Doesn't Your Mom Deserve Better?

Sanjay Khurana | AARP Thought Leadership

@sanjaykhurana

Industry Outreach

Market Development

Innovation Showcase

Member Research

Raising awareness of market opportunity and needs/wants of the 50+

Influencing ecosystem development

Platform for showcasing innovative technologies

Engaging members in gaining early feedback on emerging trends

The  Innova*on@50+™  ini*a*ve  aims  to  spark  entrepreneurial  ac*vity  across  public  and  private  sectors.  Anchored  by  the  AARP  social  mission  –  to  enhance  the  quality  of  life  for  all  as  we  age  

“Not every idea warrants a startup”  Edison  Medical’s  @LouisForeman  

Most entrepreneurs have a personal story in health tech. Passion is essential, product is key, but don’t lose sight of where the money is!!  

“The Longevity Economy is one of the most powerful forces in the US Economy” Oxford  Econonics      

The 50+ is responsible for over $7.1 trillion in annual economic activity – $3.0 trillion in consumer spending

$1.6 trillion in health care spending  

Third largest in the world after US & China  

100 million consumers  and  accounts  for  nearly  

The  50+  segment  consists  of  close  to    

$230 billion in  sales  for  consumer  packaged  goods.  

49%  of  total  sales  

+34%

+12%

50%  of  adult  popula:on  

Between  now  and  2030,  the  18-­‐49  segment  is  expected  to  grow  +12%,  while  the  50+  segment  will  expand  +34%.    

BECOMING  

100 Million consumer in 50+ are expected to spend $100M in out-of-pocket medical expenses in 5 years - $20B attributed to digital innovations Parks  &  Associates  

 

NINE AREAS OF OPPORTUNITY 100 million people and an opportunity for as high as

$20 billion in revenue by 2018

1/9 MEDICATION MANAGEMENT

NINE AREAS OF OPPORTUNITY 100 million people and an opportunity for as high as

$20 billion in revenue by 2018

Prevent in-home accidents · Manage medications · Improve/aid

memory & cognition

2/9 AGING WITH VITALITY

NINE AREAS OF OPPORTUNITY

Address calcium deficiencies · Manage arthritis · Boost daytime energy · Improve/aid memory &

cognition · Improve/aid hearing · Improve/aid vision · Maintain muscle strength

100 million people and an opportunity for as high as $20 billion in revenue by 2018

NINE AREAS OF OPPORTUNITY

3/9 VITAL SIGN MONITORING Improve sleep quality · Reduce bad cholesterol · Keep glucose in range · Maintain healthy weight ·

Keep blood pressure in range · Detect skin problems · Maintain good dental hygiene

100 million people and an opportunity for as high as $20 billion in revenue by 2018

4/9 CARE NAVIGATION

NINE AREAS OF OPPORTUNITY

Manage healthcare costs · Evaluate quality of care · Navigate healthcare

system · Plan for end of life care

100 million people and an opportunity for as high as $20 billion in revenue by 2018

5/9 EMERGENCY DETECTION & RESPONSE

NINE AREAS OF OPPORTUNITY

Detect falls · Send alert when lost · Prevent in-home accidents

100 million people and an opportunity for as high as $20 billion in revenue by 2018

6/9 PHYSICAL FITNESS

NINE AREAS OF OPPORTUNITY

Boost daytime energy · Reduce stress, Reduce bad cholesterol · Maintain healthy weight · Keep blood pressure in range · Relieve back pain · Engage in age-appropriate exercise · Maintain muscle

strength · Keep mobilized

100 million people and an opportunity for as high as $20 billion in revenue by 2018

7/9 DIET & NUTRITION

NINE AREAS OF OPPORTUNITY

Eat healthy · Control sodium intake · Boost daytime energy · Prevent dehydration · Reduce bad cholesterol · Keep glucose in range · Maintain healthy weight · Keep blood pressure in range · Address calcium deficiencies ·

Maintain good dental hygiene

100 million people and an opportunity for as high as $20 billion in revenue by 2018

8/9 SOCIAL ENGAGEMENT

NINE AREAS OF OPPORTUNITY

Reduce stress · Improve or aid memory & cognition · Stay connected socially · Keep mobilized

100 million people and an opportunity for as high as $20 billion in revenue by 2018

9/9 BEHAVIORAL & EMOTIONAL HEALTH

NINE AREAS OF OPPORTUNITY

Receive divorce/grief support · Manage life phase transitions · Plan for end of life care

100 million people and an opportunity for as high as $20 billion in revenue by 2018

THE OPPORTUNITY | $20B OVER NEXT 5 YEARS

$4,822    

$3,342    

$3,278    

$2,430    $1,901    

$1,879    

$1,597    

$1,036    

$428    

(2013-2018)

(IN MILLIONS)

VITAL SIGN MONITORING CARE NAVIGATION MEDICATION MANAGEMENT EMERGENCY DETECTION & RESPONSE AGING WITH VITALITY PHYSICAL FITNESS DIET & NUTRITION SOCIAL ENGAGEMENT BEHAVIORAL & EMOTIONAL HEALTH

Where is the money going?  

53% of all health funding is in the 50+ market

59% increase in 50+ funding between 2012 - 13

4X increase in deal flow between 2010 - 13

?

?

“Designers need to be at the front end of the sensor transition so they can humanize it.”  frog's  @TimothyMorey  

Doesn't my mom deserve a better user experience. Why accept mediocrity when it comes to designing for older demographics.  

Thoughtfulness in Design  

AGING WITH VITALITY

40 Million Americans have Hearing Loss, but only 1 in 4 have a

hearing aid

AGING WITH VITALITY

•  Stylized Designs •  Up to 75% cheaper •  Eliminating Middleman

AGING WITH VITALITY

Problematic Ear wax affects 360M consumers worldwide, including 49M in US and 8M hearing aid users

Ear wax build-up causes hearing loss, ear pain, ringing in the ears, missed diagnosis & treatment  

Clinical     Consumer  Home  Care  

labs

•  70% Tremor cancellation •  Multiple attachments •  Affordable

AGING WITH VITALITY

Tremor and Parkinson’s affects up to 10M people in US, effecting their ability to

complete simple tasks like eating

VITAL SIGN MONITORING

79 Million Americans live with a chronic condition that requires

monitoring

VITAL SIGN MONITORING

PHYSICAL FITNESS

38 million consumers 50+ are obese, and a third of Americans

65+ engage in no leisure-time physical activity

PHYSICAL FITNESS

EMERGENCY DETECTION & RESPONSE

12+ million U.S. older adults living at home alone

CARE NAVIGATION

43% of adults do not track their out-of-pocket costs – OOP totaled

$320B last year

CARE NAVIGATION

2/3 of reviews

have errors

SOCIAL ENGAGEMENT

World Health Organization rates loneliness as a higher health risk than

lifelong smoking - staying engaged with family, friends and the community

is vital to healthy aging

SOCIAL ENGAGEMENT

•  Simplified tablet user experience •  Adapts to a user’s abilities and needs •  Caregiver managed

•  Track caregiving activities

•  Connect with other caregivers

•  Earn incentives for care provided

SOCIAL ENGAGEMENT

@AARPInnova*on  #innova*on50    

@sanjaykhurana

Why does AARP care?  

The Innovation@50+™ initiative aims to spark entrepreneurial activity across public and

private sectors. Anchored by the AARP social mission – to enhance the quality of life for all as

we age – the initiative enlists the expertise of visionary thinkers, entrepreneurs, the investment

community, industry and not-for-profits to spur innovation to meet the needs and wants of

people over 50.

Our  Approach  

Industry Outreach

Market Development

Innovation Showcase

Member Research

Raising awareness of market opportunity and needs/wants of the 50+

Influencing ecosystem development

Platform for showcasing innovative technologies

Engaging members in gaining early feedback on emerging trends

Tech Events Incubators/Accelerators Media

Research Payers & Pharma

Investors

Market Access

Technology & Design

Academia

Industry Alliances

Innovation@50+ Ecosystem

InnovaMon@50+        |        INSIGHTS  

The  Longevity  Economy  

What’s  Your  50+  Strategy?  A  New  Investment  Theme    

Healthy  InnovaMon  FronMers  

Download  report  at  www.aarp.org/50plusinsights  

InnovaMon@50+        |        INSIGHTS  

Digital  Health  Insights  for  the  50+  Market  

Top  12  VCs  Funding  the  50+  Market  

Download  report  at  www.startuphealth.org/aarp