In 2024, the U.S. is expected to see the largest surge of Americans turn 65 in its history, and as the population of older adults climbs, the demand for modern, efficient, and compassionate solutions that make aging easier is skyrocketing. Enter: AgeTech, a category of technology products, services, and experiences designed to meet the needs of the world’s aging population. 

With a significant increase in technology adoption among older adults (AARP reports that adults aged 50+ own an average of seven tech devices, including smartphones (89%), smart TVs (75%) and wearables (34%))¹, forward-thinking innovators are leveraging technology to transcend traditional aging paradigms and create solutions that enhance individual autonomy, facilitate aging in place, and unite providers, caregivers, and loved ones as cohesive support networks. 

Spanning multiple industries—digital health, caregiving, assistive technology, smart living, and social engagement, to name a few, AgeTech is empowering older adults to live healthier, safer, and more engaged lives.

Revolutionizing Health and Proactive Wellness

One of the most significant areas where AgeTech is making an impact is healthcare. As traditional healthcare systems experience staffing shortages and increasing costs, many providers are struggling to meet the needs of older adults, especially those with chronic conditions or limited mobility. AgeTech is stepping in to bridge these gaps by making healthcare more accessible, personalized, and proactive.

Bolstered by the increased demand brought on by the COVID-19 pandemic, telehealth is now firmly established as a care option for older adults with 60% of adults 50+ finding telehealth appointments more convenient than in-office visits ². But beyond virtual visits with primary care providers, AgeTech is enabling robust, highly specialized digital health platforms that integrate telehealth with remote patient monitoring and wearable tech, AI diagnostic tools, caregiving resources, and coordinated communication services. These platforms allow older adults to consult with healthcare providers and manage their health from home, reducing the need for frequent in-person visits. 

Wearable technology, in particular, is playing a pivotal role in revolutionizing health and wellness for older adults. From earbuds that measure biometric data like heart rate and heart rate variability to smartwatches that monitor sleep patterns and encourage physical activity, AgeTech wearables can continuously collect and communicate data-driven health insights with healthcare providers and caregivers. These devices not only help detect early signs of health problems but also offer personalized health management plans helping older adults lead healthier, more independent lives. 

Enhancing Independence, Safety, and Wellbeing 

Beyond healthcare, AgeTech is transforming everyday life with innovative solutions that allow older adults to live safely and independently. And with 77% of adults believing that it’s important to age in place, providing solutions that make aging easier for both older adults and their caregivers is paramount.

Assistive technology plays a key role in helping people perform tasks that may become difficult or impossible as they age due to physical or cognitive limitations. From simple devices like accessible mobile phones and smart pill dispensers to more advanced technology like AI-powered mobility aids, assistive AgeTech helps older adults maintain their independence and stay connected to essential support networks. New smart walkers, for example, employ electric motors, sensors, and AI to make movement easier, while simultaneously observing activity levels and gait to enable proactive interventions and data-informed care.

In parallel, smart-living solutions, including voice-activated assistants, motion sensors, Internet-of-Things (IoT) devices, simplify everyday tasks and monitor wellbeing by creating connected environments. These solutions allow older adults to safely remain in their homes with privacy and dignity while keeping caregivers and loved ones informed. AI-powered passive sensing technology, for example, can monitor movement and behavior in the home without cameras or wearables, and automatically alert emergency services should unusual activity be detected. Many AgeTech smart living products, like the wearable ring that controls objects by simply pointing (without the use of apps, rewiring, or internet!) are designed to seamlessly integrate into a home’s existing infrastructure so any home can become a smart home with minimal setup and effort.

Equally important in aging in place is staying connected and engaged, and AgeTech solutions are making this easier than ever. Social engagement platforms, video chat technologies, and virtual reality experiences allow older adults to maintain relationships, participate in meaningful social activities, and combat feelings of isolation, while gaming apps and fitness platforms can help maintain and improve physical and mental fitness in older adults. 

Driving Innovation Through Collaboration

Support for these startups creating groundbreaking products and services is happening through the collaborative efforts of a diverse group of stakeholders at the forefront of the longevity industry. With the 50+ population currently generating over $8 trillion in US economic activity annually and projections pointing to over $28 trillion annually by 2050, investors are taking a growing interest in funding startups that are creating solutions for older adults. Testbeds - senior living communities, hospitals, and other environments that allow for the trial of AgeTech solutions in real-world settings, are helping startups refine their products based on direct feedback from users, often implementing pilots that lead to improved efficiency and reduce costs within their organization. Enterprises are also playing a crucial role in scaling AgeTech innovations by providing the infrastructure and market access that smaller companies and early stage startups need.

A leading force in the growth of AgeTech is the AgeTech Collaborative™ from AARP, a one-of-a-kind ecosystem of leading startups, investors, enterprises and testbeds, united in a mission to make aging easier for everyone. Since its launch in January of 2022, the AgeTech Collaborative has grown to an ecosystem of over 500 startups, investors, enterprises and testbeds including the likes of Walgreens, CVS Health Ventures, Best Buy Health, and the National Institute on Aging. Together, the AgeTech Collaborative has supported startups in their driving of over $167M in revenue by convening and connecting the leading minds in AgeTech to bring groundbreaking innovations to market. 

As more people turn 65 than ever before, the opportunity to unite behind a common goal - creating modern solutions to empower people to choose how they want to live as they age - has never been greater. The AgeTech Collaborative is committed to bringing that future closer, creating connections and sharing insights to kick-start big ideas and make aging easier for everyone. 

Resources

• “2024 Tech Trends and Adults 50+,” AARP Research, January 2024
• “A New look at Telehealth,” AARP Research, May 2024