A new EU community platform will support Health Tech and Silver economy

As part of the "Active and Healthy Living in the Digital World" community platform, a dedicated platform to support Europe's innovators in the Health and AgeTech.as well as the growing Silver Economy has been put in place.

An inflow of public and increasingly private investment into making use of digital technologies over the last decade has laid the foundation for developing a flourishing European Health- and Age-Tech sector and a growing Silver Economy. If ranked among sovereign nations, the European Silver Economy (the economy of the population over 50) would currently be the third largest economy in the world, behind only the USA and China. Next to being profitable for businesses, the Silver Economy should be connected to a positive and socially inclusive identity for older adults in Europe. According a European Commission commissioned study, a supportive policy environment, with the right incentives and support measures will be key to facilitate this transition.  

Official population projections suggest the Silver Economy will expand steadily over the next 10 years, across the EU. Based on the study's assumptions, it has the potential to expand by approximately 5% per year up to 2025, to €5.7 trillion. The contribution of the European Silver Economy to GDP is expected to reach €6.4 trillion and 88 million jobs by 2025. This would be equivalent to 32% of EU GDP and 38% of the Union’s employment. However, industrial actors and service providers have been slow to recognise the impact of changing demographics and shifting consumer needs on their markets. 

Many innovative solutions introduced in the market are not progressing further from niche products as a result of market uncertainties, pricing issues and established business models. At the same time, Europe’s national health services are expected to invest heavily in connected health systems over the next 10 years, from patient records to online prescriptions. The roll out of these all-encompassing digital systems is also expected to drive the market for new health-related software applications, mHealth devices and mHealth services. The digital health market in Europe is already worth more than 15 billion euros, while market research companies are forecasting dramatic growth over the next 10 years, largely driven by the public sector in search of efficiency savings, but also from growing. Europe’s software and tech firms should benefit from this rapid expansion. This platform is particularly dedicated to discussions, work, strategies and concrete recommendations on how to further develop Europe’s Health- and AgeTech sector, attract investments and develop a sustainable Silver Economy.