Six areas of business opportunity exist for those serving older adults and the people who care for them, according to the Caregiving Innovation Frontiers study recently issued by the AARP and Parks Associates.
“This market is ripe for disruption,” said Jody Holtzman, senior vice president of enterprise strategy and innovation for the AARP.
The six areas:
- Daily essential activities accounts for $207.6 billion of market opportunity and includes meals, home and personal care, home repair, delivery and transportation services.
- Health and safety awareness accounts for approximately $20.3 billion of market opportunity and includes health alerts, diet and nutrition, medication management, personal safety monitoring and telehealth.
- Care coordination accounts for $8.4 billion of market opportunity and includes care planning, care professional engagement, records and benefits management and recovery support.
- Transition support accounts for $21.3 billion of market opportunity and includes living space retrofit services, long-term care insurance planning, long-term care provider referral, legal assistance and hospice/funeral planning.
- Social well-being accounts for approximately $5 billion of market opportunity and includes digital inclusion, life enrichment and empowerment, community networking and life companions.
- Caregiver quality of life accounts for $17.2 billion of market opportunity and includes respite and backup care, social support, health and wellness, and financial/job security.