AI in Elderly Care: Unlocking Market Potential in China
China’s elderly care sector is growing quickly with the help of artificial intelligence (AI). AI is helping create solutions like nursing robots and smartphones for seniors. These technologies are making elderly care better and more affordable.
China’s aging population is a big challenge, so the government is changing policies to adapt. At a recent meeting, the Communist Party of China promised to improve elderly care programs. This is a chance for both local and international businesses to grow.
Analysts predict that by 2050, 500 million people in China will be over 60 years old. This will create new opportunities for many industries.
Innovative Services
In July, at the World Artificial Intelligence Conference in Shanghai, Dataa Robotics introduced their XR4 robot. This robot can do delicate tasks, like baking bread, and is designed to help with elderly care. Wang Bin, vice president of Dataa, said their robots are already used in nursing homes in cities like Chengdu, Nanjing, and Wuhan. These robots help with things like long-distance inquiries and call services, showing how new technology can improve elderly care in China.
Shanghai recently launched a plan to enhance elderly care services using advanced technology. The goal is to improve life for seniors and become a global leader in elderly care by 2027. The plan includes developing AI models for voice, facial, emotion, and motion recognition.
Yuan Xin, a demographer, said that while China’s “silver economy” is still young, integrating AI can help bridge the digital gap for seniors.
A report from the China Research Center on Aging shows a growing demand for elderly care services, including healthcare management and tech assistance.
Market Potential
Yuan Xin said developing the silver economy is key to addressing China’s aging population, boosting domestic demand, and achieving quality growth. By 2050, people over 60 will make up over 40% of China’s population. Yuan calls for smart policy-making to match demographic changes.
In January, China’s State Council released a document on developing the silver economy, encouraging investment from foreign businesses. The focus is on new business models in smart health and elderly care, like nursing robots and biotech solutions. Financial institutions are also urged to create products to support the elderly.
Economist Zhou Maohua from China Everbright Bank said there is a shortage of quality elderly care services. Filling these gaps will improve well-being and unlock market potential, helping China’s economy recover and grow sustainably.
According to a report by iiMedia Research, China’s elderly care market grew by 16.5% to 12 trillion yuan in 2023. It could reach 13.9 trillion yuan in 2024 and more than 20 trillion yuan by 2027. As China’s silver economy becomes more digital, foreign businesses are investing more. For example, Allianz Global Investors plans to invest in Guomin Pension & Insurance Co, a Chinese pension insurer.
