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Global AgeTech Market to Reach $2.5 Trillion Next Year
China Presents Elderly Business as National Strategy
NIA: "National-Level Industrial Support Roadmap Needed"

The global market size of AgeTech is predicted to approach 3,484 trillion Korean won next year. Major countries such as the United States, Japan, and China are sparing no effort in national-level industrial activation policies and financial and administrative support to foster the AgeTech industry.

According to data from Kyung Hee University Digital Aging Research Center (hereafter Kyung Hee Research Center) and the National Information Society Agency (NIA) on the 2nd, the global AgeTech industry size is expected to reach $2.5 trillion (approximately 3,484 trillion Korean won) next year. The compound annual growth rate of the industry size from 2019 to 2025 is 23%. This is the result analyzed by the global analytics firm Aging Analytics Agency. The data referenced the 2023 and 2024 'Age-Friendly Industry - AgeTech Seminar and Networking' materials from Kyung Hee Research Center and NIA’s report on ‘AgeTech Technology and Policy Status in an Aging Society.’

Major countries such as the United States, Japan, and China are promoting government-level support policies for the AgeTech industry. In the United States, the National Institute on Aging is leading research on AI-based health management solutions for the elderly and supporting policies for small and medium-sized enterprises related to AgeTech. Additionally, the National Institute on Aging is providing about $40 million in funding to the ‘a2 Collective,’ a center representing an AI and technology consortium composed of prestigious universities such as Johns Hopkins University and the University of Massachusetts. The a2 Collective is creating opportunities for startups and research groups in healthcare and caregiving fields to propose solutions through competitions (a2 Pilot Awards) developing AI-based AgeTech projects.

China has designated elderly care as a national strategy through its 14th Five-Year Plan (2021?2025). Regarding AgeTech, it includes industrial activation measures such as support for elderly health management, risk detection, development of elderly-friendly products, and encouragement of industrial cluster development. Furthermore, through the Smart Health and Elderly Care Industry Development Implementation Plan (2021?2025), China has set six key missions: product supply for smart care, data utilization, health management, elderly care services, smart technology use for the elderly, and enhancement of public service capabilities.

Japan’s Ministry of Health, Labour and Welfare (equivalent to South Korea’s Ministry of Health and Welfare and Ministry of Employment and Labor) and Ministry of Economy, Trade and Industry (equivalent to South Korea’s Ministry of Trade, Industry and Energy and Ministry of SMEs and Startups) are cooperating to support the development and introduction of six key areas (transfer, mobility, toileting, communication, bathing, and caregiving) and 13 items for the use of robotic technology in elderly care.

The Ministry of Health, Labour and Welfare has established a ‘Care Robot Introduction and Utilization Process’ to promote the spread of care robots. In addition, it is building networks between care robot development companies and care facilities.