At-Home Elderly Caregiving

Technology is equipping families with caregiving services, health monitoring, and home security for your love one's.

Divya Pinnaka
See Profile
December 27, 2022

Atlanta Ventures is excited about software solutions in Healthcare. If you are as excited about the space, we would love to hear your thoughts and build with you!

Assisted living has declined — According to AARP 90% of elders are preferring to stay at home

A caregiver includes an elder’s adult children, who typically have full time jobs and are unable to monitor the elders health and activity throughout the day .

Technology is making remote care accessible and equipping families with caregiving services, health monitoring, home security for your loved one’s.

Executive Summary:

-Assisted living centers are understaffed, seniors have reported abuse and neglect,

-Direct caregivers — children of elderly — are working and can’t stay at home to care for their parents

-Life Alert’s “Help i’ve fallen and I can’t get up” button brought elderly and emergency care to a forefront — yet lacks major features. There is major opportunity to expand and improve on existing solutions.

-Software for senior care is outdated — some processes haven’t changed in decades.

The Senior Care Market is at USD 800 Billion in 2022 and projected to $914.9 billion by 2025

According to the U.S Census, Seniors will outnumber children — by 2030, 1 in 5 Americans is projected to be 65 years old and over.

Opportunities:

Target Customer: Caregivers for the elderly — their children.

-Telemedicine — Virtual caregiver or AI software to check in on elder’s physical or emotional health.

-Wearable devices — Devices to track vital signs, or movement

-Sensors around home — Bed sensors to track elder’s sleep patterns, kitchen sensors to track movement or falls.

-Video Monitoring — Allows caregiver to tracking movement of elder around the house.

-Medication Management — Reminders to take medication at allocated times.

-Better Community —Organized elderly (day) communities to foster belonging. Our sense of belonging in society is declining and loneliness is an epidemic in America.

Challenges:

-Privacy — Navigating privacy concerns for video recording or data collection , adhering to HIPAA guidelines.

-Patient Stigma — being sensitive to making the elder’s home into a hospital setting or making the elder ‘feel’ like a patient.

-Understanding Senior Demographic — Younger seniors (65–70) are more accepting of technology vs Older seniors (85+) refuse to use technology (caregiver would have to be user)

-Affordability — Medicare or other insurance plans may not cover costs of new technologies — caregivers or seniors will have to pay.

-Usability — Developers need to keep in mind visual/mobility challenges when designing products catering to elderly customers, or understand relationship between caregiver and elder.

Solutions in Market:

Telemedicine :

Dr On Demand — On demand, and scheduled visits to healthcare providers. (Aquired; Series D — $235M in Funding)

Wearables:

CarePredict — wearable sensor to track daily activity (Series A — $19.7M in Funding)

Apple Watch — Heart rate and blood oxygen tracking

Virtual Care Giver:

Honor — At home senior care (Series E — $625M in funding)

MavenCare — Hospital quality home care for seniors (Series A funding)

HomeHero — Non-medical home care (Venture —$ 23M in Funding)

Catalia Health — AI based healthcare companion (Seed —$ 3.8M in Funding)

Happy Talks — Caring for aging adults through regular phone check-ins (Private)

Papa — Papa is a platform that connects college students to senior citizens for companionship and assistance (Series D — $241M in Funding)

Analysis

-Solutions need to be simple, and effective. The best solutions will fit existing workflows rather create new one.

-Complex high-tech products with many features will scare both the provider and elderly from adoption.

-There is massive opportunity for innovation in day-to-day health monitering.

-Multiple startups are tackling ongoing health-care, but none have addressed day-to-day tracking of well-being and reporting of an anomaly (time of wake-up, sleep, daily exercise etc.)

-Products that provide comfort for an adult care-giver while being non-invasive to the elderly are most ideal.

Five Predictions by 2030:

-The elderly population is growing, and will prefer to live at home than in assisted living facilities.

-Technology will better assist caregivers in monitoring the physical and mental health of elders living at home.

-Day-to-day tracking will become more advanced and detect anomalies in sleep patterns, eating habits, medication, and exercise.

-Current health monitoring solutions will be applied elders lifestyle to provide comprehensive analysis (whoop band or oura ring for elders).

-At home monitoring will be a trillion dollar market opportunity; solutions that are simple, non-invasive yet effective can win.

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Are you excited about this!?

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