Press release
AI in Aging and Elderly Care Market to Grow at 21.2% CAGR Through 2031.
AI in Aging and Elderly Care Market
According to the latest research by InsightAce Analytic, the Global AI in Aging and Elderly Care Market is valued at US$ 39.3 Bn in 2023, and it is expected to reach US$ 180.8 Bn by 2031, with a CAGR of 21.2% during the forecast period of 2024-2031.
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Artificial intelligence in aging and elderly care is the application of cutting-edge technology, including robots, natural language processing, and machine learning, to improve the quality of life and meet the special needs of older people. It entails the creation of AI-powered products and services that help older adults with a variety of everyday tasks, such as social interaction, cognitive stimulation, and medication management, in addition to health monitoring and medication administration. Artificial intelligence in aging and elderly care aims to help elders preserve their independence, safety, and general well-being by offering individualized and caring support.
List of Prominent Players in the AI in Aging and Elderly Care Market:
• IBM Corporation
• Intel Corporation
• Google LLC
• Microsoft Corporation
• Amazon Web Services, Inc.
• NVIDIA Corporation
• Siemens Healthineers AG
• Oracle Corporation
• General Electric Company
• Medtronic PLC
• Koninklijke Philips N.V.
• Samsung Electronics Co., Ltd.
• Cognivue Corporation
• AARP Services, Inc.
• CarePredict, Inc.
• Sensely, Inc.
• Ayasdi AI, Inc.
• Somatix Inc.
• Orbita, Inc.
• Suki.AI, Inc.
• Reemo Health, Inc.
• True Link Financial, Inc.
• Eversense Corporation
• Canary Health Technologies, Inc.
• AiCure LLC
• Others.
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Market Dynamics:
Drivers:
One of the leading causes is the growing global adult population, which raises the need for cutting-edge solutions to meet their specific requirements. AI-powered technologies improve seniors' quality of life by providing them with cognitive support, remote monitoring, and personalized help, reducing the strain on healthcare institutions and caregivers. The rise in the incidence of chronic illnesses in the elderly also contributes to the use of AI in healthcare since it makes early diagnosis and proactive treatment of diseases possible.
Challenges:
A few more limitations the market must contend with are security and privacy issues about data. Artificial intelligence (AI) systems used in senior care and aging frequently handle sensitive personal data, which raises concerns about potential security breaches and misuse. Building confidence and ensuring these privacy issues are addressed is essential broad use of AI technologies in this field. Furthermore, some healthcare organizations and people may find it prohibitively expensive to adopt AI technologies, limiting their access to cutting-edge senior care options.
Regional Trends:
A growing geriatric population is driving the demand for cutting-edge senior care solutions, and North America is the industry leader with large investments in AI research and development. Europe closely trails behind, emphasizing the use of AI technologies in healthcare systems to tackle the obstacles of a population that is getting older. Growing awareness of AI's potential in senior care and an aging population are driving the market's rapid expansion in the Asia Pacific region. Latin America is seeing a slow but steady uptake of AI solutions due to improvements in healthcare accessibility and infrastructure. Finally, with governments and healthcare organizations realizing the advantages of AI in improving senior care services, the Middle East and Africa are likewise exhibiting encouraging growth possibilities.
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Recent Developments:
• A significant global expansion of KPMG and Microsoft's partnership was announced in July 2023. This partnership will transform professional services in several critical business areas, including workforce modernization, safe and secure development, and the application of artificial intelligence (AI) solutions for customers, businesses, and society at large.
• TrueCare purchased Wellth, a digital health startup that offers senior citizens remote monitoring and care coordination, in February 2023.
• Blue Cross Blue Shield of Massachusetts purchased a pharmaceutical benefit manager that focusses on elder services, SilverScript, in March 2023.
Segmentation of AI in the Aging and Elderly Care Market-
AI in the Aging and Elderly Care Market- 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
AI in the Aging and Elderly Care Market- By Application
• Fall Detection and Prevention
• Medication Management
• Remote Health Monitoring
• Social Engagement and Companion AI
• Cognitive Stimulation and Brain Training
AI in the Aging and Elderly Care Market- By End-User
• Home Care Settings
• Assisted Living Facilities
• Nursing Homes and Long-Term Care Centers
• Hospitals and Healthcare Institutions
AI in the Aging and Elderly Care Market- By Technology
• Wearable Devices
• Smart Home Systems
• Mobile Apps
• Cloud Computing
• Internet of Things (IoT)
AI in the Aging and Elderly Care Market- By Region
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa
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About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
Contact us:
InsightAce Analytic Pvt. Ltd.
Visit: www.insightaceanalytic.com
Tel : +1 551 226 6109
Asia: +91 79 72967118
info@insightaceanalytic.com
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