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Age is but a number: Rapid growth in senior citizen population creating a market for assisted living tech

  • ​During the past seven years, California’s senior population has increased by 32.3 percent, growing on average by 4.0 percent each year. With the Baby Boomer generation now reaching retirement age, the need for “direct care” personnel is growing. This trend is evident nationwide. The Bureau of Labor Statistics estimates that an additional 1.1 million direct care workers will be needed by 2024 nationwide, but a shortage of both caregivers and facilities will still exist.

  • Future shortages are expected to worsen. Some Bay Area startups, like Voyager, Sardis, and Intutuition Robotics, are developing technology focused on seniors that will offer driverless car rides to doctors and drugstores or help seniors lift heavy packages. These startups will spur demand for both talent and new-generation R&D space as the sub-sector experiences additional growth.

Source: JLL Research, CA Department of Finance, US Census​

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