There is much interest in Sweden from an international perspective and therefore we have decided to issue a report about Swedish AgeTech and the welfare technology market. The main target group for the report are investors and entrepreneurs looking into the market and providing solutions but the report also aims to support Swedish innovators in establishing themselves in the market. We want to encourage more actors to get engaged and involved in the market and contribute to a bright future for our seniors and ourselves. We look forward to receiving your feedback and thoughts about the report and this area, so please don’t hesitate to get in touch with us.

Stockholm, October 2023,
Catharina Borgenstierna,
Ambassador, AGING2.0 SWEDEN

The aim of the report to provide an overview of the market for aging technology in Sweden, focusing on the needs of the senior population, caregivers and informal carers. We analyze the market size and value, identify key challenges and opportunities, and offer recommendations and success factors for investors and entrepreneurs interested in entering growing their business in this area.

The aging population in Sweden is growing rapidly, creating a higher demand for innovative solutions to support the elderly and their caregivers. The primary concerns for care recipients are enhancing independence, improving quality of life, and ensuring safety and well-being. There is a need for tools that can assist caregivers and informal carers in providing effective and personalized care while also reducing their workload.

Compared to other countries, the market for aging technology in Sweden is relatively small, making it challenging to estimate its monetary value. However, we make assumptions about its market value and forecast the growth rate based on the current market size. Entrepreneurs and investors face significant challenges due to care system regulations and privacy concerns.

Despite these challenges, there are promising opportunities in the market for technology enabled solutions focused on the elderly in Sweden. Technological advancements such as wearable devices and artificial intelligence present exciting possibilities. Building strong partnerships and fostering collaboration among various stakeholders can help investors and entrepreneurs position themselves in this rapidly expanding market. While we acknowledge that this report is not based on exhaustive research, we have made every effort to accurately convey the realities of the sector. We hope that this report will inspire innovators and financiers to engage in addressing the growing challenges and opportunities associated with the aging society in Sweden.

• Local Adaptation
  The Swedish society is perceived as digitally mature, and the needs owners, service providers as well as regulators are open to technological innovation, but entrepreneurs should not forget that user friendliness and adaptability of the solution to the local context is a must for a successful implementation.
   
• Long-term perspective
  When engaging with the AgeTech market, both the entrepreneurs and the investors benefit from maintaining a long-term perspective as a large part of the market relies on the local government. Innovation in this area may take longer than in other sectors, but often bears fruit both in the volume of customers and the social impact of the solutions..
   
• Time and Resource OptimizationDue to staff shortage of recruitment, technology should enable a more adapted and effective the way of working. Time and resource optimization is key to effective uptake of innovation as it's strongly connected to purchasing incentives.
   
• Collaboration
  Cross-sectoral collaboration should be developed and enhanced, based on current projects, to inspire collaboration with needs owners, regulators and solution providers.
   
• Avoid the "Pilot Trap"
  Special measures should be undertaken to assist innovators in overcoming “the pilot trap”, i.e. the difficulty in implementing successfully tested solutions in the broader implementation context.
   
• More Market Research
  More in-depth research into the market value and financial requirements of AgeTech in Sweden is needed.

The Aging2.0 Network strives to accelerate innovation to address the biggest challenges and opportunities related to aging. The focus is on identifying and promoting innovations and resources that help make the journey of aging easier. This is done through supporting innovators, caretakers, healthcare companies and others. The international, interdisciplinary and intergenerational community has grown dramatically since its founding in 2012.

This report is an initiative of Aging2.0 Stockholm/Sweden, which is a local chapter of the international Aging2.0 Network.

Gbemisola Omoleye, Katarzyna Hess-Wiktor, Anna Riby, Catharina Borgenstierna, Silas Olsson