AI in Aging and Elderly Care Market Size was valued at USD 39.3 Bn in 2023 and is predicted to reach USD 180.8 Bn by 2031 at a 21.2% CAGR during the forecast period for 2024-2031.
The main goal of the book Artificial Intelligence in Aging and Elderly Care is to use state-of-the-art AI technologies to address the issues brought on by an aging population. These creative solutions support the growing number of older adults due to increased life expectancy and enable remote monitoring and early health issue detection for caregivers and healthcare providers. AI-driven solutions encourage healthy aging and active lifestyles among the aged population by providing them with smart home appliances, virtual health assistants, and robotic companions. These innovations make society more inclusive and age-friendly.
The COVID-19 epidemic has significantly impacted artificial intelligence in the aging and elder care sector. The increased susceptibility of older persons to the virus has led to an increased emphasis on using AI-driven solutions to guarantee their security and welfare—distant medical. During the pandemic, telemedicine, virtual health aids, and monitoring have become more popular, enabling medical professionals to give care with less direct patient interaction. AI-driven solutions have also been crucial in detecting early COVID-19 signs in older people, allowing for prompt therapies and lowering the risk of transmission in care settings. But the pandemic has also brought attention to issues with older persons' access to technology and data privacy, which calls for more work to solve these issues.
Competitive Landscape
Some of the Major Key Players in the AI in Aging and Elderly Care Market are
- 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.
Market Segmentation:
The AI in the aging and elderly care market is segmented based on type, application, end-user, and technology. The market is segmented based on type, such as natural language processing (NLP) systems, robotics and robotic assistance, smart home devices and IoT solutions, machine learning and predictive analytics and virtual health assistants. Based on the application, the market is segmented into fall detection and prevention, medication management, remote health monitoring, social engagement companion AI, cognitive stimulation and brain training. The market is segmented based on end-users into assisted living facilities, home care settings, nursing homes, long-term care centres, hospitals, and healthcare institutions. The market is segmented based on technology such as wearable devices, smart home systems, mobile apps, cloud computing, and the Internet of Things (IoT).
Based on Technology, the Internet of Things (IoT) Segment is Accounted as a Major Contributor to AI in the Aging and Elderly Care Market.
Integrating the Internet of Things (IoT) and connected devices is a major growth element in the AI-powered solutions for the elder care market. IoT and connected devices in the senior care industry have several uses and advantages. Real-time data gathering and processing is made possible by wearable sensors, smart home automation systems, and remote monitoring equipment. By integrating these devices, caregivers and medical professionals may keep an eye on vital signs, activity levels, medication compliance, and fall or emergency detection from a distance. The intelligent amalgamation of diverse gadgets and AI-driven systems facilitates proactive and customized care, guaranteeing security, welfare, and an enhanced standard of living for senior citizens. The application of IoT and linked devices in elder care enhances the capacity for remote monitoring and enables early health diagnosis.
Natural Language Processing (NLP) Systems Segment Witnessed Growth at a Rapid Rate.
The industry offers a variety of solutions, such as natural language processing (NLP) systems, which provide easy engagement and communication with senior citizens. IoT solutions and smart home devices enable networked settings for remote safety monitoring, while robotics and robotic assistance are essential for giving companionship and physical support. Personalized treatment plans and early health issue diagnosis are primarily made possible by machine learning and predictive analytics. Furthermore, virtual health assistants provide medication management assistance, cognitive stimulation, and virtual companionship.
In the Region, North American AI in the Aging and Elderly Care Market Holds a Significant Revenue Share.
In the market for AI-powered senior care solutions, North America is expected to register the highest market share. Other elements add to the region's importance. The need for innovative aged care solutions is fueled by North America's vast aging population and highly developed healthcare system. Significant R&D activity, government financing, and collaboration between IT companies and healthcare institutions all benefit the area. Additionally, the wearables, AI-powered platforms, and remote monitoring systems markets are well-established in North America, which facilitates the integration of AI technologies into elderly care. It is important to remember, though, that the market for AI-powered solutions for senior care is expanding quickly.
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.
AI in Aging and Elderly Care Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 39.3 Bn |
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Revenue Forecast In 2031 |
USD 180.8 Bn |
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Growth Rate CAGR |
CAGR of 21.2% from 2024 to 2031 |
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Quantitative Units |
Representation of revenue in US$ Million and CAGR from 2024 to 2031 |
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Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Type, By Application, By Technology, By End-user |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
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Competitive Landscape |
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, and others. |
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Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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