Business models for longevity

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The global increase in the elderly population is a significant demographic trend, with over-60 consumer spending reaching 15 trillion euros annually. This rapid growth presents a valuable opportunity for companies to address the unique needs and aspirations of older adults. Longevity brings various challenges, including daily living difficulties and health issues related to aging. Since 90% of seniors prefer to age at home, solutions that support their independence are essential, with technology playing a crucial role in this effort.

However, many elderly individuals struggle to adapt to technological products designed primarily for younger generations, creating a notable generation gap. Bridging this divide is vital, as technological advances can revolutionize elderly care, especially amid shrinking family support and caregiver shortages. Companies must innovate by adapting existing products or developing new ones that empower seniors and enhance their quality of life, rather than emphasizing their limitations. While few businesses have yet focused specifically on longevity, pioneers in this emerging market are likely to inspire new products and models. Despite societal fears about technology replacing human roles, especially robots, promising business models include empowering seniors socially, robotic companions for assistance, and interaction with real or robotic animals to improve well-being.

The increase in longevity enhances the creation of new business models for this sector of the population and its specific needs.

The demographic increase of the elderly population is a phenomenon to which it is impossible to turn a deaf ear, the longevity is growing. To date, global consumer spending of those over 60 has reached 15 trillion euros annually.

This is a rapidly expanding market, and companies should see these demographic and economic changes as an opportunity to meet the needs and aspirations of this group.

From longevity arise multiple needs: solutions must be found for the challenges of daily life, as well as for the health and well-being problems that come with diseases associated with aging. Since 90% of older people prefer to age in their own home, it is up to us to find ways to support and encourage their independence.

Technology can and should play a key role for longevity.

The elderly have a hard time getting used to technological solutions that companies in this sector design thinking mainly of millennials. This is leading to the creation of a wide generation gap.  Although it is true that this gap can be observed in almost all aspects of personal and social life, in the case of technology it is even more pronounced, when it should be the opposite.

Technological advances can completely transform the way we support the aging population in a world where families are increasingly broken up and caregivers are in short supply. The time has come for companies to look for ways to empower the elderly and facilitate their personal development at this stage of their lives, rather than being a constant reminder of their disabilities. They must broaden their sights, and either adapt their products, or create new products.

We live in a world in which a greater longevity of the population is assumed, and only a few have decided to establish business models motivated specifically by this circumstance or study the market for the establishment of them. They will undoubtedly be the pioneers, but not the last. In fact, it is very possible that these early businesses will end up merging and creating new products.

The innovative models that are presented as the first aimed at increasing longevity, almost all with technology as the main ally, also face the suspicion of a society that fears that robots will end up replacing the human being, a fear that accompanies humanity to different degrees since the industrial revolution.

The main business models that arise as an opportunity for Longevity are: