– The rapidly growing population of older adults has caught the attention of startups who are exploring various areas for improving the lives of seniors.
– These areas range from anti-aging therapies and preventative medicine to fitness and eldercare.
– Investment in longevity-focused startups has been high, with these startups developing methods to diagnose, prevent and treat age-related issues.
– The use of technology in eldercare, such as AI, software, and telemedicine, is also on the rise, with many looking to enhance healthcare services for seniors.
Age demographics are shifting dramatically, with an unprecedented increase in older adults in the U.S and other advanced economies. One in six Americans is now 65 years or older, and this trend is reflected worldwide. These demographic changes have not gone unnoticed by startups who are focusing their efforts on developing solutions that cater to the growing needs and concerns of older adults.
The longevity theme is particularly popular within the startup world. Companies such as Viome, which provides RNA-based testing and develops custom-formulated supplements for healthy aging, received a significant funding of $86.5 million in their Series C extension financing. Other startups like Rejuveron Life Sciences are focusing on developing therapeutics to address cellular damage, a hallmark of aging, and raised $75 million in their Series B funding.
Furthermore, the emphasis on early detection and preventative care is becoming increasingly evident. For instance, Human Longevity offers extensive testing to detect and prevent cancer, cardiac, metabolic, and neurodegenerative disease, and Alzheon is currently developing a drug to prevent the onset of severe Alzheimer’s symptoms. Fitness and active living are also focal points, with startups like Bold and Mighty Health securing funding for their personalized workout and health programs for seniors.
On the eldercare front, startups see increased potential for innovation with AI, software, and telemedicine, aiming to enhance healthcare services. CarePredict, for example, uses AI-powered wearables to monitor the health needs of their users and alert caregivers for necessary intervention. Similarly, Uniper-care Technologies offers a platform that enables seniors to access doctor visits and other content without leaving their homes.
However, despite these investment trends and developments, some experts believe that venture investment in the field of aging appears relatively small, especially considering the significant demographic shift. Still, the current trajectory of the aging population indicates that the ‘age-tech’ sector will likely grow exponentially in the coming years.
