Press release
AI in Aging and Elderly Care Market Expanding Access to Remote Monitoring and Social Engagement Tools for the Elderly Population
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 involves the application of advanced technologies such as robotics, natural language processing, and machine learning to enhance the quality of life and address the specific needs of the aging population. These AI-driven solutions are designed to assist older adults with daily activities, including facilitating social engagement, supporting cognitive function, managing medication, and monitoring health, while ensuring adherence to prescribed treatments. The core objective of AI in this sector is to promote independence, improve safety, and elevate overall well-being by providing personalized and adaptive support tailored to the unique requirements of senior individuals.
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 increasing global aging population is a primary catalyst driving demand for advanced, tailored solutions to address the unique needs of older adults. AI-powered technologies enhance the quality of life for seniors by providing cognitive support, enabling remote health monitoring, and delivering personalized assistance, thereby alleviating pressures on healthcare providers and caregivers. Additionally, the rising incidence of chronic conditions among the elderly is accelerating the integration of AI in healthcare, facilitating early diagnosis and promoting proactive disease management.
Challenges:
Concerns regarding data security and privacy pose significant challenges in the AI-driven elderly care market. AI systems in this sector often process highly sensitive personal data, heightening the risk of breaches and unauthorized use. Building consumer trust and effectively addressing privacy issues are critical to fostering wider adoption of these technologies. Furthermore, the substantial costs associated with deploying AI solutions may restrict access for some healthcare institutions and individuals, potentially limiting overall market expansion.
Regional Trends:
North America continues to lead the AI-based elderly care market, supported by substantial investments in AI research and development alongside a growing elderly demographic. Europe holds a significant share, driven by the increasing incorporation of AI technologies within healthcare frameworks to meet the demands of an aging population. The Asia-Pacific region is experiencing rapid market growth, fueled by heightened awareness of AI's benefits in senior care and a rising elderly population. In Latin America, adoption of AI solutions is progressing steadily, supported by enhancements in healthcare infrastructure and access. Similarly, the Middle East and Africa demonstrate strong growth potential as governmental bodies and healthcare providers increasingly acknowledge the advantages of AI in improving 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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