Assistive & caretech (2024)

The future's looking a lot greyer: the proportion of people aged 60 and over is growing faster than any other age group. By 2100, the global population will reach 11.2bn, and of that, 3.2bn will be at least 60 years old, according to a UN forecast. That’s more than triple the current figure. This unprecedented demographic growth has not escaped investors, who in recent years have disbursed hundreds of millions of pounds to startups that use tech to improve health services for seniors. These products promise to allow older people to live independently for longer — and the scale of innovations available is growing rapidly.

Home monitoring software, in-home cameras, AI-powered speakers and motion sensors let healthcare providers assess seniors from afar. UK-based Whzan Digital Health has developed a monitoring system that tracks people’s movement and detects falls through sensors placed around the home. Another UK startup, MiiCare, has developed a tiny cube-shaped speaker that uses an artificial voice — or “conversational AI” — to remind seniors to take their medicine. Elsewhere, Paris-based Life Plus has developed a wearable gizmo equipped with fall detectors and an SOS button for emergencies. The trick with gadgets for seniors is that they have to be easy to use. They also need to be unobtrusive or older people will feel that the tech is less there for their assistance, and more for their children to spy on them.

The biggest gain from tech may be that it makes it easier to keep seniors fit enough to remain in their homes for longer. This is much cheaper than going to a hospital or a care home, and usually nicer, too. “Hospitals at home” is a tech term with traction. In order to cut hospital admissions, governments are investing in ways for more elderly and frail patients to be treated at home. London-based Doccla, for example, gives discharged patients a tailor-made box of equipment, including a smartphone and wearable device, so healthcare professionals can remotely monitor stuff like heart rate, blood oxygen levels and blood pressure.

It’s not all about better — or cheaper — health for seniors. There’s also a growing emphasis on products and services that help older people have fun. Virtual reality (VR) headsets developed by Spain’s Oroi help people “travel” and cross off destinations on their bucket list, while virtual hangouts of the kind organised by London-based The Joy Club help seniors socialise more.

More ambitiously, startups including the Netherlands’ SARA Robotics are developing humanoid robots that can interact with patients and lead them through various recreational activities. Studies show these bots can reduce anxiety and depression and improve emotional wellbeing in people with dementia. Other robots monitor patients as they sleep, while exoskeletons made by startups including Paris-based Wandercraft offer seniors the chance to try self-supported walking. These muscle suits can also give carers the extra strength to lift patients in and out of wheelchairs or beds.

New funds are supporting the so-called silver economy. In 2022, Italian VC CDP started what it called Europe’s first accelerator focused on products and services for the over 50s, while private equity firm Quadrivio (also Italian) established a €400m pot in 2021 to target the same demographic. In the previous year, VC investment for care-giving startups in Europe totaled $93.1m, a sharp drop from the $525.5m raised in 2022. Late-stage funding in particular was lacklustre, with no rounds surpassing $40m in 2023. But things have picked up considerably in 2024, with European startups in this sector attracting $70m in Q1 (a reporting lag means this figure could grow). The future’s grey — but likely not for caretech founders.