Press release
AI in Aging and Elderly Care Market Growth Driven by Expansion of Remote Monitoring and Personalized Assistance Technologies
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 deployment of advanced technologies-including robotics, machine learning, and natural language processing-to enhance the quality of life and address the specific needs of aging populations. These AI-enabled solutions are designed to support older adults in daily activities, such as medication management, cognitive health monitoring, social engagement facilitation, and adherence to prescribed treatment regimens. The primary objective of AI in this sector is to promote independence, ensure safety, and improve overall well-being by delivering personalized, adaptive support tailored to the individual requirements of senior users.
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 growing global elderly population is a key driver of demand for AI-enabled solutions designed to address the specific needs of older adults. Artificial intelligence technologies enhance senior well-being by providing cognitive support, facilitating remote health monitoring, and delivering personalized assistance, thereby reducing the burden on healthcare providers and caregivers. Moreover, the rising prevalence of chronic conditions among the aging population is accelerating the adoption of AI in healthcare, enabling early diagnosis and promoting proactive disease management.
Challenges:
Data privacy and security concerns present significant obstacles in the AI-driven elderly care market. Given that these systems process highly sensitive personal information, the risk of breaches and unauthorized access is elevated. Establishing consumer trust and implementing robust data protection measures are essential to fostering wider adoption. In addition, the high costs associated with deploying AI solutions may limit accessibility for certain healthcare institutions and individuals, potentially constraining market growth.
Regional Trends:
North America is projected to maintain a leading position in the AI-based elderly care market, supported by significant investments in AI research and development and a growing senior demographic. Europe holds a substantial market share, driven by the integration of AI technologies into healthcare systems to address the challenges of an aging population.
The Asia-Pacific region is witnessing rapid growth, fueled by increasing awareness of AI benefits in senior care and a rising elderly population. In Latin America, adoption is progressing steadily, supported by improvements in healthcare infrastructure and access. Similarly, the Middle East and Africa present significant growth opportunities as governments and healthcare providers increasingly recognize AI's potential to enhance 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 : +1 607 400-7072
Asia: +91 79 72967118
info@insightaceanalytic.com
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