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July 4, 2023 AgingHere: AI, Funding, more Funding and Market Growth for Aging in Place Initiatives

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Aging Here
July 04, 2023

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AI, Funding, more Funding and Market Growth for Aging in Place Initiatives

In this week’s email:

  • Today’s Insight from AgingHere

  • Aging Care 5 Innovative Projects Funded

  • Montclair Gateway to Aging in Place Receives Major Grant from AARP New Jersey

  • Elder Cottage Program Receives Major Financial Boost to Expand Affordable Housing for Older Adults

  • Geriatric Care Services Market Soars to $0.7B by 2028 Amidst Growing Elderly Care Demand

  • Today’s AgingHere Survey

  • Making us laugh this week

  • AgingHere Referral Program

  • Today’s Sponsor: Mastering Medicare Podcast (MasteringMedicare.net)

Today’s Insight from AgingHere

AI Fuels Innovations in Aging Care; Housing for Seniors Receives Major Financial Boost

With our world becoming increasingly digitized, technology and artificial intelligence (AI) are progressively playing vital roles in the improvement of healthcare and quality of life for the elderly population. Five innovative pilot projects have received funding from MassAITC to leverage AI and technology for better care for the aging population and Alzheimer's patients. This echoes the sentiment of Johns Hopkins AITC, which funded 14 projects for the same cause.

Aside from technological advancements, the need for better housing and accessible environments for the elderly is another pressing issue. Both AARP New Jersey and the state of Pennsylvania recognize this necessity. AARP New Jersey has provided a major grant to Montclair Gateway to Aging in Place to promote accessible housing and digital technology training for seniors. Simultaneously, Pennsylvania's Elder Cottage Housing Program receives a financial boost to expand safe and affordable housing options for older adults.

All these initiatives echo the growing demand for improved elderly care, as reflected in the Transparency Market Research forecast. The global geriatric care services market is projected to soar to $0.7B by 2028, driven by increasing demand for home care services, advancements in technology, and growing governmental healthcare investments.

This reinforces the urgency and importance of prioritizing innovations and policy support to improve the quality of life for our aging population.

MassAITC funds five pilot projects with $250,000 each to enhance aging and Alzheimer's care using artificial intelligence (AI). Projects include fall risk reduction through computer vision, AI-based sleep staging, remote health monitoring, driving skills support for seniors, and wearable sensors for fall prevention. MassAITC's mission is to leverage AI-enhanced technology to improve care for older adults and those with Alzheimer's disease. These projects join previous pilot projects and reflect the growing support for technology-driven advancements in aging research and healthcare. Similarly, the Johns Hopkins AITC has funded 14 pilot projects to develop AI devices for improving healthcare and quality of life for older populations. Read more.

AARP New Jersey awards Montclair Gateway to Aging in Place a 2023 Community Challenge grant for accessible housing and digital technology training. The grant aims to improve the lives of seniors, particularly those aged 50 and over, through tangible changes in their communities. The project includes an ADU design competition to promote better housing options for older residents. The AARP Community Challenge grants support nationwide initiatives for livable communities, encompassing various aspects like transportation, mobility innovation, and health access.  read more.

The Elder Cottage Housing Program receives a $210,000 state grant, benefiting 10 Area Agencies on Aging in Pennsylvania. Elder cottages offer temporary residences for older adults, providing autonomy and easy access to assistance. The grant aims to expand the program and increase safe and affordable housing options for seniors.  read more.

The global geriatric care services market is expected to grow at a 7.3% CAGR from 2023 to 2028, reaching a valuation of $0.7 billion, according to Transparency Market Research. This growth is driven by increasing demand for home care services for the elderly, technological advancements like specialty robots, and increasing government investments in healthcare. North America is currently dominating the market, but significant growth is expected in the Asia Pacific region due to changing family structures and rising healthcare awareness. Key providers include Amedisys, Brookdale Senior Living, and Genesis HealthCare, among others. read more.

Today's AgingHere Survey

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Making us laugh this week:

AgingHere Referral Program

Listen to Mastering Medicare Podcast Episode 23: Medicare broker deep dive - interview with Matt Gibson from 90 Days From Retirement

AgingHere Inspirational Quotes

"Geriatric care is not a job, but a calling to make a difference in the lives of those who have paved the way for us. Let us embrace this noble calling with open hearts and a commitment to creating a world where aging is celebrated and cherished." - Unknown

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