How is the Artificial Intelligence-Powered Solutions For Elderly Care Market Poised for Growth: Trends and Opportunities Through 2034
Get 20% off on Global Market Reports until March 31st! Use code FY25SAVE at checkout.
How has the artificial intelligence-powered solutions for elderly care market grown over the years?
The market size for AI-driven solutions in the domain of elderly care has experienced a rapid surge of late. The market value is predicted to increase from $25.64 billion in 2024 to $31.82 billion in the following year with a CAGR of 24.14%. Factors contributing to its growth during the historic period include aging populations worldwide, an increase in chronic diseases, a lack of caregivers, a mounting demand for remote health monitoring, growing acceptance of intelligent home systems, and a greater emphasis on improving the quality of life and autonomy for the elderly.
What Is the forecasted market size and growth rate for the artificial intelligence-powered solutions for elderly care market?
Expectations indicate that the size of the market for artificial intelligence-driven elderly care solutions will experience significant growth in the coming years. By 2029, an estimated value of $74.95 billion is projected, growing at a compound annual growth rate (CAGR) of 23.88%. Factors contributing to this growth during the projected period include a rising elderly population, an upward trend in chronic diseases, broader acceptance of smart home and IoT devices, increased emphasis on solutions for autonomous living, government initiatives to boost senior care infrastructure, along with a surge in demand for personalized healthcare services. Future trends during this period will likely entail the implementation of natural language processing, technological upgrades in preventing falls, predictive health tracking, voice-operated incorporation with smart homes, cognitive therapy tools powered by AI, robotics for caregiving, personalized care provided by adaptive learning algorithms, and improved technologies for responding to emergencies.
Get your artificial intelligence-powered solutions for elderly care market report here!
What are the major factors driving growth in the artificial intelligence-powered solutions for elderly care market?
Anticipated growth in the artificial intelligence (AI)-based solutions for geriatric care market can be attributed to the increasing prevalence of chronic ailments. Chronic conditions, like heart disease and diabetes, are long-term health problems that require regular care and affect everyday life. The rise in such conditions can be linked to factors like aging population, lifestyle modifications that include less physical activity and unhealthy food habits, and increasing urbanization. AI-based solutions for elderly care facilitate the management of chronic diseases by providing real-time health monitoring, predictive analysis for early interventions, and personalized care plans, thereby improving health outcomes and enhancing life quality for the elderly. For instance, the World Health Organization, a Switzerland-based intergovernmental body, reported in September 2023 that non-communicable diseases (NCDs) or chronic diseases accounted for 74% of all deaths globally, with a total of 41 million fatalities. The breakdown included 17.9 million deaths from cardiovascular diseases, 9.3 million deaths from cancer, 4.1 million deaths from chronic respiratory diseases, and 2.0 million deaths from diabetes. Thus, the escalating prevalence of chronic illnesses plays a pivotal role in bolstering the AI-powered solutions for elderly care market.
What key areas define the segmentation of the global artificial intelligence-powered solutions for elderly care Market?
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
Get your free sample now – explore exclusive market insights:
https://www.thebusinessresearchcompany.com/sample.aspx?id=20715&type=smp
What are the top market players propelling the growth of the artificial intelligence-powered solutions for elderly care industry?
Major companies operating in the artificial intelligence-powered solutions for elderly care market are Samsung Electronics Co Ltd, Siemens Healthineers AG, Koninklijke Philips N.V., Cera Care, Elder HQ, Aviva Health, AiCureLLC, GrandCare Systems, K4connect, Sensi AI, Orbita, Blue Frog Robotics, CarePredict, Anvayaa Kin Care, Emoha, Reemo Health, Walk With Path, Intuition Robotics, MiiCare, Care.Coach, MyndYou, ClinOne, PainChek, Somatix Inc., SmartQuare
What are the key trends shaping the future of the artificial intelligence-powered solutions for elderly care market?
Prominent firms in the domain of AI-based solutions for geriatric care are prioritizing the development of groundbreaking technologies like AI-enabled virtual caregivers. These virtual care providers aim to improve elders’ overall quality of life by offering customized care solutions, increased monitoring capabilities, and a better life quality. A smart digital assistant, an AI virtual caregiver, supports elderly individuals by tracking their health, reminding them about medications, providing fellowship, and aiding during emergencies. This approach primarily helps in preserving their independence and ensuring their wellness. For example, Electronic Caregiver Inc., a health technology enterprise based in the US, unleashed Addison Care+ on the AWS marketplace in November 2024. This sophisticated AI-driven virtual caregiver was introduced to revolutionize elderly care by augmenting health administration, engagement, and self-sufficiency for senior adults and chronic illness patients. Addison Care+ provides round-the-clock activity tracking, early detection of health complications, and complete health care insights including medication administration and emergency intervention. Synchronizing with AI-based telecare services, it encourages nationwide adoption and provides caregivers with active tools to handle clients’ health and optimize care provision.
Unlock exclusive market insights – purchase your research report now for a swift delivery!
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=20715
What regions are dominating the artificial intelligence-powered solutions for elderly care market growth?
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.
Browse Through More Similar Reports By The Business Research Company:
Services For the Elderly And Persons with Disabilities Global Market Report 2025
Artificial Intelligence (AI) in Operating Room Global Market Report 2025
Elderly Monitors Global Global Market Report 2025
https://thebusinessresearchcompany.com/report/elderly-monitors-global-market-report
About The Business Research Company:
With over 15000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Armed with 1,500,000 datasets, the optimistic contribution of in-depth secondary research, and unique insights from industry leaders, you can get the information you need to stay ahead in the game.
Contact us at:
The Business Research Company: https://www.thebusinessresearchcompany.com/
Americas +1 3156230293
Asia +44 2071930708
Europe +44 2071930708
Email us at [email protected]
Follow us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
Found this article helpful? Share it on:
