AI-Powered Solutions For Elderly Care Market - Forecasts from 2023 to 2028

The AI-powered solutions for the elderly care market was valued at US$719.5 million in 2021.

The AI-powered solutions for the elderly care market are expanding rapidly as artificial intelligence technologies transform the field of senior care. With the world population increasingly ageing, there is an increasing demand for new solutions that meet the difficulties that seniors encounter. Remote health monitoring, fall detection, cognitive help, prescription management, and social companionship are all possible with AI-powered solutions. These 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 elderly care market has enormous promise for enhancing quality of life, fostering independent living, and assuring the well-being of elders in an ageing society.

Aging Population and Increasing Demand for Elderly Care in the AI-Powered Solutions for Elderly Care Market.

The ageing population and rising need for senior care are important growth drivers in the market for AI-Powered Solutions for Senior Care. According to the World Health Organisation, the worldwide population of people aged 60 and more is predicted to double to 2 billion by 2050, up from 900 million in 2015. Because of this demographic transition, there is a tremendous demand for creative solutions that address the specific demands 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 issues that the ageing population faces.

Need for Personalized and Proactive Care Enhances the AI-Powered Solutions for Elderly Care Market Growth.

In the AI-Powered Solutions for Elderly Care market, there is a growing demand for personalised and proactive care. According to research published in the Journal of Medical Internet Research, personalised care interventions improve the health outcomes and well-being of seniors. AI technologies allow for the collection and analysis of massive volumes of data, such as medical records, sensor data, and lifestyle information, in order to build personalised care plans. Furthermore, proactive care emphasises preventative measures and early diagnosis of health disorders. The desire for personalised and proactive care pushes the use of AI-powered solutions that can adjust interventions to individual requirements and enable early intervention to enhance outcomes for the aged.

Integration of IoT and Connected Devices in Elderly Care Boosts the AI-Powered Solutions for Elderly Care Market Size.

In the AI-powered solutions for Elderly Care market, the integration of IoT (Internet of Things) and linked devices is a key growing factor. IoT and linked devices provide a variety of applications and benefits in the field of senior care. Wearable sensors, smart home systems, and remote monitoring devices, for example, provide real-time data gathering and processing. Carers and healthcare providers may remotely monitor vital signs, activity levels, and medication adherence, and identify falls or emergencies by integrating these devices. The seamless integration of various devices and AI-powered platforms enables personalised and proactive care, assuring safety, well-being, and increased quality of life for the elderly. The use of IoT and connected devices in aged care improves remote monitoring capabilities, allows for early diagnosis of health conditions, and allows for prompt treatments, thus enhancing the entire care experience for seniors.

North America is the Market Leader in AI-Powered Solutions for Elderly Care Market.

North America has emerged as the leader in AI-powered solutions for elderly care market. Several factors contribute to the region's significance. North America has a technologically advanced healthcare system and a large ageing population, which drives the demand for novel aged care solutions. The region benefits from significant government funding, considerable R&D activity, and cooperation between technology firms and healthcare institutions. Furthermore, North America has a well-established market for wearable devices, remote monitoring systems, and AI-powered platforms, making AI solutions easier to integrate in aged care. It is crucial to note, however, that the AI-powered solutions for elderly care market growth is fast developing, and other areas such as Europe and Asia-Pacific are also making major advancements in this industry.

Addressing Challenges in Caregiver Shortage and Aging-in-Place in AI-Powered Solutions for Elderly Care Market.

Addressing carer scarcity and aging-in-place issues is a critical growth driver in the AI-Powered Solutions for Elderly Care market. The World Health Organisation estimates that the worldwide deficit of healthcare professionals, including carers, would reach 10 million by 2030. Furthermore, there is a growing desire among seniors to age-in-place, or remain in their own homes. AI-powered solutions that provide remote monitoring, virtual caring, and assistive technology can help bridge this divide. According to research published in the Journal of Ageing and Health, the employment of AI and robots in senior care can reduce carer load and improve aging-in-place alternatives. These technologies aid with everyday tasks, medication administration, and fall detection, encouraging independence and decreasing dependency on human carers.

Key Developments:

• In April 2022,CarePredict, a recent Argentum Best of The Best Award winner and the leading digital health company purpose-built to meet the demands of senior living, announced a partnership with Maple Knoll Communities, a 173-year-old nonprofit corporation that owns and operates two continuing care retirement communities (CCRCs). Maple Knoll is introducing CarePredict, a cutting-edge tool that will enhance outcomes by enabling preventative treatment. CarePredict was installed as a single platform at Maple Knoll Village, a 54-acre complex in Cincinnati, Ohio, with almost 400 Independent Living, Assisted Living, Memory Care, and Skilled Nursing units.
• In July 2023,KPMG and Microsoft have announced a substantial extension of their worldwide collaboration, which will redefine professional services in a number of business-critical sectors such as workforce modernisation, safe and secure development, and the use of Artificial Intelligence (AI) solutions for clients, industries, and society as a whole.

Company Products:

• Tempo:Tempo is a wearable gadget with sophisticated sensors that monitors seniors' everyday activities and behavioural patterns. Tempo can identify probable health concerns, falls, changes in sleep habits, and departures from usual routines using AI algorithms. It gives carers or family members real-time insights, allowing for early action and encouraging preventative care.
• Microsoft Health Bot:This AI-powered chatbot offers personalised and interactive assistance to seniors and their caregivers. It provides health-related information, prescription reminders, and appointment scheduling support. Natural language processing is used by the Health Bot to comprehend and reply to users' questions and concerns, giving timely and appropriate information.
• ABB Ability™ Care Home Solution:This complete system combines multiple technologies and artificial intelligence algorithms to offer remote monitoring, predictive analytics, and personalised care for elders. It combines smart sensors, wearables, and AI-powered analytics to detect falls, track activity levels, and warn carers in real time.
• ABB Ability™ Genix:Genix is an AI-powered platform that analyses data from connected devices and sensors in senior care settings using machine learning methods. It offers predictive maintenance, energy optimization, and increased operational efficiency, ensuring elders have a safe and pleasant environment.

Segmentation:

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