What Does the Historical and Current Artificial Intelligence (AI) In Aging And Elderly Care Market Size Trend Indicate?
The artificial intelligence (ai) in aging and elderly care market has seen considerable growth due to a variety of factors.
• The market size of artificial intelligence (AI) in aging and elderly care has seen a significant increment in recent years. It is forecasted to scale up from $35.22 billion in 2024 to around $43.76 billion in 2025, marking a compound annual growth rate (CAGR) of 24.25%.
Factors contributing to this upward trend in the historic period include growth in the number of older people, increased instances of chronic diseases, rising demand for self-reliant living solutions, and burgeoning advancement in AI-enabled solutions. Furthermore, a steep rise in caregiver scarcities and heightened geriatric-oriented AI research and development investments have also contributed to this surge.
How Will the Artificial Intelligence (AI) In Aging And Elderly Care Market Size Evolve over the Forecast Period?
The artificial intelligence (ai) in aging and elderly care market is expected to maintain its strong growth trajectory in upcoming years.
• Predictions indicate a significant rise in the market size of artificial intelligence (AI) in aging and elderly care within the coming years, reaching $122.88 billion by 2029 with a compound annual growth rate (CAGR) of 22.54%.
This market growth during the anticipated period can be ascribed to factors such as the incorporation of smart home systems for geriatric care, increasing reliance on robotic caregivers, surging demand for bespoke healthcare options, widening of telehealth and remote monitoring applications, and growing investments in AI-based elderly wellness initiatives. Throughout the forecast period, key trends will encompass advancements in AI-enabled assistive tech, fusion of smart homes with AI, progress in robotics, cloud computing, natural language processing, healthcare technology, and the evolution of sophisticated AI algorithms for predictive health analytics.
Which Factors Are Boosting Growth In The Artificial Intelligence (AI) In Aging And Elderly Care Market?
The surge in the number of older adults is predicted to stimulate the expansion of the artificial intelligence (AI) in aging and elderly care market. These elder individuals, typically 60 or 65 years and above, need special care and amenities because of the health and lifestyle obstacles that come with aging. Longer lifespans, facilitated by advances in healthcare, and a decline in birth rates, which decreases the ratio of younger members to older ones in the demographics, contribute to the growing elderly population. AI is revolutionizing aging and elderly care by enhancing health services, making care more accessible and encouraging self-reliance among seniors. For example, a report published by the Population Reference Bureau, a US non-profit organization, in January 2024 predicts that the American population aged 65 and over will increase from 58 million in 2022 to 82 million by 2050, reflecting a leap of 47%. Consequently, the representation of this age group in the overall U.S. population is set to increase from 17% to 23% in the forecast period. As such, the boom in the elderly population is stimulating the expansion of the artificial intelligence (AI) in aging and elderly care market.
What Key Areas Define The Segmentation Of The Global Artificial Intelligence (AI) In Aging And Elderly Care Market?
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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How Are Emerging Trends Reshaping The Dynamics Of The Artificial Intelligence (AI) In Aging And Elderly Care Market?
The major players in the aging and elderly care sector are forging ahead with advancements in artificial intelligence (AI) - they are focusing on the creation of innovative technologies such as virtual caregivers driven by AI. These digital assistants are geared towards personalizing care solutions, providing better monitoring, and enhancing the overall quality of life for the elderly. They contribute towards assisting seniors in managing their health, reminding them of their medication, offering companionship, and responding to emergencies, enabling the elderly to maintain their independence and well-being. An example of this can be seen with Electronic Caregiver Inc., a US-based firm that supplies medical equipment - they launched an advanced, AI-driven virtual caregiver named Addison Care+ in the AWS marketplace in November 2024. Addison Care+ is designed to alter the face of senior care by focusing on better health management, engagement, and independence for seniors as well as those dealing with chronic diseases. It provides around-the-clock activity monitoring, early detection of health issues, and far-reaching insights on care, including everything from medication management to responding in times of emergency. Its integration with AI-run telecare operations simplifies its application across the nation, granting caregivers access to proactive tools that aid in better health management for clients and the delivery of optimized care.
Who Are the Key Players 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 include:
• 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 Is The Most Dominant Region 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.
