In 2015, Parks Associates assisted AARP in producing a ground-breaking market report on trends and key players in the caregiving solution market. The Caregiving Innovation Frontiers report identified a $279 billion revenue opportunity on the 2016-2020 horizon. Join AARP’s Senior Vice President of Market Innovation as he highlights exciting areas of new opportunity for innovation in caregiving technology.
4. Six Areas of Opportunity
Daily
Essential Living
Health and Safety
Awareness
Care
Coordination
Transition
Support
Social
Well-being
Caregiver
Quality of Life
Meals, Home & Personal Care, Home Repair,
Delivery, Transportation Services
Health Vitals Alerts, Diet & Nutrition, Medication
Management, Personal Safety Monitoring, Telehealth
Care Planning, Care Professional Engagement,
Records/Benefits Mgt, Recovery Support
Home Retrofit Svcs, LTC Insurance Planning, LTC Provider
Referral, Legal Assistance, Hospice Planning
Digital Inclusion, Life Enrichment & Empowerment,
Community Networking, Life Companions
Respite and Backup Care, Social Support, Health &
Wellness, Financial/Job Security
5. Strong Growth
Revenue Forecast 2017-2021: $308 billion (up from
$279 billion)
Daily
Essential Living
Health and Safety
Awareness
Care
Coordination
Transition
Support
Social
Well-being
Caregiver
Quality of Life
6. Strong Consumer Spend
CONSUMER SPEND (CAREGIVER AND CARE RECIPIENT) IS
OVER 80% OF THE $308 BILLION IN CUMULATIVE
REVENUE
AVERAGE OUT OF POCKET SPENDING PER CARE
RECIPIENT IS FORECAST TO INCREASE 69% 2017-2021 TO
OVER $509 PER YEAR
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7. Ecosystem Growth
TOP SHELF VENTURE FIRMS ARE INVESTING IN CAREGIVING
– A16Z, OAK HC/FT, KAPOR CAPITAL, etc
IN TWO YEARS, 3 CAREGIVING STARTUPS ATTRACTED OVER
$130 MILLION IN VENTURE INVESTMENT
200 CAREGIVING STARTUPS APPLIED TO INNOVATION50+
LIVEPITCH
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8. SMART SENSORS, VOICE, AND CONNECTED
DEVICES
MOMENTUM IN ON-DEMAND CARE
THE SPREAD OF PLATFORM-AS-A-BUSINESS
REIMBURSEMENT AS A REVENUE MODEL
Opportunity Trends
9. Put the Consumer at the Center
FOCUS ON ASPIRATION, NOT DECLINE
OLD IS ANOTHER 17 YEARS, WHATEVER YOUR AGE
ONE SIZE DOES NOT FIT ALL
ADD ANALOG MODELS TO TECHNOLOGY SOLUTIONS
EVERYONE HAS A SENSE OF DIGNITY
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10. Six Areas of Opportunity
Daily
Essential Living
Health and Safety
Awareness
Care
Coordination
Transition
Support
Social
Well-being
Caregiver
Quality of Life