Press release
AI in Aging and Elderly Care Market Drivers Include Increasing Elderly Population and Healthcare Needs
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) applications in senior and elderly care involve the utilization of advanced technologies-including robotics, machine learning, and natural language processing-to improve the quality of life and address the unique needs of aging populations. These AI-driven solutions assist older adults with daily activities such as medication management, cognitive health monitoring, social interaction facilitation, and adherence to prescribed therapeutic regimens. The primary aim of integrating AI in this sector is to promote autonomy, enhance safety, and optimize overall well-being by providing personalized, adaptive support tailored to the specific 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 expanding global elderly population is a primary factor driving demand for AI-enabled solutions tailored to the needs of older adults. Artificial intelligence technologies enhance senior care by facilitating cognitive support, enabling remote health monitoring, and delivering personalized assistance, thereby alleviating the workload of healthcare professionals and caregivers. Additionally, the rising prevalence of chronic illnesses among aging populations is accelerating the integration of AI in healthcare, supporting early diagnosis and fostering proactive disease management.
Challenges:
Data privacy and security concerns represent significant barriers within the AI-driven elderly care market. As these systems handle highly sensitive personal information, the risk of breaches or unauthorized access is elevated, making the implementation of robust data protection protocols and the establishment of consumer trust critical to broader adoption. Furthermore, the high costs associated with deploying AI solutions may limit accessibility for certain healthcare institutions and individuals, potentially constraining market expansion.
Regional Trends:
North America is expected to maintain a dominant position in the AI-based elderly care market, underpinned by substantial investments in AI research and development and a growing senior demographic. Europe holds a considerable market share, driven by the adoption of AI technologies within healthcare systems to address the challenges posed by an aging population. The Asia-Pacific region is experiencing rapid growth, fueled by increasing awareness of AI benefits in senior care and a rising elderly population.
In Latin America, market adoption is steadily increasing due to improvements in healthcare infrastructure and accessibility. Likewise, the Middle East and Africa are emerging as significant growth regions as governments and healthcare providers increasingly recognize the potential of AI 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: https://www.insightaceanalytic.com/
Tel : +1 607 400-7072
Asia: +91 79 72967118
info@insightaceanalytic.com
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