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Silver Economy Tech

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

Overview

Silver economy broadly refers to products and services targeting the senior population (usually defined as aged over 65). In 2020, the silver economy was estimated to represent a total purchasing power of USD 3.4 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.

What's driving this industry?
Market Sizing

Silver economy tech market in the US could reach USD 8.6 - 13.2 billion by 2025

Conservative case

USD 8.6 Bn

16% penetration
Base Case

USD 10.5 Bn

19% penetration
Expansion case

USD 13.2 Bn

24% penetration
USD billion02468101214202020212022202320242025
View details

COVID-19 IMPACT

  • Over 60% of the elderly are reported to  have embraced technology as a result of the Covid-19 pandemic.

  • Aging in place is encouraged as a result of nursing homes being high-risk zones for Covid-19 spread. 

  • 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.

View detail

Market Mapping


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.

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.

Incumbents
Growth
Early
Seed
Pre-Seed
Independent living
?
Caregiver platforms
?
Healthcare and wellness
?
Caregiver and Healthcare Provider Technology Platforms
?
GoGoGrandparent
GoGoGrandparent
GoGoGrandparent
GoGoGrandparent
Starkey Hearing Technologies
Brighter
Eargo
Papa
WHILL
K4Connect
GrandPad
Eversound
Element3 Health
hear.com
EasyHealth
True Link
Chapter
Intuition Robotics
Patina Health
Birdie
MedMinder
Homethrive
Lifespark
Lively
Seismic
Assured Allies
Uniper Care Technologies
Connie Health
Durcal
No Isolation
Silvernest
Kraydel
Rendever
Ageless Innovation
Onward
GoGoGrandparent
Soundmind
Help-Full
Companions for Seniors
DFree
Lumin
Gociety Solutions
Olive Union
Nobi
GyroGear
UpsideHoM
Balanced
Mon Ami
CareCar
Naborforce
Carefull
Steadiwear
Vivo
SensorsCall
Connected Living
Leap
Big Sky Labs
Zeppi
Connect America
IAC
Sharecare
Generali Global Assistance
CareGuide
Honor
Vesta Healthcare
Patina Health
Apricus Health
Pack4U
Dina
Lifted
Seniorly
Carely
MeetCaregivers
Clever.care
Caring Village
Kevala
Lottie
KARE
LifeBio
Carefeed
Speak2 Family
UnitedHealth Group
Connect America
Best Buy
Brighter
Life Alert
Medical Guardian
Monogram Health
SafelyYou
CarePredict
Vital Tech
Pillo Health
Neuroglee Therapeutics
AdhereTech
Catalia Health
Willow
Qmedic
Owlytics Healthcare
FallCall Solutions
Motitech
Virtue Health
Alcove
Zibrio
Smardii
Pillboxie
Mentia
Optina
DUOS
Omcare
Charco Neurotech
Bold
Mirthy
BRIGHT
LiveFreely
Toi Labs
Cognito Therapeutics
BrainQ Technologies
Riva Health
Best Buy
Amazon
Essence Group
Eldermark Software
Generali Global Assistance
Allianz
Volaris Group
Vidatec
MindMaze
A Place for Mom
ConcertoCare
VitalConnect
K4Connect
Caremerge
BrainCheck
Cadence
agilon health
Tomorrow Health
SafelyYou
CareAcademy
Carewell
Curve Health
Sensi.ai
Vital Tech
Harmonize
Lindera
MyndYou
Kraydel
Carely
StoriiCare
Luvozo
Clever.care
Caring Village
Linus Health
Aloe Care
Kepler Vision
Kaspard
MemoryWell
Embodied Labs
Bone Health Technologies
Serenity Engage
AgileCare
Avanlee Care
OnSky Health
HeyRenee

The Disruptors


Caregiver platform, Honor is the highest funded disruptor, followed by leading players in the independence segment

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.

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.

Independent living

?

Disruptors

?
Funding in USD Millions
Eargo
Public - Market cap USD 44.5 mn
Papa
241
EasyHealth
135
WHILL
87
True Link
68
Chapter
59
Intuition Robotics
58
Patina Health
57
Birdie
53
MedMinder
49
Homethrive
38
Lifespark
36
K4Connect
33
Lively
31
Seismic
23
Assured Allies
23
Uniper Care Technologies
20
GrandPad
19
Eversound
18
Connie Health
16
No Isolation
11
UpsideHoM
8
Balanced
7
Element3 Health
6
CareCar
5
Naborforce
3
Vivo
1
Help-Full
Unknown
Companions for Seniors
Unknown
hear.com
Unknown
Watchlist
?
Olive Union
Durcal
Nobi
GyroGear
Mon Ami
Silvernest
Carefull
Steadiwear
Kraydel
Rendever
Ageless Innovation
Onward
SensorsCall
Connected Living
GoGoGrandparent
Soundmind
Zeppi
DFree
Lumin
Gociety Solutions
Leap
Big Sky Labs

Caregiver platforms

?

Disruptors

?
Funding in USD Millions
Honor
625
Vesta Healthcare
105
Patina Health
57
Apricus Health
20
Pack4U
20
Lottie
11
Dina
11
Lifted
10
Seniorly
9
LifeBio
3
MeetCaregivers
1
Carefeed
Unknown
Speak2 Family
Unknown
Watchlist
?
Kevala
KARE
Carely
Clever.care
Caring Village

Healthcare and wellness

?

Disruptors

?
Funding in USD Millions
Monogram Health
172
SafelyYou
61
Optina
25
DUOS
21
CarePredict
20
Vital Tech
14
Pillo Health
13
Neuroglee Therapeutics
12
Charco Neurotech
10
BRIGHT
1
Medical Guardian
Unknown
Alcove
Unknown
Zibrio
Unknown
Toi Labs
Unknown
Watchlist
?
Cognito Therapeutics
BrainQ Technologies
Riva Health
Omcare
Bold
AdhereTech
Catalia Health
Willow
Qmedic
Owlytics Healthcare
Mirthy
FallCall Solutions
Motitech
Virtue Health
LiveFreely
Smardii
Pillboxie
Mentia

Caregiver and Healthcare Provider Technology Platforms

?

Disruptors

?
Funding in USD Millions
MindMaze
341
A Place for Mom
185
ConcertoCare
150
VitalConnect
149
Tomorrow Health
93
Linus Health
65
SafelyYou
61
CareAcademy
33
K4Connect
33
Caremerge
25
BrainCheck
25
Curve Health
18
Sensi.ai
18
Vital Tech
14
Harmonize
14
Lindera
7
Aloe Care
5
Kepler Vision
5
Kaspard
4
Bone Health Technologies
3
Serenity Engage
2
Avanlee Care
Unknown
OnSky Health
Unknown
Cadence
Unknown
agilon health
Unknown
Watchlist
?
Carewell
HeyRenee
MyndYou
MemoryWell
Embodied Labs
Kraydel
Carely
StoriiCare
Luvozo
AgileCare
Clever.care
Caring Village

Eargo

Eargo specialises in developing hearing aid and related services. Eargo has four products in its lineup: namely, Eargo Max, Eargo Neo HiFi, Eargo 5 and Eargo 6. The company’s products are unique due to its design meant to keep the device invisible when plugged in.  

The products are priced between USD 1,850 (Eargo Max) and USD 2,950 (Eargo 6) and as per the company, are around half of the price of the hearing aids  provided via traditional channels in the US. The Eargo Neo range comes alongside an app and offers connected smart features such as audio personalization and control. The app allows the user to control the audio to suit their surroundings, customize settings, and contact Eargo's licensed hearing professionals for consultation and support.

The company utilizes a business-to-consumer (B2C) online retail strategy compared to traditional business-to-business (B2B) model deployed by other manufacturers who sell their products through clinics. The strategy has proven beneficial through the Covid-19 pandemic as consumer footfall for brick-and-mortar clinics have declined.  

In July 2020, Eargo raised USD 71 million in a Series E funding round led by new investors Gilde Healthcare and Longitude Capital. In October 2020, Eargo listed on the Nasdaq Global Select Market in a USD 140 million initial public offering. The company aims to use the new capital to fund sales marketing and expand brand efforts as well as to find R&D activities. 

In FY2020, Eargo reported total revenue of USD 69 million, reflecting YoY growth of 111%. The gross margin improved by 16.6 pps to 68%. Gross shipments improved by 68% to around 38,200. Eargo upgraded its FY 2021 revenue guidance in August 2021 to between USD 93-96 million (from USD 89-93 million), implying revenue growth between 35-39%.

Segment:
Independent living
Total funding:
USD 342.2 million
Competitors:
Lively
Disruptor Funding History

Independent living:

Eargo
Papa
EasyHealth
WHILL
True Link
Chapter
Intuition Robotics
Patina Health
Birdie
MedMinder
Homethrive
Lifespark
K4Connect
Lively
Seismic
Assured Allies
Uniper Care Technologies
GrandPad
Eversound
Connie Health
No Isolation
UpsideHoM
Balanced
Element3 Health
CareCar
Naborforce
Vivo
Olive Union
Durcal
Nobi
GyroGear
Mon Ami
Silvernest
Carefull
Steadiwear
Kraydel
Rendever
Ageless Innovation
Onward
SensorsCall
Connected Living
GoGoGrandparent

Caregiver platforms:

Honor
Vesta Healthcare
Patina Health
Apricus Health
Pack4U
Lottie
Dina
Lifted
Seniorly
LifeBio
MeetCaregivers
Kevala
KARE
Carely

Healthcare and wellness:

Monogram Health
SafelyYou
Optina
DUOS
CarePredict
Vital Tech
Pillo Health
Neuroglee Therapeutics
Charco Neurotech
BRIGHT
Cognito Therapeutics
BrainQ Technologies
Riva Health
Omcare
Bold
AdhereTech
Catalia Health
Willow
Qmedic
Owlytics Healthcare
Mirthy
FallCall Solutions

Incumbents


Acquisitions and in-house development a common entry into the space

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.

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.

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.

Independent living
Caregiver platforms
Healthcare and wellness
Caregiver and Healthcare Provider Technology Platforms
In House Development
M&A
Partnership
Investment
UnitedHealth Group
Connect America
Best Buy
IAC
Starkey Hearing Technologies
Amazon
Essence Group
Sharecare
Eldermark Software
Brighter
Generali Global Assistance
CareGuide
Allianz
Volaris Group
Vidatec
Life Alert

Notable Investors


No investor data is available

Funding data are powered by Crunchbase
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