What is CareTech?
29 July 2019 | 0 Comment
Care technology, often shortened to CareTech or caretech, is a rapidly growing subset of the HealthTech sector that focuses on technology and innovation to improve the lives of older adults.
In part due to the Covid-19 pandemic and the need to shield older and vulnerable adults, the media, public and investors have embraced the terminology and urgent need for digital transformation within the adult care sector.
“CareTech is an emerging branch of the healthtech industry that applies technology to improve the lives and well-being of senior citizens.”
The increasing use of smartphones, smart wearable devices, genomics, IoT, Ageless Design, HealthTech monitors and sensors are all examples of technologies aiming to make services more accessible to the elderly. In Europe alone technology specifically focussed on for seniors, is estimated to be worth €3.7tn.
CareTech companies consist of both startups and established consumer focussed institutions and technology companies. These companies are innovating in order to replace or enhance existing solutions and technologies and gain improved competitive advantage.
Care technology has been used to improve aspects of insurance, domiciliary care, residential and nursing homes and health care. The services may originate from various independent service providers or the interconnection of devices and services, through the Internet of Things.
Examples of CareTech
In Europe, independent living platform Kraydel has raised over £1m in innovation grants to develop its smart device. The Kraydel system uses TV-based video calling to connect older adults to their carers, family and communities, while using a range of IoT integrated sensors to support remote well-being monitoring and telehealth.
What is certain is that the senior demographic is growing rapidly and are increasingly receptive to using familiar technology. CareTech will continue to rapidly expand to improve longevity, promote independent living and deliver peace of mind.