INTHEBLACK December 2021 - Magazine - Page 57
STORY HELEN HAWKES
T H E R I S I N G S O P H I S T I C AT I O N O F D I G I TA L T E C H N O L O G Y
P R O M I S E S E XC I T I N G O P P O R T U N I T I E S F O R E N A B L I N G
S E N I O R S T O R E M A I N H E A LT H Y A N D I N D E P E N D E N T
FOR LONGER.
W
ith the number of over-65 consumers
predicted to double to 1.5 billion
globally by 2050, there has never
been a better time for companies to
capitalise on “golden market” tech opportunities.
From “smart” platforms that integrate medical
services with artificial intelligence (AI) and
Internet of Things (IoT) devices and sensors, to
autonomous vehicles, virtual reality applications
and assistance robots, technologies with business
potential are limitless.
Worldwide, people over 60 currently spend
US$15 trillion (A$20.4 trillion) in the global
economy, while Ageing Asia – Asia-Pacific’s
first industry alliance on the business of ageing –
estimates the region’s ageing market value to reach
US$4.56 trillion (A$6.2 trillion) by 2025.
Digital technologies have the potential to affect
much more than the bottom line. They also have the
capacity to reduce age-related physical and cognitive
challenges and allow people greater autonomy,
mobility and productivity in later life.
It is this approach – a dedication to helping seniors
live not just healthier lives, but also more enjoyable,
connected ones – that will determine whether
companies and investors succeed or fail in a multitrillion-dollar market.
Left: “Thea”, a robot
created and
programmed by the
Dorothea Erxleben
Learning Centre at
the Medical Faculty
of Martin Luther
University
Halle-Wittenberg,
is presented to the
residents of an aged
care facility during
an interactive game.
THE PROMISE OF MEDTECH
Digitalisation is transforming healthcare, with the
medical technology (MedTech) industry currently
worth US$457 billion annually (A$621 billion).
Big players like Microsoft have already introduced
systems such as Microsoft Cloud for Healthcare to
help healthcare organisations manage health data at
scale, while wearable devices – a market now valued
at US$50 billion (A$68 billion) annually – monitor
kilojoule intake, activity, sleep and heart rate and, for
the over-65s, fall detection. Google’s Live Transcribe
and CART apps assist communication for the hard
of hearing, while US company Evondos offers an
AI-powered robot that guides medication intake, as
does Japanese multinational NEC’s smart pill case.
US company LiveFreely’s Buddy uses machine
learning and AI to track everything from fall
prevention to emergency notifications, while Amazon’s
Alexa Care Hub and Google’s Nest Hub Max allow
families to check in with each other easily.
While the US currently leads the MedTech
market, Asia-Pacific is catching up quickly, with
sales of US$133 billion (A$181 billion) in 2020.
Healthcare monitoring technologies, as well as
assisted living and smart living technologies, will
enable seniors to stay independent longer, says
Janice Chia, founder and managing director of
Ageing Asia.
This is crucial in any market where the
population is ageing quickly and the size of
the working population is shrinking.
Prior to the pandemic, global companies like
Ascom were already front-runners in delivering
straight-forward, non-obtrusive technology
solutions for the golden market, says Chia.
She highlights these business opportunities
for MedTech:
•
•
•
•
•
ementia – health monitoring technologies,
D
smart home and communication
technologies, and brain
and exercise programs
Care technologies – companion robots,
telehealth, assistive technologies for client
monitoring, robotic assistants for repetitive
tasks, smart home technologies, robotic baths
and smart hoists
Healthy ageing – preventive health
management solutions
Fun rehabilitation – gamification of exercise
V irtual care – telerehabilitation and virtual
exercise classes
SMART HOME, SMART COMMUNITY
Smart home, city and community technologies
have the potential to improve life for the
elderly and help them age in place, says Anne
Livingstone, research and development lead at
Global Community Resourcing.
“Many Australian aged and community care
providers are incorporating a range of smart
technologies in their service provision, while
families are purchasing technologies to support
their loved ones,” Livingstone says.
She is involved in trials of smart home
technologies that monitor daily living activities such
as how many times a fridge is open or shut, a kettle
boiled or a television set turned on and off.
intheblack.com December 2021 57