Gerontologist Keren Etkin is leading a new era of entrepreneurship focused on the intersection of technology and aging. She founded The Gerontechnologist and The Age Tech Academy, both dedicated to exploring the emerging opportunities in this growing sector. I recently attended a talk by Etkin on trends for 2025, where she highlighted the economic potential of longevity, estimated at a staggering $15 trillion. This data reveals a growing market full of possibilities for investors and entrepreneurs.
According to the World Economic Forum, there is a significant potential for an increase of $5 trillion in the gross domestic product of the most developed nations, if the mature workforce seeking employment is tapped. In the United States, the population over 65 is the fastest growing in the labor market. In countries such as Germany, Canada, France, Italy, Japan and the United Kingdom, older people will represent more than 25% of the workforce by 2031, highlighting the importance of this segment in the global economy.
The number of people living with dementia is expected to rise from 55 million to 150 million in the coming decades. The World Alzheimer Report indicates that the global cost associated with dementia, currently around US$1.3 trillion, could reach US$2.8 trillion. This data highlights the urgent need for technological solutions that can help both people with dementia and their caregivers, creating a promising market for innovation.
In the United States, approximately 38 million people are caregivers for family members, representing 11.5% of the population. The working hours dedicated to this care are equivalent to approximately US$500 billion, but these caregivers often receive no pay and, in many cases, compromise part of their own income to ensure the well-being of their loved ones. This situation highlights the lack of support and resources available to these individuals, creating a significant opportunity for startups and companies that want to meet this demand.
Etkin notes that despite the potential, there are not a significant number of startups focused on this segment, which represents a huge missed opportunity. The longevity economy is on the rise, and the opportunities are vast. One of the most promising segments is that of elderly people with financial resources and without health issues, known as WOOPWHIs (well off older people without health issues). These consumers seek differentiated experiences, such as travel and entertainment, and are willing to invest in products and services that meet their needs.
Studies by renowned consultancies, such as McKinsey Digital and Gartner, indicate that the proliferation of robots will be massive in the coming years. Etkin states that, by 2030, 80% of people on the planet will be interacting with robots in their daily activities. This prediction highlights the growing integration of technology into everyday life, especially among older people, who are increasingly open to adopting new technological solutions.
While technology acceptance is increasing among seniors, they still express concerns about security, privacy, and intuitive design. This opens the door for innovations that can address these needs, especially in areas such as dementia care, caregiver support, fraud prevention, and financial tools. Developing solutions that prioritize security and ease of use will be crucial to ensuring successful technology adoption by seniors.
In short, the intersection of technology and aging presents a vast field of opportunity. With the growing elderly population and increasing acceptance of technology, the longevity market is expanding rapidly. Robotic interaction and innovation in senior care are just some of the areas that promise to transform the way we live and interact. The future is bright, and those who invest in this sector will reap the rewards of a rapidly evolving market.
