Age Tech is an important new vertical within the tech industry

Telehealth, in particular, can lower costs and broaden access to care. In the last decade, companies like Livongo (chronic disease management) and PillPack (an online pharmacy) emerged to help seniors better access healthcare.

Technology will play an important role in helping the elderly maintain social connections. It can improve their quality of life by reducing their sense of isolation, contributing to their psychological well-being and sense of empowerment, and supporting their relationships regardless of time and location.

Quite clearly, inexpensive healthcare technology platforms such as telehealth, remote monitoring, and contact tracing will be an essential cornerstone of managing nursing homes going forward.

By 2050, there will be more than 2 billion people over the age of 60 in the world – about 25% of the world’s population. These numbers, combined with a massive increase in tech adoption by older adults, and a growing number of elderly-care providers, mean the Age Tech market is expected to reach $2 trillion.