Can Canada’s Age Tech Startups Seize the Opportunity Posed by the Country’s Growing Care Gap?
Have you ever given any thought to the topic of age tech in Canada? I know I have, but somehow I never got to writing about this. With a population of ~38 million people, Canada has roughly the same population as California. It also has a similar number of older adults, ~6 million, but that is where the similarities end.
Currently, older adults represent 17% of Canada’s population but account for 47% of total health care costs. By 2030, older adults are expected to make up 23% of Canadians, and the demand for long-term care is expected to double. Canada’s long-term care system,however, can not meet the demand, and almost 80,000 older Canadians were on the waitlist for long-term care in 2019.
With more than 5 million Canadians that are expected to turn 65 in the next decade or so, it’s hard to believe that Canada will manage to close the care gap using traditional methods – like building more senior living facilities and training more home care workers.
When you see the numbers, it makes a lot of sense for Canada’s government to invest in aging innovation, which it does, partially through the aging in place challenge program, which aims to reduce the number of older adults requiring nursing home care by 20% by 2031.
The aging of Canada’s population and the growing gap between the supply and demand for long-term care, are a huge opportunity for Canada’s age tech startups, and when looking at Canada’s age tech startup ecosystem, it appears that it’s mostly focused around solutions for aging in place.
Some Examples:
AlayaCare, which was ranked among Canada’s top growing companies in 2020, was founded in 2014 and raised over $100M of funding. The company developed a software solution for home care providers, that is among the top 10 scheduling softwares used by home care providers in 2019, according to Home Care Pulse’s annual benchmarking study.
Steadiwear developed a special glove that is designed to enable those who struggle with hand tremors to perform basic activities of daily living independently. How does it work? The glove contains a smart fluid that stiffens & works together with a counter-weight that moves in the opposite direction of the tremor.
SenSights.AI developed prognostic algorithms that ingest health data from multiple monitoring devices and environmental data sources in order to detect falls, protect against wandering and more.
MoviWear allows families to self-manage their loved one’s health using simplified and affordable wearable devices that offer 24 hour remote monitoring.
HomeExcept developed an IoT product that won an AARP Innovation Award for Caregiving. Their platform does not use cameras or microphones, but rather ambient environmental sensors that are able to identify movement, temperature, and humidity. They use machine learning to find “exceptions” to the usual patterns of daily living, and alert the family.
Tochtech developed several tech solutions that enable aging in place – an array of passive sensors installed in the home can track and monitor everyday living activities – from sleeping to cooking to bathroom visits, their system is able to recognize abnormal activity and behaviour patterns that may indicate a medical condition or emergency. They also have a smart speaker that allows caregivers to remotely record and schedule messages to support their loved one’s daily routine (for example, medication reminders).
AceAge developed Karie, a medication dispenser that organizes, schedules, and dispenses pills with one-button, ensuring that users are taking the right medication at the right time.
UcareNet developed several solutions to help caregivers by simplifying the burdensome tasks associated with coordinating the care needs for a family member, from the sourcing, booking and scheduling of home visits to managing communications with paid caregivers and staying informed on the care recipient’s current health and wellness.
Resources for Age Tech Startups and Entrepreneurs
Two wonderful resources are the Centre for Aging + Brain Health Innovation (CABHI) and AGE WELL.
CABHI is a solution accelerator focused on driving innovation in the aging and brain health sector. Established in 2015 through funding of $124 million (CAD), it is the result of the largest investment in aging and brain health in Canadian history, and one of the largest investments of its kind in the world. CABHI has many projects going on, and they’re also able to offer funding to Canadian startups. In just 5 years of existence, CABHI was able to introduce 153 new products and innovative services to market. Some startups that went through CABHI’s programs and were featured on the 2021 Age Tech Market Map include AceAge, Motitech and Routinify, just to name a few. To read about all of CABHI’s activities, go here.
AGE WELL is Canada’s technology and aging network. AGE WELL has numerous programs, including a startup affiliate program, and it’s mission is to develop a community of researchers, older adults, caregivers, partner organizations and future leaders that accelerates the delivery of technology-based solutions that make a meaningful difference in the lives of Canadians. Some of the startups that were featured on the 2021 Age Tech Market Map went through the program: Steadiwear, Welbi, Tochtech, and Winterlight Labs. AGE WELL is also the primary sponsor of YouAreUNLTD, a publishing brand designed to disrupt and redefine what it means to get older. To read AGE WELL’s annual report go here.
With so much peripheral support coming from Canada’s government and organizations like CABHI and AGE-WELL, Canada’a age tech startups are well positioned to tackle the challenges of aging and seize on the opportunity posed by Canada’s growing care gap. I expect that in the next few years, many companies will follow in AlayaCare’s footsteps – establish their presence and start generating revenue in their home country, and then go on to conquer the bigger US market. Stay tuned.
Know of any other startups that belong on this map? Drop me a line using the contact page. You can also connect with me on LinkedIn, follow me on Twitter or subscribe to my YouTube channel!
