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Impact Of Growing Elderly Population On Advancements In Aging And Elderly Care: An Emerging Driver Transforming The Artificial Intelligence (AI) In Aging And Elderly Care Market Landscape
Artificial Intelligence (AI) In Aging And Elderly Care
What Is the Projected Growth of the Artificial Intelligence (AI) In Aging And Elderly Care Market?
The market for AI in the field of elderly and aging care has seen a phenomenal rise in recent years. It is predicted to expand from a size of $35.22 billion in 2024 to $43.76 billion in 2025, representing a compound annual growth rate (CAGR) of 24.25%. Several factors can explain the growth observed in the historical period. These include a larger aging population, a heightened occurrence of chronic illnesses, an increase in demand for self-reliant living solutions, elevated development of AI-facilitated devices, an escalating shortfall of caregivers, and a surge in investments into AI research and development tailored towards geriatric care.
In the coming years, the market for artificial intelligence (AI) in age and elderly care is predicted to experience substantial growth, rising to $122.88 billion in 2029, with an annual growth rate of 22.54%. The predicted growth during this forecast period is due to various factors such as the increased integration of AI with smart home systems for elderly care, augmented usage of robotic caregivers, growing need for individual healthcare solutions, widening applications of telehealth and remote monitoring, and surging investments in AI-backed elderly wellness programs. The forecast period will also witness significant trends including the advancement of AI-enabled assistive technologies, the fusion of artificial intelligence with smart homes, progression in robotics, cloud computing, natural language processing, healthcare technology and the invention of advanced AI algorithms for predictive health analytics.
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What Are the Different Artificial Intelligence (AI) In Aging And Elderly Care Market Segments?
The artificial intelligence (AI) in aging and elderly care market covered in this report is segmented -
1) 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
2) By Technology: Wearable Devices, Smart Home Systems, Mobile Apps, Cloud Computing, Internet Of Things (IoT)
3) By Applications: Fall Detection And Prevention, Medication Management, Remote Health Monitoring, Social Engagement And Companion AI, Cognitive Stimulation And Brain Training
4) By End User: Home Care Settings, Assisted Living Facilities, Nursing Homes And Long-Term Care Centers, Hospitals And Healthcare Institutions
Subsegments:
1) By Natural Language Processing (NLP) Systems: Voice-Activated Assistants, AI-Powered Speech Recognition Systems, NLP for Cognitive Health Monitoring
2) By Robotics And Robotic Assistance: Elderly Care Robots, Robotic Mobility Assistance Devices, Robotic Companions For Seniors
3) By Smart Home Devices And IoT Solutions: Smart Sensors (Fall Detection, Monitoring), AI-Enabled Smart Home Automation Systems, Wearable IoT Devices For Health Monitoring
4) By Machine Learning And Predictive Analytics: AI-Based Health Risk Prediction Models, Machine Learning For Personalized Care Plans, Predictive Analytics For Medication Management
5) By Virtual Health Assistants: AI-Powered Virtual Care Assistants, Telemedicine Virtual Assistants, Virtual Health Coaching And Support Systems
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What Are the Primary Drivers Shaping the Artificial Intelligence (AI) In Aging And Elderly Care Market?
The surge in the number of older individuals is predicted to spur the growth of the artificial intelligence (AI) in aging and elderly care market in the future. This segment of the population, classified as those 60 or 65 years and older, require specialized care and services owing to the health and lifestyle issues associated with aging. The increase in the elderly population is due to longer lifespans achieved through healthcare advancements, as well as lower birth rates, which reduce the younger demographic's share in the population. Through enhancing healthcare, increasing accessibility, and enabling autonomy for the elderly, artificial intelligence (AI) is revolutionizing the sphere of aging and elderly care. For example, a report published in January 2024 by the Population Reference Bureau, a non-profit organization based in the US, predicts that the number of Americans aged 65 and older will grow from 58 million in 2022 to 82 million by 2050, a rise of 47%. This implies that the share of this age group in the total U.S. population will expand from 17% to 23% over this timeframe. Consequently, the escalating elderly population is propelling the expansion of the artificial intelligence (AI) in aging and elderly care market.
Which Companies Are Leading in the Artificial Intelligence (AI) In Aging And Elderly Care Market?
Major companies operating in the artificial intelligence (AI) in aging and elderly care market are Amazon.com Inc., Google LLC, Samsung Electronics Co. Ltd., Microsoft Corporation, Intel Corporation, General Electric Company, International Business Machines Corporation, Oracle Corporation, Medtronic plc, NVIDIA Corporation, Siemens Healthineers AG, Koninklijke Philips N.V., AARP Services Inc., Suki AI Inc., AiCure LLC, Sensi.AI, Orbita Inc., Sensely Inc., CarePredict Inc., Cognivue Corporation, Reemo Health Inc., Canary Health Technologies Inc., Somatix Inc.
What Are the Major Trends Shaping the Acellular Dermal Matrices Market?
Key players in the artificial intelligence (AI) in aging and elderly care market are leveraging their resources to develop innovative technologies such as AI-powered virtual caregivers. These digital aids are designed to provide customized care solutions, improve surveillance capacities and upgrade overall lifestyles of senior citizens. This technology helps in health tracking, medication reminders, companionship provision, and emergency response, playing a critical role in promoting autonomy and well-being of the aging population. For example, Electronic Caregiver Inc., a medical equipment provider based in the US, introduced Addison Care+ in the AWS marketplace in November 2024. This high-tech, AI-powered virtual caregiver is designed to transform elderly care by bolstering the management of health, interaction and freedom among seniors and individuals suffering from persistent illnesses. Addison Care+ offers round-the-clock monitoring of activities, detects early signs of health issues and offers in-depth insights into care like medication management and emergency reaction. With seamless integration with AI-backed telecare operations, this solution allows ease of nationwide deployment, allowing caregivers to effectively manage client health using proactive tools, ultimately enhancing the provision of care.
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What Are the Top Revenue-Generating Geographies in the Artificial Intelligence (AI) In Aging And Elderly Care Market?
North America was the largest region in the artificial intelligence (AI) in aging and elderly care market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the artificial intelligence (AI) in aging and elderly care market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Artificial Intelligence (AI) In Aging And Elderly Care Market?
2. What is the CAGR expected in the Artificial Intelligence (AI) In Aging And Elderly Care Market?
3. What Are the Key Innovations Transforming the Artificial Intelligence (AI) In Aging And Elderly Care Industry?
4. Which Region Is Leading the Artificial Intelligence (AI) In Aging And Elderly Care Market?
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