The Business Research Company’s report on the Artificial Intelligence-Powered Solutions For Elderly Care Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
How have key drivers contributed to the rapid growth of the artificial intelligence-powered solutions for elderly care market?
The rise in the prevalence of chronic diseases is expected to drive the artificial intelligence (AI)-powered solution for the elderly care market going forward. Chronic diseases are prolonged health conditions, such as diabetes and heart disease, that need continuous care and impact daily life. Chronic diseases are increasing due to aging demographics, lifestyle shifts such as reduced activity and poor diets, and growing urbanization. Artificial intelligence (AI)-powered solutions for elderly care help manage chronic diseases by enabling real-time health monitoring, predictive analytics for early intervention, and personalized care plans, improving outcomes and enhancing quality of life for aging individuals. For instance, in September 2023, according to the World Health Organization, a Switzerland-based intergovernmental organization, there were 41 million deaths, which is 74% of those caused by non-communicable diseases (NCDs) or chronic diseases every year globally. There were 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. Therefore, the rise in the prevalence of chronic diseases is driving the artificial intelligence (AI)-powered solution for the elderly care market.
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How has the artificial intelligence-powered solutions for elderly care market size evolved, and what are the latest forecasts for its expansion?
The artificial intelligence-powered solutions for elderly care market size has grown exponentially in recent years. It will grow from $25.64 billion in 2024 to $31.82 billion in 2025 at a compound annual growth rate (CAGR) of 24.14%. The growth in the historic period can be attributed to the rise in the aging global population, the rise in the prevalence of chronic illnesses, the increase in caregiver shortages, the growth in demand for remote health monitoring, the higher adoption of smart home systems, and the heightened focus on enhancing seniors’ quality of life and independence.
The artificial intelligence-powered solutions for elderly care market size is expected to see exponential growth in the next few years. It will grow to $74.95 billion in 2029 at a compound annual growth rate (CAGR) of 23.88%. The growth in the forecast period can be attributed to a growing elderly population, rising prevalence of chronic diseases, increasing adoption of smart home and IoT devices, enhanced focus on independent living solutions, government initiatives to improve eldercare infrastructure, and escalating demand for personalized healthcare services. Major trends in the forecast period include the integration of natural language processing, advancements in fall prevention technology, predictive health monitoring, voice-controlled smart home integration, AI-driven cognitive therapy tools, robotic care assistants, adaptive learning algorithms for personalized care, and enhanced emergency response technologies.
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Which major companies dominate the artificial intelligence-powered solutions for elderly care market?
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 trends will shape the future of the artificial intelligence (ai) in aging and elderly care market?
Major companies operating in the artificial intelligence (AI)-powered solution for elderly care market are focusing on developing innovative technologies such as AI-driven virtual caregivers to provide personalized care solutions, enhance monitoring capabilities, and improve overall quality of life for the elderly. An AI virtual caregiver is a smart digital assistant that helps monitor health, remind medications, offer companionship, and respond to emergencies, primarily aiding elderly individuals in maintaining their independence and well-being. For instance, in November 2024, Electronic Caregiver Inc., a US-based health technology company, launched Addison Care+ in the AWS marketplace. Addison Care+ is an advanced AI-driven virtual caregiver introduced to revolutionize senior care by enhancing health management, engagement, and independence for aging adults and patients with chronic illnesses. It delivers 24/7 activity monitoring, early health issue detection, and comprehensive care insights such as medication management and emergency response. Integrated with AI-driven telecare operations, it simplifies nationwide implementation, supporting caregivers with proactive tools for managing client health and optimizing care delivery.
Which region dominates the artificial intelligence-powered solutions for elderly care market, and what factors contribute to its leadership?
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.
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How is the artificial intelligence-powered solutions for elderly care market segmented, and which segment holds the largest share?
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
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How is the artificial intelligence-powered solutions for elderly care market defined?
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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