With 110 million people over the age of 50 in the United States, the demand for more efficient business models addressing health and elderly care is soaring. People over the age of 50 constitute only one-third of the population, but account for over 53% of consumer spending, and these numbers will continue to rise. Not surprisingly, more than 80% of healthcare spending goes towards the last 20% of life. US healthcare spending is projected to reach $5.5 trillion by 2025, with spending on Medicare slated to increase at an average of 7.1% per year.
Boundless recently hosted a San Francisco workshop discussing Investing in the Longevity Economy and how investors can fund businesses and technologies that transform healthcare into smarter and more prevention-oriented models.
In most communities across the United States, healthcare is practiced as it has been for millennia: as “sick care,” using outdated mindsets in which patient’s needs are taken into account only once the damage has been done. The economic implications of preventive and holistic healthcare are more critical now than ever. Improved care for the 50+ demographic will decrease the social and economic burden of chronic diseases and many other age-related health issues.
New opportunities abound in digital healthcare, technology-enabled services (such as tech-enabled pill bottles that allow you to track if your loved one has taken their medication), long-term and specialty care facilities. We also discussed emerging technologies like memory care apps that allow seniors to play games improving brain plasticity.
Speakers discussed The Internet of Medical Things (IoMT) marketplace, including remote patient monitoring of people with chronic or long-term conditions; tracking patient medication orders and the location of patients admitted to hospitals; and patients’ wearable health devices, which can send information to caregivers.
Our keynote speaker, Daniel Kraft discussed “Exponential Medicine” showing how the convergence of fast-moving technologies can be leveraged in the reinvention of how we care for aging populations.
The Longevity Economy is a massive industry with potential for impressive financial returns. Healthcare costs and rapidly changing demographics are drawing healthcare-focused impact investors to capitalize on these disruptions and improve health and wellbeing of the rapidly expanding 50+ demographic.