The Caregiving Market, the economic activity resulting from the responsibilities of caregivers in the US, is a fast-growing opportunity that health technology investors and entrepreneurs can’t afford to ignore. With over 10,000 Americans turning 65 every day, an estimated 117 million Americans will need some sort of caregiving assistance by 2020. However, with only 40 million Americans providing unpaid care, and only 5 million paid caregivers employed in the US, there exists a huge gap in the manpower and technology needed to care for these seniors.
117 million Americans are expected to need assistance of some kind by 2020
Analysts and Researchers from Parks Associates estimate that the total spending of the caregiving market will reach a cumulative $279 billion from 2016-2020, with over $60 billion classified as an out of pocket caregiver expense. Despite enormous spending, today’s market for caregiving solutions remains extremely fragmented and poorly adapted to caregiver needs, presenting huge potential for growth and development by entrepreneurs and investors.
Addressing the needs and facilitating solutions for the caregiver market is a strategic focus of The Longevity Network. In order to help guide investors and businesses, we have outlined 6 key areas of opportunity in the caregiving market ripe for growth and disruption.
Learn more and explore the six Caregiving Frontiers:
Download the Caregiving Innovation Frontiers Infographics [PDF]
Help caregivers manage the responsibilities they assume in daily caregiving.
Educate caregivers on health technology and knowledge relevant to the ones they care for.
Advise caregivers on tools, networks and planning options available in the health care system.
Guide caregivers on the transition to safe and comfortable senior living at home or in long-term care facilities.
Connect caregivers with social networks and communities that provide emotional and mental support.
Connect caregivers with communities that offer social, financial and backup care.