Over the past few decades, elderly care has become an increasingly concerning problem across the world. As humans age, health can deteriorate severely, leaving the elderly population prone to suffering from various diseases. The lack of proper resources and effective services has further exacerbated this crisis. Existing solutions to this problem are not sustainable or practical. This research paper examines the growing need for effective elderly care solutions due to an aging global population. It analyzes the current market, highlighting the shortcomings of existing robotic assistive devices like Robear and HUG. The paper proposes improvements for future robotic designs, emphasizing autonomous operation, AI integration, enhanced mechanical design, and cost reduction to create more effective and widely accessible solutions. The substantial market potential for these improved robotic systems is also discussed, citing projected market growth and the increasing number of elderly individuals worldwide. Finally, the paper concludes by stressing the need for safer, more adaptable, and affordable robotic aids to enhance the quality of life for both elderly individuals and their caregivers.