How to Run a Competitive Market Analysis for Your AgeTech Startup (Step-by-Step)
If you’ve got a brilliant idea for an AgeTech startup and you’re already sketching out features or thinking about fundraising – hit pause for a sec.
There’s one step I always recommend doing first, and it’s not flashy, but it can save you from months of wasted effort (and money): a good, old-fashioned competitive market analysis.
In the video below, I’ll show you exactly how I would go about it, including the tools I’d use, what I’d look for, and how to know whether there’s actually a gap in the market that you are uniquely positioned to fill.
(Watch the full breakdown, or continue reading below)
Launching an AgeTech startup can be an exhilarating adventure, but it begins with one essential task: conducting a thorough competitive market analysis. This step is often overlooked or delayed by many founders, who dive straight into building their products. However, understanding the competitive landscape from the get-go can set you up for a much higher chance of success. In this blog post, I’ll walk you through five practical steps to effectively analyze the competitive environment for AgeTech startups.
Step 1: Get Your Bearings
Before diving into an exhaustive list of competitors, it helps to get a broad overview of the AgeTech market. One useful resource is the AgeTech Market Map, which provides a bird’s-eye view of the global ecosystem. Identify the category that aligns with your product, and start investigating each competitor’s offering. Ask questions like:
- What problems are they solving, and for whom?
- How do they solve these problems- through hardware, software, or tech-enabled services?
- Who is their customer, and who is the end user?
- How is the product being paid for – out of pocket, or through reimbursement by insurance?
Dig into these details and note if the product is designed for older adults, family caregivers, home care providers, or senior living operators. A key part of this research phase is to analyze these companies’ unique value propositions, distribution channels, and if they boast compliance or certifications – especially if your category overlaps with healthcare.
Here’s a tip for using AI effectively: describe the problem your product aims to solve, such as a safety concern for seniors, and let the AI guide you with broader industry insights.
Step 3: Conduct Thorough Google Searches
Google remains a solid resource for validating existing findings and discovering established players in the market. By entering search terms like “digital solutions for [your problem]” or “best solutions for [your problem],” you can identify longstanding companies with strong search engine optimization. Use Google not only to find competitors but to fact-check AI-assisted research from step two.
Step 4: Explore Community Feedback
Engaging with online communities can unveil invaluable insights into competitors’ offerings. If you are in your target market, initiate discussions with peers. Otherwise, explore forums like Reddit or Facebook groups to gather candid feedback about products in your sector.
Trust is paramount in AgeTech; it’s not only about functionality but also the perceived safety, ease of use, and reliability of the solutions on offer. Take note of any comments regarding customer service, trust, and user-friendliness when reading product reviews. Websites like Trustpilot and Amazon can provide detailed perspectives on both software and hardware solutions.
Step 5: Test Competitor Products
If possible, purchase or download your competitors’ products for firsthand experience. Retailers like Amazon, Walmart, and Best Buy can offer opportunities to try out hardware, while software can be trialed with app downloads. If direct testing isn’t an option, research third-party evaluations, awards, and certifications to gauge product credibility.
In AgeTech, trust and credibility often outweigh even the most flashy features, underlining the importance of third-party endorsements and partnerships.
Conclusion
By following these five steps, you can swiftly and effectively navigate the AgeTech landscape, identifying potential gaps and understanding for whom you’re competing. For those seriously considering launching an AgeTech startup in 2025, I’ve curated a playlist of video resources that can aid in your journey. Until next time, stay humble, stay curious, and happy building!