Investing in Changing a Future Where we Age Alone: How Hestia is Transforming Elderly Care

In 2022, Harvard International Review highlighted the global challenges posed by ageing populations.?

The rapid increase in life expectancy over the past few decades is undoubtedly a triumph for humanity, but it has also brought new complexities to the forefront. As a result, the G20 Summit in 2022 declared ageing populations a "global risk. Many nations, especially in Europe, are grappling with the growing demands of their elderly communities. With over one-third of the European Union's population being aged 55 and above and more than 30% of European elders living alone, the need for elder care has never been more pressing.

The significance of the elderly care market and the challenges it faces in Europe can be summarised in 3 key points:

1. Spending on Elder Care at Home: Elder care is considered a social right, and as such the financial and labor burden of elderly care will remain in hands of families and the state. Countries like the Netherlands and Scandinavian nations already spend 3 to 4 percent of their GDP on elder care. The European Commission has offered €7 billion to be invested into? long-term care through the?European Social Fund Plus (ESF+) .

2. Shortage of Care Workers: Most seniors prefer to age at home rather than in a hospital or community care setting, emphasising the need for home-based elder care solutions. Across Europe, there’s a shortage of over 1 million care workers, indicating a significant shortage of trained healthcare workers that are need to meet the current demand for home care services.?

3. Europe's Old-Age Dependency Ratio: has increased from 4:1 to 3:1, meaning that there are fewer than three working-age people for every older person. 80% of all care in Europe is provided by unpaid caregivers. 52 million people across Europe currently care for people without pay or recognition. Given the increase of the Old-Age Dependency Ratio, we should be expecting an increase in the demand for paid care workers? in Europe; a sector where 90% of staff are women, often undervalued and facing poor working conditions.?

The increasing demand for home care services, the growing shortage of care workers, the changing old-age dependency ratio and the pouring of funds from the European Commission into long term care are making the EU elderly care market especially ripe for AI innovation to address labour shortages and fulfil the sector's economic and job creation potential.?

As we sleepwalk into a future with fewer carers, Hestia, our AI co-pilot unlocking healthy ageing and caregiving journeys, is focused on turning the boat away from a future where we age poorly and alone. Here's where Hestia steps in:

1. Tailored Support supporting Elder Independence: is designed to provide personalised, round-the-clock support for seniors, Hestia enables early identification of risks and exacerbation, offers companionship and community connections, empowering seniors to age at home and lightening the load on caregivers.

2. Relationship-Based Care: Hestia's AI promotes relationship-based care, fostering long-term and data-driven connections between caregivers and elders, which lead to better health outcomes and combats the social isolation that many elderly individuals face.

3. Mitigating the Workforce Shortage: The shortage of care workers is a critical issue in Europe. Hestia is not replacing carers; it’s a tool augmenting their ability to provide better support to more people. In this respect, Hestia also paves the way for job creation in the care industry. By embracing AI as a tool to support care workers, we can turn the elder care challenge into an opportunity for economic growth.

There’s never been a better time to invest in the elderly care market, not just in Europe but worldwide. Our AI co-pilot is set to transform the industry. Join us on this remarkable journey to redefine elderly care, and together, we can make a lasting impact on the lives of millions. ??????

Join our round on today by dropping an email to [email protected]

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