Innovating Healthcare: Surprising Business Opportunities in a Rapidly Aging Global Population Today’s Presenter About the Presenter Additional Information Dani Bradnan Research Associate QUESTIONS? Dani leads the Digital Use the questions box on your Transformation team's coverage screen of Digital Health and Wellness. In this role, she provides intelligence AUDIO ISSUES? and recommendations to clients through the publication of Use the global dial-in number in syndicated research and direct your confirmation email inquiry response. Today’s webinar will begin shortly 1
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ADDRESSING FOUR KEY THEMES Emerging Digital Technologies Foundational emerging digital technologies Industry 4.0 Foundational technologies like AI and IoT evolve fast, Emerging digital technologies promise efficiency, cost and tracking evolution and differentiation here is hard. reduction, and flexibility. Extracting ROI from these We focus on understanding what is possible with these technologies is challenging, while simultaneously technologies – and what’s not, in order to separate the meeting the varied demands of customers. We track promising from the hyped. the players and solutions for technologies that move quickly from idea to value. Smart and connected products and services Innovation transformation AI and IoT can unlock new value from the products we R&D and innovation is in the midst of a build. Sensing and connectivity add a valuable data stream transformation. From NLP to informatics, digital tools to products, and analytics and AI can create additional can help us find whitespace, understand trends and value and generate new business models. We focus on key players, and iterate towards the right solution how emerging digital technologies integrate with products more efficiently. We examine what’s possible and and the powerful value that can emerge. worth deploying. 4
Innovating Healthcare Surprising Business Opportunities in a Rapidly Aging Global Population Dani Bradnan 5
Agenda 1 Aging populations represent a growing business opportunity Using the healthcare spectrum to identify specific opportunities 2 3 How to develop solutions for aging populations 6
The world is getting older on average, with the rise of the ‘super - aged’ society (20% population aged >65) Rank Country 2015 2030 1 Japan 26.4 30.7 2 Germany 21.4 28.2 3 Italy 21.7 26.8 4 South Korea 13 23.4 5 France 18.7 23.2 6 Switzerland 18.2 21.9 7 UK 18.1 21.7 8 US 14.7 20.1 9 Australia 15 19.2 10 China 9.5 16.2 7 Source: Financial Times
Addressing aging populations has built in growth Rank Country 2015 2030 1 Japan 26.4 30.7 2 Germany 21.4 28.2 3 Italy 21.7 26.8 4 South Korea 13 23.4 Your addressable market 5 France 18.7 23.2 size is only expanding! 6 Switzerland 18.2 21.9 7 UK 18.1 21.7 8 US 14.7 20.1 9 Australia 15 19.2 10 China 9.5 16.2 8 Source: Financial Times
UNHEALTHY SENIOR CITIZENS Elderly individuals, whether HEALTHY VERY ILL directly or indirectly because of their age, have health problems 9
This binary hides the real business opportunity Most are healthy well over their 70s Location Median Life Healthy Years in Expectancy Years Ill Health Most are only sick towards the last 10- Singapore 84.8 73.6 11.2 11 years of their lives. Japan 84.0 73.2 10.8 Spain 83.0 72.6 10.4 Few solutions to cater to their needs in Switzerland 83.2 71.9 11.3 their everyday lives Italy 82.3 71.8 10.5
This binary hides the real business opportunity Most are healthy well over their 70s Location Median Life Healthy Years in Expectancy Years Ill Health Most are only sick towards the last 10- Singapore 84.8 73.6 11.2 11 years of their lives. Hundreds of billions, if not trillion dollar opportunity Japan 84.0 73.2 10.8 Spain 83.0 72.6 10.4 Few solutions to cater to their needs in Switzerland 83.2 71.9 11.3 their everyday lives Italy 82.3 71.8 10.5
Agenda 1 Aging populations represent a growing business opportunity Using the healthcare spectrum to identify specific opportunities 2 3 How to develop solutions for aging populations 12
Applying the spectrum to aging populations As we move from left to right on the spectrum, we see decreasing independence and mobility, and increasing symptoms of disease Severe Healthy At-risk Pre-disease Disease disease 13 Image source: The Guardian
Do current tech solutions address this spectrum?
Five different digital technologies dominate the innovation landscape for elderly care today The Digital Toolbox Smart Wearable Smart Artificial AR/VR Homes Devices Textiles Intelligence 15
Technology 1 in our toolbox: Wearable Devices The Digital Toolbox Smart Wearable Smart Artificial AR/VR Homes Devices Textiles Intelligence 16
Wearable devices are arguably the most mainstream of digital health tools today Wearable devices can play a big role for elderly care as well 17 Source:WiseWear
WEARABLE DEVICES Smart clips and smartwatches are used mostly for senior monitoring Go LiveClip Greatcall The Netherlands San Diego, CA Greatcall is a digital health The GoLive Clip is a tech company with a focus wearable activity tracker on senior demographics – from Gociety Solutions it’s acquisition of Lively’s that clips on to clothing, fall detection wristband and is also equipped with added a wearable to the fall detection capabilities portfolio Source: Gociety Source: Greatcall 18
Mapping wearables on the health spectrum Severe Healthy At-risk Pre-disease Disease disease 19
Technology 2 in our toolbox: Smart Textiles The Digital Toolbox Smart Wearable Smart Artificial AR/VR Homes Devices Textiles Intelligence 20
Smart textiles can track various parameters in an everyday form factor Smart textiles can monitor signs of deviation from the norm in elderly 21 Image Source: NewElectronics Source: Edema ApS
SMART TEXTILES Smart textiles come in a variety of form factors SensingTex Sensoria Redmond, WA San Diego, CA SensingTex creates a mat that can be placed in a Sensoria makes garments bed to detect ulcer hot with embedded sensors, spots. Applications such as including award winning vital sign monitoring for socks that can be used to respiration and cough are detect diabetic ulcers, being integrated into location, and falls COVID-19 monitoring Source: Sensoria Source: SensingTex 22
Mapping smart textiles on the health spectrum Severe Healthy At-risk Pre-disease Disease disease 23
Technology 3 in our toolbox: AR/VR The Digital Toolbox Smart Wearable Smart Artificial AR/VR Homes Devices Textiles Intelligence 24
AR/VR use cases are mostly in gaming In elderly care, AR/VR can be used for emotional well-being and mental health 25
Virtual Reality Virtual Reality lets elders share experiences Rendever TribeMix Cambridge, MA Hertfordshire, UK Rendever develops a VR program specifically to TribeMix offers a soothing give elders the ability to therapeutic for individuals engage with others, and struggling with dementia experience travel Source: Rendever Source: TribeMix 26
Mapping the five key digital health tools on the health spectrum Substantial gap in the middle – at-risk and predisease populations are still an underexplored opportunity! Severe Healthy At-risk Pre-disease Disease disease 27
Do current tech solutions address this spectrum?
We are not applying the spectrum to aging populations We are succumbing to a binary that does not serve the entirety of a population and blinds us to opportunity! Severe Healthy At-risk Pre-disease Disease disease 29 Image source: The Guardian
Agenda 1 Aging populations represent a growing business opportunity Using the healthcare spectrum to identify specific opportunities 2 3 How to develop solutions for aging populations 30
How can we address the whole spectrum?
Aging is not a problem, but a life stage that transcends clinical care If ‘70 is the new 40’, seniors are pretty much living like everyone else and have the same needs • Careers/jobs • Social needs • Autonomy and mobility • Food and nutrition 32
Keep focus on the left of the care spectrum • Majority of this segment are not experiencing symptoms • Largely independent • Early support and diagnosis makes for better long term outcomes Severe Healthy At-risk Pre-disease Disease disease 33
What does a winning strategy look like?
Pick a healthcare vertical • Dementia • Diabetes Often, ironically, this looks like a • Respiratory Conditions disease, but the trick is to not think • Arthritis in terms of solving the disease. Instead, focus on providing the • Blindness support necessary for prevention • Mental Health • Chronic Pain 35
Mental Health • Mental Health represents a huge market, in the hundreds of billions if not trillions • The market is largely under represented • Mental health is an almost universal comorbidity Client confidential. Not for redistribution. Client confidential. Not for redistribution.
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