According to the United Nations, the population aged 65 and over is growing faster than all other age groups worldwide. By 2050, there could be 1.5 billion elderly people globally. The growth in this population segment has been highlighting gaps and needs in the care and services provided to the elderly.

While digital health monitoring and management solutions are relevant for all age groups, the elderly have more specific needs. Dementia is of great concern, considering there are 50 million people today living with the syndrome.

Furthermore, a person’s mental health and abilities can also have an impact on their financial situation. The elderly cannot easily find employment and are often taken advantage of. In 2017, US financial institutions reported 63k instances of suspected elder fraud, worth $1.7 billion. Meanwhile, many seniors live in poverty, lacking access to the healthcare or financial assistance they need. In the UK, 2 million pensioners live in poverty.

Covid-19 has exacerbated the situation

It comes as no surprise that Covid-19 has also exacerbated flaws in elderly care worldwide. Care homes experience large numbers of Covid-19 cases. The continuity of care has taken a hit due to the strain on healthcare providers. Seniors in care homes cannot see their families due to social distancing measures. Financial scams are on the rise, exploiting the current situation. All of these issues are providing a wake-up call to many, including startups developing tailored solutions for the silver economy. As such, the silver economy has been experiencing significant growth. For example, the EU’s silver economy could be worth €5.7 trillion by 2050.

Startups supporting the silver economy

Caring for the elderly requires significant spending, among other things because of the large portion of the population that is over 65. The EU-28 spends 1.8% of its GDP on long-term elderly care, on average.

While government spending is certainly key, startups are also aiming to help address needs in the silver economy. Many of them have experienced success. In 2020, 10 European startups focused on elder care raised between €4 and €20 million. Startups are providing solutions that address several concerns:

• autonomy and independence,

• financial wellness and employment,

• healthcare and health services,

• cognitive health and dementia, etc.

Virtuleap, rated by Early Metrics, develops daily cognitive workouts done through VR games. Neurotrack has developed eye-tracking technology to help detect and monitor dementia. True Link has developed custom visa cards tailored to a senior’s needs and with restrictions to help protect them from fraud.

Learn more in our infographic below: