Kanishka Acharya, Founder and CEO, Welldercare explains how fusion of agetech and AI is set to be a transformative force in shaping the future of aging in India
The intersection of agetech (age technology) and Artificial Intelligence (AI) has tremendous potential to shape the future of aging in India. This approach can solve a variety of challenges and provide opportunities for companies serving an aging population in India.
Rise in silver economy
The term “Silver economy” denotes economic activities, products, and services tailored to meet the needs of the elderly. This market includes sectors such as healthcare, medicine, entertainment, housing, and more. In India, the silver economy is expected to experience substantial growth, primarily due to the aging population. This growth is likely to foster the emergence of startups and established companies that provide innovative solutions and services for the elderly. India, much like many other countries, is undergoing a significant demographic transformation characterised by the remarkable increase in our elderly population. While this demographic shift reflects improvements in healthcare and overall quality of life, it also introduces distinctive challenges. This is precisely where agetech, and AI, comes into play. Collaborations between businesses (B2B) can facilitate the expansion of agetech solutions on a national and global scale, accessing the worldwide market for elderly care.
Empowering independent living
Agetech holds the potential to boost the independence of elderly individuals, enabling them to lead self-sustained lives for an extended duration. AI-driven smart home solutions can elevate the safety and convenience levels for senior citizens. Through partnerships between real estate developers and technology providers with Agetech firms, AI-powered living spaces can be crafted, tailor-made to accommodate the unique requirements of the elderly. Cognitive health takes precedence, and AI can play a pivotal role in the surveillance and stimulation of the mental faculties of the elderly. In collaboration with AI-driven customer support, as well as the companionship offered through chatbots and virtual assistants, these measures can notably enhance the quality of life for senior citizens.
Collaborative future
The intersection of agetech and AI in India presents limitless possibilities to enrich the lives of our senior citizens, curtail healthcare expenses, and foster inventive business pathways. This is a future where collaborative efforts hold the key. Partnering between businesses (B2B) can empower agetech companies to extend the reach of their solutions, not just across the nation but also on a global scale, tapping into the expansive international elderly care market. As we navigate through this demographic transition, it’s evident that the synergy between agetech and AI serves as the guiding force for progress. Let’s embrace this opportunity and mould a future where our elderly population doesn’t just lead longer lives but also enjoys an improved quality of life.
Challenges and opportunities
A few seniors could be anxious about utilising innovation due to fear of the obscure, concerns about security and protection, or the complexity of gadgets. This fear can be addressed through tender direction and step-by-step learning. Moreover, it is essential to address the cost of digital healthcare, especially for middle- and low-income groups, to ensure that it remains accessible and affordable. Integrating digital devices into health insurance systems is imperative. While there are abundant prospects within India’s aging technology and market sectors, there are concurrent challenges. These surrounding makes advanced healthcare technologies financially viable for older adults, dealing with infrastructure limitations, and providing culturally appropriate solutions that align with the diverse needs of elderly Indian citizens. Although digital technologies hold the promise of revolutionising geriatric care, their practical implementation encounters significant obstacles. These include limited digital literacy, concerns about data privacy and security, and device performance constraints. While certain challenges, such as sensor reliability, are not exclusive to the elderly population, some issues are more specific to older adults. Due to disparities in their utilisation of digital technologies and their distinct health requirements, older adults necessitate considerably more support concerning digital technologies and data security than younger demographics. Overcoming these challenges is pivotal for the widespread adoption of digital technology in geriatric healthcare.
The global expansion of the aging population is surpassing society’s capacity to meet the healthcare needs of its elderly citizens. Digital technologies hold substantial promise in addressing these requirements and revolutionizing various aspects of elderly care. These technologies are rapidly altering how older adults access healthcare and interact with the healthcare system, but their inappropriate usage could have adverse consequences on physical and mental well-being. Therefore, offering comprehensive training to both users and caregivers is of paramount importance.
To conclude fusion of agetech and AI is set to be a transformative force in shaping the future of aging in India, particularly when viewed from a B2B perspective. The challenges posed by the growing elderly population in India are being met with innovative solutions that can empower the elderly, enhance their well-being, and alleviate the burden on healthcare systems. The future of aging in India is bright, and together, we can make it even brighter through the power of technology.