opportunities.

Silver Economy Tech

Overview

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    Silver economy broadly refers to products and services targeting the senior population (usually defined as aged over 65).In 2021, the silver economy was estimated to represent a total purchasing power of USD 2.3 trillion in the US. Silver economy tech covers the technology solutions to enhance seniors’ quality of life and enable independent living, or aging at home. These products and services range from advanced wheelchairs, smart hearing aids, customized communication devices/platforms and virtual reality (VR) based monitoring.
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Silver economy tech market in the US could reach USD 9.3 - 15.5 billion by 2026

Market Sizing

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        Over 60% of the elderly are reported to  have embraced technology as a result of the Covid-19 pandemic.
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        Aging in place is encouraged as a result of nursing homes being high-risk zones for Covid-19 spread. 
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        Companionship and health/wellness segments to be the primary beneficiaries. Papa, CarePredict, and Toilabs have updated their products and services to adapt to the pandemic.
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COVID19-IMPACT

Market Mapping

<p>The silver economy tech market primarily includes products that enable seniors to age-in-place. This includes three broad segments: 1) products and services promoting Independence, 2) healthcare and wellness related products, and 3) caregiver platforms. </p><p>In addition to the three segments above, the industry also includes products for caregivers and medical professionals. Notably, among the disruptors and watchlist companies, nearly half of the companies catered to the independence segment. Nearly two-thirds of the companies identified were in the early stage.</p>

The Disruptors

<h3>Caregiver platform, Honor is the highest funded disruptor, followed by leading players in the independence segment</h3><p>The silver economy industry comprises a vast range of players, with relatively unique offerings, catering to four broad segments. The broad segments indicate the overall goal of the product; however, companies tend to cater to more niche subsegments in the market. Honor, the largest caregiver platform, enables the elderly and their family to find caregiving professionals, and is the highest funded disruptor across all broad segments.</p><p>Leading players in the independence segment are the next highest funded disruptors. This includes innovative hearing-aid manufacturer, Eargo, mobility service provider, WHILL, and digital companionship provider, Intuition Robotics.</p>

Disruptor Funding History

The Incumbents

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    Acquisitions and in-house development a common entry into the space
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    Incumbents in the healthcare and wellness related products segments mainly comprise of legacy players in home care or emergency response systems extending their product range to smart wearables, which are often developed in-house. Insurance providers such as Generali Global Assistance and Allianz have entered the space offering bundled senior care products to policyholders.
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    Acquisitions are common in the caregiver platform segment. Brighter, a Swedish health-tech company delivering smart care solutions for chronic diseases expanded into senior care with its acquisition of Nectarine Health for EUR 1.5 million (approximately USD 1.8 million) in January 2020.
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    US electronic retail giant Best Buy, has been aggressively expanding its solutions in the space primarily through acquisitions. Amazon has entered the space by leveraging its voice-based assisted living technology, Amazon Alexa.
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Silver Economy Tech

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