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Stop designing for the messenger-bag-totting hipster, try addressing the 100 million strong demographic (the 50+) that generates annually over $7.1 trillion in economic activity in the US, and 260 Billion dollars in consumer packaged goods sales. Out-of-pocket consumer health spending is forecasted at $100B over the next 5 years, but poor design and aesthetics are limiting usability and consumer demand. How’s that for a challenge!
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Doesn't Your Mom Deserve Better?
Sanjay Khurana | AARP Thought Leadership
@sanjaykhurana
Industry Outreach
Market Development
Innovation Showcase
Member Research
Raising awareness of market opportunity and needs/wants of the 50+
Influencing ecosystem development
Platform for showcasing innovative technologies
Engaging members in gaining early feedback on emerging trends
The Innova*on@50+™ ini*a*ve aims to spark entrepreneurial ac*vity across public and private sectors. Anchored by the AARP social mission – to enhance the quality of life for all as we age
“Not every idea warrants a startup” Edison Medical’s @LouisForeman
Most entrepreneurs have a personal story in health tech. Passion is essential, product is key, but don’t lose sight of where the money is!!
“The Longevity Economy is one of the most powerful forces in the US Economy” Oxford Econonics
The 50+ is responsible for over $7.1 trillion in annual economic activity – $3.0 trillion in consumer spending
$1.6 trillion in health care spending
Third largest in the world after US & China
100 million consumers and accounts for nearly
The 50+ segment consists of close to
$230 billion in sales for consumer packaged goods.
49% of total sales
+34%
+12%
50% of adult popula:on
Between now and 2030, the 18-‐49 segment is expected to grow +12%, while the 50+ segment will expand +34%.
BECOMING
100 Million consumer in 50+ are expected to spend $100M in out-of-pocket medical expenses in 5 years - $20B attributed to digital innovations Parks & Associates
NINE AREAS OF OPPORTUNITY 100 million people and an opportunity for as high as
$20 billion in revenue by 2018
1/9 MEDICATION MANAGEMENT
NINE AREAS OF OPPORTUNITY 100 million people and an opportunity for as high as
$20 billion in revenue by 2018
Prevent in-home accidents · Manage medications · Improve/aid
memory & cognition
2/9 AGING WITH VITALITY
NINE AREAS OF OPPORTUNITY
Address calcium deficiencies · Manage arthritis · Boost daytime energy · Improve/aid memory &
cognition · Improve/aid hearing · Improve/aid vision · Maintain muscle strength
100 million people and an opportunity for as high as $20 billion in revenue by 2018
NINE AREAS OF OPPORTUNITY
3/9 VITAL SIGN MONITORING Improve sleep quality · Reduce bad cholesterol · Keep glucose in range · Maintain healthy weight ·
Keep blood pressure in range · Detect skin problems · Maintain good dental hygiene
100 million people and an opportunity for as high as $20 billion in revenue by 2018
4/9 CARE NAVIGATION
NINE AREAS OF OPPORTUNITY
Manage healthcare costs · Evaluate quality of care · Navigate healthcare
system · Plan for end of life care
100 million people and an opportunity for as high as $20 billion in revenue by 2018
5/9 EMERGENCY DETECTION & RESPONSE
NINE AREAS OF OPPORTUNITY
Detect falls · Send alert when lost · Prevent in-home accidents
100 million people and an opportunity for as high as $20 billion in revenue by 2018
6/9 PHYSICAL FITNESS
NINE AREAS OF OPPORTUNITY
Boost daytime energy · Reduce stress, Reduce bad cholesterol · Maintain healthy weight · Keep blood pressure in range · Relieve back pain · Engage in age-appropriate exercise · Maintain muscle
strength · Keep mobilized
100 million people and an opportunity for as high as $20 billion in revenue by 2018
7/9 DIET & NUTRITION
NINE AREAS OF OPPORTUNITY
Eat healthy · Control sodium intake · Boost daytime energy · Prevent dehydration · Reduce bad cholesterol · Keep glucose in range · Maintain healthy weight · Keep blood pressure in range · Address calcium deficiencies ·
Maintain good dental hygiene
100 million people and an opportunity for as high as $20 billion in revenue by 2018
8/9 SOCIAL ENGAGEMENT
NINE AREAS OF OPPORTUNITY
Reduce stress · Improve or aid memory & cognition · Stay connected socially · Keep mobilized
100 million people and an opportunity for as high as $20 billion in revenue by 2018
9/9 BEHAVIORAL & EMOTIONAL HEALTH
NINE AREAS OF OPPORTUNITY
Receive divorce/grief support · Manage life phase transitions · Plan for end of life care
100 million people and an opportunity for as high as $20 billion in revenue by 2018
THE OPPORTUNITY | $20B OVER NEXT 5 YEARS
$4,822
$3,342
$3,278
$2,430 $1,901
$1,879
$1,597
$1,036
$428
(2013-2018)
(IN MILLIONS)
VITAL SIGN MONITORING CARE NAVIGATION MEDICATION MANAGEMENT EMERGENCY DETECTION & RESPONSE AGING WITH VITALITY PHYSICAL FITNESS DIET & NUTRITION SOCIAL ENGAGEMENT BEHAVIORAL & EMOTIONAL HEALTH
Where is the money going?
53% of all health funding is in the 50+ market
59% increase in 50+ funding between 2012 - 13
4X increase in deal flow between 2010 - 13
?
?
“Designers need to be at the front end of the sensor transition so they can humanize it.” frog's @TimothyMorey
Doesn't my mom deserve a better user experience. Why accept mediocrity when it comes to designing for older demographics.
Thoughtfulness in Design
AGING WITH VITALITY
40 Million Americans have Hearing Loss, but only 1 in 4 have a
hearing aid
AGING WITH VITALITY
• Stylized Designs • Up to 75% cheaper • Eliminating Middleman
AGING WITH VITALITY
Problematic Ear wax affects 360M consumers worldwide, including 49M in US and 8M hearing aid users
Ear wax build-up causes hearing loss, ear pain, ringing in the ears, missed diagnosis & treatment
Clinical Consumer Home Care
labs
• 70% Tremor cancellation • Multiple attachments • Affordable
AGING WITH VITALITY
Tremor and Parkinson’s affects up to 10M people in US, effecting their ability to
complete simple tasks like eating
VITAL SIGN MONITORING
79 Million Americans live with a chronic condition that requires
monitoring
VITAL SIGN MONITORING
PHYSICAL FITNESS
38 million consumers 50+ are obese, and a third of Americans
65+ engage in no leisure-time physical activity
PHYSICAL FITNESS
EMERGENCY DETECTION & RESPONSE
12+ million U.S. older adults living at home alone
CARE NAVIGATION
43% of adults do not track their out-of-pocket costs – OOP totaled
$320B last year
CARE NAVIGATION
2/3 of reviews
have errors
SOCIAL ENGAGEMENT
World Health Organization rates loneliness as a higher health risk than
lifelong smoking - staying engaged with family, friends and the community
is vital to healthy aging
SOCIAL ENGAGEMENT
• Simplified tablet user experience • Adapts to a user’s abilities and needs • Caregiver managed
• Track caregiving activities
• Connect with other caregivers
• Earn incentives for care provided
SOCIAL ENGAGEMENT
@AARPInnova*on #innova*on50
@sanjaykhurana
Why does AARP care?
The Innovation@50+™ initiative aims to spark entrepreneurial activity across public and
private sectors. Anchored by the AARP social mission – to enhance the quality of life for all as
we age – the initiative enlists the expertise of visionary thinkers, entrepreneurs, the investment
community, industry and not-for-profits to spur innovation to meet the needs and wants of
people over 50.
Our Approach
Industry Outreach
Market Development
Innovation Showcase
Member Research
Raising awareness of market opportunity and needs/wants of the 50+
Influencing ecosystem development
Platform for showcasing innovative technologies
Engaging members in gaining early feedback on emerging trends
Tech Events Incubators/Accelerators Media
Research Payers & Pharma
Investors
Market Access
Technology & Design
Academia
Industry Alliances
Innovation@50+ Ecosystem
InnovaMon@50+ | INSIGHTS
The Longevity Economy
What’s Your 50+ Strategy? A New Investment Theme
Healthy InnovaMon FronMers
Download report at www.aarp.org/50plusinsights
InnovaMon@50+ | INSIGHTS
Digital Health Insights for the 50+ Market
Top 12 VCs Funding the 50+ Market
Download report at www.startuphealth.org/aarp