Technology products that address specific needs of aging demographics are already some part of the mainstream in our economy, in what can be described as the greater “longevity market”. Examples of general needs are categories like home care and aging in place, health care and medical aid. These descriptions and more are inter-related and of course, other products and services are not technology based but technology assisted.
What makes all this challenging to follow from a marketing perspective, is that while some businesses label their target market as “Senior’, others say “Boomer” or “Elder”. The “longevity market” is wider than that. When you consider that wider range to include descriptors like active aging, anti-aging, wellness & longevity, you realize that we’re also speaking to customer audiences in 30’s and 40’s age bands.
A technology product in a “senior” space in the “longevity market”, may address safety and security in achieving goals for “aging in place”, while at the same time attempt to satisfy concerns of facing the fear of social isolation in a suburban environment. That might be the market story in that specific case.
When for example, Age-Well says they aim “to help older Canadians maintain their independence, health and quality of life through practical and affordable technologies…”, one could also say that a home care tech-aid for supporting mobility could help a 43 year old as much as a 77 year old with a mobility issue, thus supporting everyone’s longevity.
Welcome to the complexity of the Longevity Market.