AI-Powered Solutions for Elderly Care market is forecasted to grow at a CAGR of 12.50% to attain US$2.082 billion by 2029, from US$1.247 billion in 2024.
Elderly care or eldercare is the solution and product developed to offer a wide range of services, like medical care, nursing, and assisted care for the global older population. In the eldercare market, introducing artificial intelligence (AI) is aimed to play a critical role. The AI-powered solutions and systems are sure to offer multiple advantages in increasing the efficiency of elder care services.
This system can assist the older person in performing several daily activities and can also help with medication management. AI-based technologies for eldercare can also help in maintaining the cognitive and physical health of seniors. Applications like fall detection, cognitive engagement, virtual companionships, and health surveillance are some of the key applications for AI in the elder care market.
The global AI-powered solutions for the elderly care market witnessed significant growth, mainly due to advancements in AI technology. AI-based elder care technologies use machine learning, natural language processing, and computer vision to give older people personalised and proactive care. AI algorithms can spot trends, anticipate health hazards, and allow early treatments by analysing data from wearable devices, sensors, and other sources. The incorporation of AI-powered solutions for the elderly care market has enormous promise for enhancing the quality of life, fostering independent living, and assuring the well-being of elders in an ageing society.
A major factor pushing the demand for AI-powered solutions for the eldercare market is the increasing global demand for eldercare solutions driven by the rising population of older adults worldwide. The global population above the age of 65 years has grown significantly and is expected to double by 2050, as stated by the World Health Organization.
The World Bank, in its global population report, stated that the population of adults above 65 witnessed a steep rise. The organization stated that in 2021, the total population above 65 was recorded at 758.732 million, which increased to 779.736 million in 2022. In 2023, this figure was recorded at 805.167 million. Because of this demographic transition, there is a tremendous demand for creative solutions that address the specific needs of seniors. The rising life expectancy and desire for independent living add to the demand for AI-powered solutions that can deliver personalised and proactive care to solve the ageing population's issues.
Furthermore, North America is among the biggest developers and adopters of artificial intelligence-based technologies across multiple fields. It also offers multiple technological leaders in the AI and healthcare sectors, which constantly aims to evolve the technologies in the sectors through a high emphasis on research and development. The population of older adults in the regions is also increasing significantly, which necessitates the development of efficient eldercare solutions.
Elderly care or eldercare is the solution and product developed to offer a wide range of services, like medical care, nursing, and assisted care for the global older population. In the eldercare market, introducing artificial intelligence (AI) is aimed to play a critical role. The AI-powered solutions and systems are sure to offer multiple advantages in increasing the efficiency of elder care services.
This system can assist the older person in performing several daily activities and can also help with medication management. AI-based technologies for eldercare can also help in maintaining the cognitive and physical health of seniors. Applications like fall detection, cognitive engagement, virtual companionships, and health surveillance are some of the key applications for AI in the elder care market.
The global AI-powered solutions for the elderly care market witnessed significant growth, mainly due to advancements in AI technology. AI-based elder care technologies use machine learning, natural language processing, and computer vision to give older people personalised and proactive care. AI algorithms can spot trends, anticipate health hazards, and allow early treatments by analysing data from wearable devices, sensors, and other sources. The incorporation of AI-powered solutions for the elderly care market has enormous promise for enhancing the quality of life, fostering independent living, and assuring the well-being of elders in an ageing society.
A major factor pushing the demand for AI-powered solutions for the eldercare market is the increasing global demand for eldercare solutions driven by the rising population of older adults worldwide. The global population above the age of 65 years has grown significantly and is expected to double by 2050, as stated by the World Health Organization.
AI-powered solutions for elderly care market drivers
Increasing demand for elderly care
The ageing population and rising need for senior care are important growth drivers in AI-powered solutions for the senior care market. The global population of older adults has witnessed a rise in the past few years, especially in countries with higher incomes.The World Bank, in its global population report, stated that the population of adults above 65 witnessed a steep rise. The organization stated that in 2021, the total population above 65 was recorded at 758.732 million, which increased to 779.736 million in 2022. In 2023, this figure was recorded at 805.167 million. Because of this demographic transition, there is a tremendous demand for creative solutions that address the specific needs of seniors. The rising life expectancy and desire for independent living add to the demand for AI-powered solutions that can deliver personalised and proactive care to solve the ageing population's issues.
AI-powered solutions for the elderly care market geographical outlook
North America is forecasted to hold a major market share.
North America is forecasted to emerge as the leader in AI-powered solutions for the elderly care market. A key factor contributing to the region's growth is the higher technological advancement in the healthcare ecosystems, especially in countries like the USA and Canada. The regional government also ensures funding and investment opportunities to develop technologies related to healthcare industries.Furthermore, North America is among the biggest developers and adopters of artificial intelligence-based technologies across multiple fields. It also offers multiple technological leaders in the AI and healthcare sectors, which constantly aims to evolve the technologies in the sectors through a high emphasis on research and development. The population of older adults in the regions is also increasing significantly, which necessitates the development of efficient eldercare solutions.
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Industry and Market Insights, Opportunity Assessment, Product Demand Forecasting, Market Entry Strategy, Geographical Expansion, Capital Investment Decisions, Regulatory Framework & Implications, New Product Development, Competitive IntelligenceReport Coverage:
- Historical data & forecasts from 2022 to 2029
- Growth Opportunities, Challenges, Supply Chain Outlook, Regulatory Framework, Customer Behaviour, and Trend Analysis
- Competitive Positioning, Strategies, and Market Share Analysis
- Revenue Growth and Forecast Assessment of segments and regions including countries
- Company Profiling (Strategies, Products, Financial Information, and Key Developments among others)
The AI-Powered Solutions for Elderly Care Market is analyzed into the following segments:
By Technology
- Machine Learning
- Natural Language Processing (NLP)
- Robotics
- Computer Vision
- Others
By Application
- Fall Detection And Prevention
- Remote Monitoring And Healthcare
- Personalized Virtual Assistants
- Medication Management
- Social Interaction And Companionship
- Others
By End-User
- Home Care Settings
- Assisted Living Facilities
- Nursing Homes
- Hospitals And Clinics
- Others
By Geography
- North America
- United States
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- United Kingdom
- Germany
- France
- Italy
- Spain
- Others
- Middle East And Africa
- Saudi Arabia
- UAE
- Others
- Asia Pacific
- Japan
- China
- India
- South Korea
- Indonesia
- Taiwan
- Others
Table of Contents
1. INTRODUCTION
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
5. AI-POWERED SOLUTIONS FOR THE ELDERLY CARE MARKET BY TECHNOLOGY
6. AI-POWERED SOLUTIONS FOR THE ELDERLY CARE MARKET BY APPLICATION
7. AI-POWERED SOLUTIONS FOR THE ELDERLY CARE MARKET BY END-USER
8. AI-POWERED SOLUTIONS FOR THE ELDERLY CARE MARKET BY GEOGRAPHY
9. COMPETITIVE ENVIRONMENT AND ANALYSIS
10. COMPANY PROFILES
Companies Mentioned
- Carepredict
- Intuition Robotics
- Aiva Health
- K4connect
- Catalia Health
- SoftBank Corp.
- CrowdANALYTIX
- Accenture
- Skypoint Cloud Inc.
- Sensi.AI
Methodology
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