What’s Driving Growth in the Artificial Intelligence (AI) In Aging And Elderly Care Market? Insights into Key Trends and Opportunities
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How has the artificial intelligence (ai) in aging and elderly care market grown in recent years?
The market size for artificial intelligence (AI) in elderly care and aging has experienced tremendous expansion in recent years. There will be an increase from $35.22 billion in 2024 to $43.76 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 24.25%. Factors that have contributed to the growth during this historical period include a growing elderly population, increased chronic diseases prevalence, heightened demand for autonomous living solutions, developments in AI-powered gadgets, a shortage of caregivers, and elevated investment in AI-related research and development for the elderly.
How is the artificial intelligence (ai) in aging and elderly care market size expected to evolve during the forecast period?
Expectations suggest a significant surge in the size of the artificial intelligence (AI) market for aging and elder care in the forthcoming years. By the year 2029, predictions are that the market will be valued at $122.88 billion, owing to an impressive compound annual growth rate (CAGR) of 22.54%. The predicted growth can be attributed to factors like the increasing incorporation of smart home systems in elder care, burgeoning use of robotic caregivers, escalating demand for tailored healthcare solutions, the expansion of telehealth and remote monitoring uses, and the soaring investment in wellness programs for elders that use AI. In the forecast period, we would notice that the prime trends would revolve around developments in AI-backed assistive technologies, amalgamation of smart homes with artificial intelligence, advancements in robotics and cloud computing, developments in natural language processing, technology improvements in healthcare, and the creation of superior AI algorithms enabling predictive health analytics.
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Which key drivers are propelling the artificial intelligence (ai) in aging and elderly care market’s growth?
The anticipated increase in the population of older individuals is predicted to propel the artificial intelligence (AI) in the aging and elderly care industry’s expansion. This specific demographic comprises individuals who are 60 or 65 years old and above, requiring specialised care and services to address health and lifestyle issues that come with aging. Prolonged life expectancy, owing to improvements in healthcare, alongside decreasing birth rates that shrink the proportion of youth in the population, factor into the growth of the elderly population. AI is revolutionizing the aging and elderly care by magnifying healthcare quality, making it more accessible, and bolstering self-reliance among the elderly. For example, a report issued by the Population Reference Bureau, an American non-profit organization, stated that by January 2024, the population of Americans aged 65 and older is projected to surge from 58 million in 2022 to 82 million by 2050, indicating an increase of 47%. Consequently, this demographic’s share of the overall US population is expected to escalate from 17% to 23% within this span. Hence, the escalation in the elderly population sets the pace for the expansion of the AI in the aging and elderly care industry.
What are the market segments in the artificial intelligence (ai) in aging and elderly care industry?
The artificial intelligence (AI) in aging and elderly care market covered in this report is segmented –
1) By Type: Natural Language Processing (NLP) Systems, Robotics And Robotic Assistance, Smart Home Devices And IoT Solutions, Machine Learning And Predictive Analytics, Virtual Health Assistants
2) By Technology: Wearable Devices, Smart Home Systems, Mobile Apps, Cloud Computing, Internet Of Things (IoT)
3) By Applications: Fall Detection And Prevention, Medication Management, Remote Health Monitoring, Social Engagement And Companion AI, Cognitive Stimulation And Brain Training
4) By End User: Home Care Settings, Assisted Living Facilities, Nursing Homes And Long-Term Care Centers, Hospitals And Healthcare Institutions
Subsegments:
1) By Natural Language Processing (NLP) Systems: Voice-Activated Assistants, AI-Powered Speech Recognition Systems, NLP for Cognitive Health Monitoring
2) By Robotics And Robotic Assistance: Elderly Care Robots, Robotic Mobility Assistance Devices, Robotic Companions For Seniors
3) By Smart Home Devices And IoT Solutions: Smart Sensors (Fall Detection, Monitoring), AI-Enabled Smart Home Automation Systems, Wearable IoT Devices For Health Monitoring
4) By Machine Learning And Predictive Analytics: AI-Based Health Risk Prediction Models, Machine Learning For Personalized Care Plans, Predictive Analytics For Medication Management
5) By Virtual Health Assistants: AI-Powered Virtual Care Assistants, Telemedicine Virtual Assistants, Virtual Health Coaching And Support Systems
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Which leading companies are shaping the growth of the artificial intelligence (ai) in aging and elderly care market?
Major companies operating in the artificial intelligence (AI) in aging and elderly care market are Amazon.com Inc., Google LLC, Samsung Electronics Co. Ltd., Microsoft Corporation, Intel Corporation, General Electric Company, International Business Machines Corporation, Oracle Corporation, Medtronic plc, NVIDIA Corporation, Siemens Healthineers AG, Koninklijke Philips N.V., AARP Services Inc., Suki AI Inc., AiCure LLC, Sensi.AI, Orbita Inc., Sensely Inc., CarePredict Inc., Cognivue Corporation, Reemo Health Inc., Canary Health Technologies Inc., Somatix Inc.
What key trends are currently impacting the artificial intelligence (ai) in aging and elderly care market’s development?
Leading firms in the aging and elderly care sector employing artificial intelligence (AI) are focusing on the development of novel technologies, for instance, AI-powered virtual caregivers. Such technology aims to revolutionize personalized care solutions and augment monitoring facilities to boost the quality of life of senior citizens. An AI-empowered virtual caregiver plays a critical role in health monitoring, prescription reminders, providing company, and emergency response – all essential for the elderly in maintaining their autonomy and overall wellness. As an illustration, in November 2024, Electronic Caregiver Inc., a prominent med-tech supplier based in America, unveiled Addison Care+ on AWS marketplace. This groundbreaking AI-powered virtual caregiver is meant to drastically change elderly care by improving health management, engagement, and self-dependency for seniors and chronically ill patients. It provides round-the-clock monitoring of activities, early detection of health issues, and broad-ranging care insights inclusive of medication management and emergency remedial measures. Interconnected with AI-fueled telecare operations, it simplifies countrywide implementation, offering caregivers proactive tools for health management of clients and improving care delivery.
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Which geographic areas are influencing the growth of the artificial intelligence (ai) in aging and elderly care market?
North America was the largest region in the artificial intelligence (AI) in aging and elderly care market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the artificial intelligence (AI) in aging and elderly care market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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