Been last year when we were all shaken up about longevity. From major reports published on the impact of longevity through the National Academy of Medicine and McKinsey for every leading newspaper, public discourse highlighted how our global healthcare, finance and housing infrastructure failed to serve a burgeoning older adult population.
While these demographics are not new, there has been a heightened call for urgency and immediate action from the kitchen table conversations to Congress.
At Primetime, we’ve observed this wake-up call beyond the research and media attention. First, our deal stream from early stage companies in the industry increased from 70 in Q4 2021 to 120 in Q4 2022. And we were one of only three dedicated funds investing in aging and longevity when we launched in 2020, but we are now aware of at least six more agetech funds in formation, in addition to many other existing funds eager to expand their team to cover the sector.
We are very optimistic for 2023 as we see incredible founder momentum, untapped areas to build new businesses and a window into an increasingly tech accessible, high growth consumer market.
Here are our top predictions for the longevity industry in 2023.
By 2030, the over-50s market is expected to grow to 132 million people, who are expected to spend an average of $108 billion each year on tech products.
Health duration is the new longevity
The COVID-19 pandemic has had a dramatic impact on older people’s behavior related to technology use, the penetration of telemedicine and remote health monitoring, early retirement and financial uncertainty. Unfortunately, one of the gravest implications of the pandemic was that life expectancy in the US fell from 79 to 77.
This year, the conversation will shift from “longevity” to “health longevity” – how we live healthier lives for longer.
While telemedicine use has declined since peaking during the pandemic, the new average is much higher than before the pandemic. We are especially excited about companies that will accelerate the growth of more than 100 telemedicine startups in primary and specialty care by managing their technology, patient payments and benefits, as well as provider acquisition and certification.
In order to avoid expensive hospital visits, a proliferation of startups has taken place in recent years additional health plan benefits for the elderly — from transport to home adaptation.