Meet the 7 remote-monitoring startups that are raising millions to provide a new way of caring for aging Americans at home

Clarrie Feinstein

Nov 2, 2019, 20:23 IST

Meet the 7 remote-monitoring startups that are raising millions to provide a new way of caring for aging Americans at home

A patient and care giver using the ClearCare app.

The US population is aging rapidly. There were 48 million people in the US aged 65 and older in 2015 and that number is projected to almost double by 2060, according to the US Census Bureau.
The home-care market is expected to grow from $100 billion in 2016 to $225 billion by 2024, according to Business Insider Intelligence.
To help seniors remain in their homes, rather than move to nursing homes or other facilities, companies are creating tech solutions to monitor, assist, and prevent adverse health events.
While there are a lot of startups tackling different elements of senior care, there are some companies in particular that have the most funding for remote monitoring, CB Insight analysts told Business Insider.
The companies are creating remote medical diagnosis devices, smarter wearable devices, more effective home monitoring systems that track behavioral habits, and easier methods to have in-person home care when needed.
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The US population is aging rapidly and startups are looking to create new ways of helping to care for the elderly.

There were 48 million people in the US aged 65 and older in 2015 and that number is projected to almost double by 2060, according to the US Census Bureau.

With almost a third of the US population set to be 65 and older in a few decades, investment in senior care is becoming more of a focus in the healthcare industry.

"There is a lack of capacity in our current senior housing situation. Between assisted living and skilled living there just aren't enough resources," said Joshua Mark, a healthcare intelligence analyst at CB Insights. "So we're seeing a shift in preference, where aging in the home and receiving care in the home will be the main focus for growth."

With an aging population, the total cost of caring for seniors is projected to increase. The home care market alone is expected to grow from $100 billion in 2016 to $225 billion by 2024, according to Business Insider Intelligence.

"We're seeing a growing number of family caregivers providing care," Mark said. "There is also a greater need for social engagement for seniors. There are higher rates of mental health issues that need to be addressed and more constant care or monitoring is needed for treatment."

Advancement of tech in the home care setting

Technology can help monitor and assist patients in their homes and prevent adverse health events.

Because of this, remote care is becoming an area of keen interest for companies and investors. In 2018, Best Buy acquired GreatCall for $800 million. The company offers senior friendly devices and mobile medical alerts and is a key piece of Best Buy's new senior-focused healthcare strategy.

Optum, a division of the insurer UnitedHealth Group, bought the patient-monitoring startup Vivify Health, CNBC reported. The terms of the deal were not disclosed.

Technology plays a central role in providing care remotely, said Satish Movva, the CEO of CarePredict, a monitoring-device company for seniors.

"To address the lack of caregivers you need to bring technology front and center," Movva told Business Insider. "If you look at the state of technology now in senior care it's still pretty bad. It's the life alert method, which is 'I've fallen and can't get up'. The technology is still to detect and treat, not predict and prevent."

Mark, the CB Insights analyst, said there are several companies in remote monitoring that he thinks are promising. They're creating remote medical diagnosis devices, smarter wearable devices, more effective home monitoring systems that track behavioral habits, and easier methods to have in-person at home care when needed.