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Chronic Disease Prevalence Driving Demand For Advanced Care Solutions Driver: A Major Catalyst in the Evolution of the Artificial Intelligence-Powered Solutions For Elderly Care Market in 2025
Artificial Intelligence-Powered Solutions For Elderly Care Market Size
Recently, there has been a significant surge in the size of the market for AI-driven elderly care solutions. It's currently projected to increase from $25.64 billion in 2024 to $31.82 billion in 2025, showcasing a compound annual growth rate (CAGR) of 24.14%. The factors contributing to the growth in previous years include an expanding older population globally, a higher occurrence of chronic diseases, an evident lack of caregivers, an escalating demand for health monitoring from a distance, a rising inclination towards smart home technologies, and a stronger emphasis on improving the quality and independence of life for seniors.
In the coming years, the market size for solutions powered by artificial intelligence for elderly care is anticipated to witness considerable expansion. The predictions indicate a growth to $74.95 billion by 2029, with a compound annual growth rate (CAGR) of 23.88%. This projected growth during the forecast period is attributable to factors such as the increasing elderly population, a surge in chronic diseases, an increased reliance on smart home and IoT devices, a heightened emphasis on independent living solutions, government policies to boost eldercare infrastructure, and the ballooning demand for tailored healthcare services. Noteworthy trends to observe during this forecast period include the incorporation of natural language processing, advances in technology to prevent falls, predictive health monitoring, voice-activated smart home integration, AI-enabled cognitive therapy instruments, care robots, adaptive learning algorithms for individualized care, and improved emergency response technologies.
What Are the Key Drivers Behind the Growth of the Artificial Intelligence-Powered Solutions For Elderly Care Market?
An increase in chronic health conditions is anticipated to propel the market for artificial intelligence (AI) driven solutions in elderly care. Chronic illnesses, like diabetes and heart disease, are long-lasting conditions requiring continuous attention and significantly affect day-to-day living. These conditions are on the rise due to factors such as aging populations, lifestyle changes like low physical activity and unhealthy eating habits, and increased urbanization. AI-powered elderly care solutions aid in managing these chronic diseases via real-time health tracking, predictive analytics for early detection, and customised care regimens, thereby improving patient outcomes and life quality for the older age groups. For instance, the World Health Organization, a Switzerland-based intergovernmental organization, reported in September 2023 that out of 41 million deaths worldwide, 74% were as a result of non-communicable diseases (NCDs) or chronic diseases. This included 17.9 million deaths from cardiovascular conditions, 9.3 million from cancer, 4.1 million from chronic respiratory diseases, and 2.0 million due to diabetes. Hence, the growing prevalence of chronic diseases is fuelling the market for AI-powered elderly care solutions.
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Who Are the Major Industry Players Fueling Artificial Intelligence-Powered Solutions For Elderly Care Market Expansion?
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 Major Trends Shaping the Artificial Intelligence-Powered Solutions For Elderly Care Market?
Leading firms in the AI-enabled solutions for elderly care market are focusing their efforts on creating cutting-edge technologies such as AI-based virtual caregivers. These digital assistants are designed to offer customized care, enhancing monitoring abilities, and raising the overall quality of life for seniors. AI virtual caregivers are highly advanced digital aids that keep a check on health, offer medication reminders, present companionship, and deal with emergencies, essentially assisting older adults in sustaining their autonomy and wellness. Take, for example, Electronic Caregiver Inc., a health technology firm based in the US, that introduced Addison Care+ to the marktplace of AWS in November 2024. Addison Care+ is an innovative AI-empowered digital caregiver, designed to bring about a significant change in elderly care by amplifying health management, involvement, and self-reliance for aging individuals and patients battling with chronic diseases. It provides round-the-clock activity monitoring, early detection of health issues and offers detailed care insights such as medication management and emergency reaction. When combined with AI-operated telecare services, it eases the process of nationwide implementation, equipping caregivers with proactive tools to manage client health and enhance the quality of care.
How Is the Segmentation of the Artificial Intelligence-Powered Solutions For Elderly Care Market Defined?
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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What Is the Leading Region in the Artificial Intelligence-Powered Solutions For Elderly Care Market?
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.
What Is Covered In The Artificial Intelligence-Powered Solutions For Elderly Care Global Market Report?
- Market Size Analysis: Analyze the artificial intelligence-powered solutions for elderly care Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the artificial intelligence-powered solutions for elderly care Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the market.
- Market Contribution: Evaluate contributions of different segments to the overall artificial intelligence-powered solutions for elderly care market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the artificial intelligence-powered solutions for elderly care market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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