Press release
AI in Aging and Elderly Care Market Set for High Growth with Focus on Remote Monitoring and Medication Management
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 USD 47.4 Bn in 2024, and it is expected to reach USD 322.4 Bn by 2034, with a CAGR of 21.2% during the forecast period of 2025-2034.
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Artificial intelligence (AI) in senior and elderly care encompasses the use of advanced technologies, such as robotics, natural language processing, and machine learning, to improve the quality of life and address the distinct requirements of the aging population. These innovations include the development of AI-driven solutions aimed at supporting older adults in daily activities, including social interaction, cognitive enhancement, medication management, and health monitoring, while ensuring medication adherence. The primary goal of AI in elderly care is to foster independence, enhance safety, and improve overall well-being by delivering personalized, responsive support that meets the unique needs of senior citizens.
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:
The global aging population is a significant driver of the demand for advanced solutions tailored to meet the specific needs of older adults. AI-powered technologies improve seniors' quality of life by offering cognitive support, remote health monitoring, and personalized assistance, reducing the burden on healthcare providers and caregivers. Furthermore, the growing prevalence of chronic illnesses among the elderly population is accelerating the adoption of AI in healthcare, facilitating early diagnosis and enabling proactive disease management.
Challenges:
Data security and privacy concerns represent major obstacles in the AI-based elderly care market. AI systems designed for senior care often handle sensitive personal information, increasing the risk of security breaches and potential misuse. Establishing trust and addressing privacy concerns are essential to promoting broader adoption of AI technologies in this sector. Additionally, the high costs associated with implementing AI solutions may limit their accessibility for certain healthcare organizations and individuals, thereby restricting market growth.
Regional Trends:
North America maintains a leading position in the AI-based elderly care market, supported by significant investments in AI research and development and an expanding elderly population. Europe follows closely, with increased integration of AI technologies into healthcare systems to address the challenges associated with an aging society. The Asia-Pacific region is experiencing rapid growth in this market, driven by rising awareness of AI's advantages in senior care and a growing elderly population. Latin America is witnessing gradual but steady adoption of AI solutions, bolstered by improvements in healthcare infrastructure and accessibility. Similarly, the Middle East and Africa exhibit promising growth potential as governments and healthcare organizations increasingly recognize the benefits of AI in enhancing senior care services.
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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
Read Overview Report- https://www.insightaceanalytic.com/report/ai-in-aging-and-elderly-care-market/2696
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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