What is AgeTech and how does it improve the lives of aging adults?

What is AgeTech and how does it improve the lives of aging adults?

Welcome to the Age of AgeTech!

Age tech refers to digital technology that is specifically designed to cater to the needs and preferences of the elderly. The design process involves active participation from seniors, ensuring that the technology is easy to use and understand for them.

The term AgeTech encompasses all types of technology that aim to enhance the quality of life of aging adults. For instance, a care-coordination app that helps family members coordinate and manage grandma’s activities or a smart pillbox that sends reminders to seniors to take their medication also fall under the AgeTech category. This concept is interchangeably referred to as ElderTech, Gerontech, Gerontechnology, SilverTech, and AgingTech. However, the term AgingTech may be misleading as it suggests that the technology itself is aging, which is not the case.

What makes (this) Age relevant?

By 2030, 1 in 6 people in the world will be aged 60 or over. Experts predict that by 2050, the number of individuals aged 60 or above will reach a staggering 2.1 billion, which is nearly a quarter of the world’s population. This substantial rise in the proportion of older adults in the population implies that there will be a decline in the number of younger adults who can provide support to them. Additionally, it also implies that an unprecedented amount of wealth is under the control of individuals above the age of 65. Also, aging adults are increasingly adopting technologies (smartphones, tablets, wearables, etc.) and ecommerce shopping.

AgeTech solutions preemptively address the needs of this rapidly growing share of digital customers and are well positioned to take the lead in the longevity economy.

What are some of the core needs?

The pressing concern that demands immediate attention in AgeTech pertains to an impending shortage of caregivers, as projected e.g., by the AARP Public Policy Institute. The number of prospective family caregivers for each person aged 80 years or above is anticipated to dwindle from 7.1 in 2010 to 4.1 in 2030. Concurrently, a majority of older adults wish to grow old within the familiar confines of their homes. This necessitates easily accessible care services, security, and long-term independence. Technological breakthroughs can facilitate older adults to remain within the cozy environs of their homes with reduced dependence on personal caregivers.

Looking at the bigger picture, as customers with digital-first inclinations grow older, they will desire a comparable level of digital accessibility. However, this access will require services that cater to their new lifestyle. We are already seeing positive strides, such as the GreatCall and Lyft joint project in the US, which empowers senior citizens to order transportation via phone with a single click of a button.

AgeTech need not be limited to just larger buttons or louder audio for seniors who are open to embracing new technologies. The forthcoming wave of AgeTech solutions that will define the industry will cater not just to the needs of older adults, but to their desires as well. Venture capitalists concur that the most auspicious approach in this sector seems to be targeting older adults who possess disposable income and are willing to spend it on themselves.

Taking Charge of Your Health with myAVOS: A Revolutionary AgeTech Solution

We at OptiChroniX believe that the focus of AgeTech solutions need not be solely on the needs and demands of older adults. It is imperative to take into account the entire caregiver ecosystem, which includes family members, public authorities, healthcare providers, and service providers, as they all play an indispensable role in procuring technological solutions that enhance the quality of life for the elderly.

myAVOS is an innovative AgeTech solution that caters to the needs of individuals aged 40 and above, who are interested in healthy aging, as well as those with MCI, early dementia and their caregivers, or people affected with hypertension and/or diabetes . By leveraging the power of technology, myAVOS enables users to monitor their health, manage chronic diseases, and may mitigate the risk of developing dementia and other chronix diseases.

With myAVOS, users can take control of their health and well-being, while also addressing the pressing concerns of an aging population. You can download myAVOS from the Apple App Store here.

Credits: Meet Albrecht Tribukait PhD, MBA, a transformational leader with over 20 years of international experience at the intersection of science, policy, and regulation in Biotech and FMCG industries. With extensive expertise in national and supranational regulation of consumer and non-food products, Albrecht has published scientific and clinical research and established groundbreaking partnerships with NGOs and government research organizations. Holding a Ph.D. in Natural Sciences and an MBA from Anaheim University Akio Morita School of Business, Albrecht also holds postgraduate certificates from Oxford and Hull.

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