Boomers Technology and Health: Consumers Taking Charge!

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Boomers Technology and Health: Consumers Taking Charge!

  1. 1. Boomers,  Technology  &  Health:   Consumers  Taking  Charge! JANUARY  2011MIT   Enterprise  Forum  of  the  NorthwestSeattle-­based  MITEF  NW  is  one  of  27  chapters  of  the  MIT  Enterprise  Forum  in  Cambridge,  Mass.,  a  global  non-­profit  organization  dedicated  to  the  advancement  of  technology  entrepreneurs.  MITEF  NW’s  mission  is  to  inspire,  connect,  and  educate  our   regions   entrepreneurial   and   technology  business  community.  For  more  information,  please  visit  at  www.mitwa.org.   COPYRIGHT   C 2010 − 2011 MIT ENTERPRISE OF THE NORTHWEST AND TECH4AGING.    ALL  RIGHTS  RESERVED.
  2. 2. FOREWORDThis  research  report  is  the  result  of  more  than  50  interviews  with  industry  and  research  thought-­‐leaders  conducted   th ,  2011.  wellness  products  for  personal  use. -­‐ary  research.On  behalf  of  the  Boomers,  Technology  and  Health:  Consumers  Taking  Charge!  Planning  Team FIVE  KEY  FINDINGS Boomers   are   unlike   any   previous   midlife   gen-­‐ and  independent  spirit.1  They  have  been  at  the   -­‐ last  40  years.                 adopters,   especially   “when   the   value   of   doing   so  is  readily  apparent,”2 -­‐ ing,   including   online   purchases.3   They   are   also   one   of   the   fastest-­‐growing   segments   of   social   networking   users.41  USATODAY.com,   (16  November  2010). 1 USATODAY.com,   (16  November  2010).4    Older  Adults  &  Social  Media,
  3. 3. 5   6lack  of  individual  accountability,  and  defensive  medicine’s  unnecessary  treatments.7Boomers  view  tech-­‐enabled  health  products  as  a  way  to  foster  control  and  ongoing  independence  for  themselves,  espe-­‐cially  in  light  of  the  rise  in  incidence  in  chronic  disease  with  aging,  and  their  desire  to  reduce  costs.8  Nearly  56%  of  boom-­‐ers  show  a  high  willingness  to  use  in-­‐home  health  monitoring  devices  in  tandem  with  the  care  of  their  primary  physician. -­‐  One  third  is  online. -­‐  68%  of  younger  boomers  and  51%  of  older  boomers  use  home  broadband            to  go  online  decision-­‐makers,  and  caretakers  for  their  aging  parents  who  want  to  age  in  place  in  their  own  homes,  and  their  boomerang   10factors  combine  to  make  boomers  likely  early  users  of  remote  health  monitoring  and  management  products.”11–  from  the  discipline  in  the  center  to   12 medical  home   -­‐vices  and  phone  calls  has  been  a  key  part  of  its  early  success.”13 -­‐ 14 USATODAY.com6    7              9101112   21314
  4. 4. Person-­‐centric  approach  to  health  and  wellness  using  devices  that  allow   -­‐ 15 16costs  and  in-­‐person  doctor  visitsProblem-­‐solvers.   17  is  about  to  accelerate  due   -­‐lished  healthcare  industry  and  consumer  web  and  mobile  technology.   -­‐ 18 -­‐Data  will  also  become  available  from  behind  walled-­‐garden  repositories,  and  with  it  further  opportunity  and  new  chal-­‐ -­‐  beyond  the  small  Newell.20  worthy,”21                                15  161718 MobiHealthNews.com,    (17  December  2010).19 ,   32021
  5. 5. address  underserved  markets  where  high-­‐speed  web  access  is  an  issue.22   -­‐of  health-­‐damaging  behaviors.”23subscribers  and  employees24 -­‐ -­‐ing  results,  but  also  engaging  and  fun.”25 26of  a  robust  ecosystem  in  connected  health.27 28   -­‐ 30 31  The  same  will  likely  be 3222 ,  23  Chronic  Diseases:  The  Power  to  Prevent,  The  Call  to  Control24 Xconomy.com,    (27  October  2010).252627282930 TheStar.com,   43132
  6. 6. 33 34 -­‐ 35 ).   WHY  NOW? -­‐economic  burden.2000  to  2030.36 37 38aging.  33  34  An  Unhealthy  America:  The  Economic  Burden  of  Chronic  Disease3536   53738
  7. 7.  The  underlying  causes   are  related  to  lifestyle  and  personal  choices,  with  poor   40 for  two-­‐thirds  of  healthcare  costs.41 80%  of  the  costs  are  being  driven  by  only  20%  of  the   42 -­‐ 43     44 -­‐being  a  woman,  46  years  of  age.45  The  economic  value  of  unpaid  caregiving,  assuming  hours  reimbursed  at   -­‐ly.46 -­‐ 47 48    By  2023,  combined  costs  are  forecasted  to  triple. MARKETING  TO  BABY  BOOMERS39  40    Chronic  Diseases:  The  Power  to  Prevent,  The  Call  to  Control414243  Chronic  Diseases:  The  Power  to  Prevent,  The  Call  to  Control44  454647 MarketWatch.com,   (27  October  2010).   648    An  Unhealthy  America:  The  Economic  Burden  of  Chronic  Disease49
  8. 8. and  enhancement  to  their  lives  and  also  help  manage  varied  lifestyles.50  Present  them  with  products  that  are  poorly  or   51 52an  older -­‐ -­‐ 53     -­‐ 54 55Older  Users 56 -­‐ 57cy,  and  caretaker  demands  need  to  be  considered. 58  or  know  someone   60 61who  has  been ;  more  likely  to  be  a  caretaker  of  an  aging  parentwellness  program62 63 MARKET  SIZEpersonal  connected  health  market  are  who  pays  –  insur-­‐measures  the  market  based  on  out-­‐of-­‐pocket  consumer  spending  only.  (APTN50515253  54  MarketWatch.com,    (27  October  2010).55565758        60 MarketWatch.com,    (27  October  2010).61     76263    
  9. 9. 64   -­‐ 65  services  on  their  mobile  phones  and  through  dedicated  devices.66 OPPORTUNITIES 67  Trower   68  Shwetak  Patel,        of  millions  of  consumers  worldwide  are  already  using.”70   -­‐ 71  The  number  of  prescribed  drugs  tends  to  increase  64      Aging  in  Place  Technology  Watch65    mHealth:  Taking  the  Pulse,66  Healthcare  Unwired676869 87071  “ ,”  MobiHealthNews.com,  
  10. 10. 72more  focus  in  this  area. -­‐counts,  there  are  fewer  than  500,000  total  installed  devices.73 -­‐Online  social  health   -­‐devices  with  like-­‐minded  peers  and  professionals  for  each  individual.”74     -­‐ 75 76 NEAR-­‐  TO  MID-­‐TERM  BARRIERS 777273747677  “ ,”   ,  
  11. 11. -­‐ 78 -­‐care  users  coming  online  due  to  reform  measures. -­‐strategies  for  new  businesses.”80 -­‐ -­‐ -­‐pate,  as  well  as  the  speed  at  which  the  market  grows.     -­‐their  physician.81 82global  consumers.83 -­‐ freemium  model)  to  build  an  early  market  for  their  products.       84 8578798081  Healthcare  Unwired8283 MobiHealthNews.com,    (17  December  2010). 1084 MobiHealthNews.com,  85
  12. 12. 86  Disparate  and   -­‐ 87There  is  no  dispute  that  standards  and  interoperability  are  typically  needed  for  technology  markets  to  grow,  not-­‐ -­‐each  other.   -­‐ 88    868788   118990  
  13. 13. of  the  mobile  phone  user  base.  Boomers  are  a  fast-­‐growing  segment  of  adopters,  having  risen  to  one-­‐third  of  those       MobiHealthNews -­‐ful  health  data  in  consumer  hands. -­‐     -­‐ -­‐independent  living  products.     100 101 10291 Blog.Nielsen.com,    (2  November  2010).92  Boomers  and  Mobile  Usage,  eMarketer.com9394 MobiHealthNews.com,    (13  November  2010).95  MedCityNews.com,  96  “97 HealthDataManagement.com,  9899   ,  PriceWaterhouseCoopers,  October  2010.100 12101  Older  Adults  &  Social  Media,102 ,  
  14. 14. -­‐ health  buddies  with  shared  interests.103 104 105     -­‐ 106 107   108 -­‐ments  have  focused  on  health,  e.g.  the  use  and  labeling  of  transfats  and  specifying  caloric  value  of  foods  on  restaurant  menus.   -­‐ 110 111 112agencies,  insurers,  care  providers,  tax  payers,  caretakers,  product  developers,  researchers,  businesses,  entrepreneurs,  favorable  insurance  coverage  and  rates.  The  most  vulnerable  would  be  placed  at  further  risk  during  network  outages.  103  “  (27  October  2010).104  105  106  107  108109 (6  December  2006).110  Healthcare  Unwired 13111112
  15. 15. -­‐needs  and  wants  by  involving  end  users,  caretakers,  and  care  providers  in  product  and  interface  design  while  raising  and   -­‐ -­‐ -­‐  Personal  health  record  is  an  electronic  resource  of  person  health  data  managed  by  the  consumer. -­‐ -­‐ 14
  16. 16. gallellim@gmail.commaxwells@nutn.netpeltonen@gmail.compgroden@gmail.com      Berry  Brunk  –  berry@collaborell.com -­‐ 15
  17. 17.  INTERVIEWEES
  18. 18.  INTERVIEWEES          

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