How is the Artificial Intelligence-Powered Solutions For Elderly Care Market Poised for Growth: Trends and Opportunities Through 2034
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What is the Predicted Annual Growth Rate of the Artificial Intelligence-Powered Solutions For Elderly Care Market Over the Coming Decade?
The market size for artificial intelligence-enabled solutions targeted at elder care has seen remarkable growth lately. It’s projected to expand from $25.64 billion in 2024 to $31.82 billion in 2025, signifying a compound annual growth rate (CAGR) of 24.14%. The historical growth can be linked to factors such as increasing global aged population, a surge in chronic disease cases, the rising scarcity of caregivers, growing demand for distance health supervision, widespread adoption of smart home systems, and an amplified focus on boosting the life quality and autonomy of the elderly.
The market of solutions fueled by artificial intelligence for elderly care is predicted to experience a huge surge in size in the coming years. It is projected to expand to $74.95 billion in 2029, with a compound annual growth rate (CAGR) of 23.88%. The anticipated growth during the projection period is tethered to factors such as the increase in the aged population, a surge in the occurrence of chronic illnesses, a rise in the use of smart home and IoT devices, a stronger emphasis on independent living solutions, government strategies to develop aged care infrastructure, and a higher demand for tailor-made healthcare services. The major trends during this projection period consist of the use of natural language processing, advancements in technology to prevent falls, predictive health surveillance, voice-activated smart home incorporation, AI-guided cognitive therapeutic tools, robotic care aids, personalized care through adaptive learning algorithms, and improved emergency response technologies.
Which Factors Are Enhancing the Growth of the Artificial Intelligence-Powered Solutions For Elderly Care Market?
An increase in chronic diseases is projected to spur the growth of the artificial intelligence (AI)-driven elderly care market. Chronic diseases, which include conditions like diabetes and heart disease, require sustained care and significantly impact daily life. Factors such as aging populations, lifestyle changes like decreased physical activity and unhealthy eating habits, and escalating urbanization contribute to the growing prevalence of chronic illnesses. AI-driven solutions for elder care play a crucial role in managing these chronic conditions by facilitating real-time health surveillance, predictive analytics for early detection, and custom care plans, ultimately leading to better outcomes and improved life quality for the elderly. For example, in September 2023, the World Health Organization, a Switzerland-based international agency, reported 41 million fatalities, comprising 74% of the yearly global deaths caused by non-communicable diseases (NCDs) or chronic diseases. Cardiovascular diseases accounted for 17.9 million deaths, cancer caused 9.3 million deaths, chronic respiratory diseases led to 4.1 million deaths, and diabetes resulted in 2.0 million deaths. As a result, the mounting prevalence of chronic diseases is propelling the AI-driven solution for the elderly care market.
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What Are the Major Players Making an Impact in the Artificial Intelligence-Powered Solutions For Elderly Care Market’s Growth?
Major companies operating in the artificial intelligence-powered solutions for elderly care market are:
• Samsung Electronics Co Ltd_x000D_
• Siemens Healthineers AG_x000D_
• Koninklijke Philips N.V._x000D_
• Cera Care_x000D_
• Elder HQ_x000D_
Which Upcoming Trends Are Set to Influence the Artificial Intelligence-Powered Solutions For Elderly Care Market’s Path Forward?
Firms that are key players in the market for AI-powered solutions geared towards elderly care are concentrating on creating novel technologies like AI-powered virtual caregivers. These aim to provide custom care solutions, enhanced surveillance features, and upgrade the overall life quality for senior citizens. Essentially, an AI virtual caregiver is an intelligent digital aid that assists elderly people maintain their independence and wellness through health monitoring, medication reminders, companionship, and emergency responses. As an illustration, Electronic Caregiver Inc., a health tech company based in the US, initiated Addison Care+ in the AWS marketplace in November 2024. This advanced AI-based virtual caregiver is set to transform senior care by improving health management and engagement, and fostering independence among elderly adults and patients suffering from chronic illnesses. It provides continuous activity monitoring, early detection of health issues, and overall care insights including medication management and immediate response in emergencies. Combined with AI-supported telecare operations, it facilitates nationwide implementation by equipping caregivers with proactive tools for managing the health of their clients and optimizing care provision.
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Which Key Segments of the Artificial Intelligence-Powered Solutions For Elderly Care Market Are Poised for Growth and Innovation?
The artificial intelligence-powered solutions for elderly care market covered in this report is segmented –
1) By Technology: Machine Learning, Natural Language Processing, Robotics, Computer Vision, Other Technology
2) By Application: Fall Detection And Prevention, Remote Monitoring And Healthcare, Personalized Virtual Assistants, Medication Management, Social Interaction And Companionship, Other Applications
3) By End Users: Home Care Settings, Assisted Living Facilities, Nursing Homes, Hospitals And Clinics, Other End Users
Subsegments:
1) By Machine Learning: Predictive Analytics, Personalized Health Monitoring, Data-Driven Decision Making, Adaptive Learning Systems
2) By Natural Language Processing (NLP): Voice Assistants, Language Translation For Elderly Communication, Sentiment Analysis For Emotional Well-Being, Speech Recognition For Assistance Devices
3) By Robotics: Social Companions (Companion Robots), Assistance Robots For Daily Activities, Robotic Prosthetics And Exoskeletons, Autonomous Mobility Robots
4) By Computer Vision: Fall Detection Systems, Vision-Based Health Monitoring (Eye Health), Gesture Recognition For Communication, Environment Mapping And Navigation
5) By Other Technology: AI-Powered Wearables, Remote Monitoring Systems, Smart Home Devices Integration, Virtual Reality Therapy
What Regions Are Steering Growth in the Artificial Intelligence-Powered Solutions For Elderly Care Sector?
North America was the largest region in the artificial intelligence-powered solutions for elderly Care market in 2024. The regions covered in the artificial intelligence-powered solutions for elderly care market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
How Is the Artificial Intelligence-Powered Solutions For Elderly Care Market Classified and Defined in Market Analysis?
Artificial intelligence-powered solutions for elderly care refer to the use of advanced artificial intelligence technologies to address the unique needs of elderly individuals, enhancing their health, safety, and quality of life. These solutions leverage machine learning, computer vision, natural language processing, and other AI capabilities to provide personalized, efficient, and proactive care. They can operate across various domains, including healthcare, home assistance, and social engagement.
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