Global Healthcare Assistive Robot Market: Future Demand, Market Analysis & Outlook to 2027
A steady increase in the number of funds for research on robotics technology will stimulate the adoption of healthcare assistive robots over the coming years. The National Institute of Health (NIH) is providing funds to carry out advanced research in robotic technology development to improve consumer health and reduce disability issues. This is likely to accelerate the transformation of rehabilitation robotic technological solutions to assist health care providers as well as the individuals in rehabilitation.
Significant expansion of the geriatric population, with the consistent prevalence of chronic disorders will further expand the healthcare assistive robots market forecast. United Nations in 2017 reported that over 962 million individuals are aged above 60 years across the globe. There is an inclining need for assistive robots as they offer elder-care services to provide care and support to the older and disabled population. As per reports, global healthcare assistive robot market is projected to surpass revenues close to USD 1.2 billion in annual estimation by 2024.
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Rehabilitation assistive robots contributed to more than USD 152.3 million in global share and the value is estimated to rise substantially considering the technological progressions over the coming years. For instance, RoboticBed introduced by Panasonic converts the bed into a robotic wheelchair and offers localized movement to bed-ridden aged individuals.
Leading companies offering various types of assistive robots are indulging in partnerships, mergers, and acquisitions to broaden their market presence. For instance, CMR Surgical (CMR), a medical devices firm based in the U.K. introduced Versius, a surgical robotic system to assist in hernia repair surgeries, prostatectomies as well as hysterectomies. Also, the highly infectious condition in the present COVID pandemic is witnessing an increased deployment of healthcare robots to minimize human contact to restrict the spread of the virus.
Mobile robots in the healthcare assistive robot industry function on advanced technologies like artificial intelligence integrated with physical robotics that enable them to navigate their surroundings as well as aid the geriatric population. They are mainly controlled by sensors and software to identify their surroundings. Demand for assistive mobile robots could reach a 19.8% CAGR through 2024, taking into account their higher adoption rate and the jump in consumer awareness for the innovative robots.
Revenue from the cognitive and motor skills application was estimated at 24.3% of the overall share in 2017 due to the global prevalence of neurological disorders like Parkinson’s disease (PD), that lead to cognitive impairment and motor dysfunction. As per reports, the disorder affects 1-2 individuals in every 1000 across the total population and its occurrence is intensifying with the rise in age. Healthcare assistive robots can be widely used to enhance the patient's cognitive abilities.
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Market value for the U.S. healthcare assistive robot industry is likely to strike a 19.1% CAGR through the coming years with the growing preference for advanced technologies and the surge in healthcare expenditure. Estimates from the World Bank Data 2015 revealed that healthcare spending across the country was higher than most regions and valued at 16.8%.
China is witnessing a surge in the demand for healthcare assistive robots and the regional market amassed USD 19.6 million in 2017. This is owing to the rise in various government initiatives to gather funds required for robot-related research across the country.
Barrett Technology, Cyberdyne, Hansen Medical, Hocoma, KUKA Robot Group, HONDA Motor Co. Ltd., Interactive Motion Technologies, Kinova Robotics, GaitTronics, ReWalk Robotics, and Ekso Bionics Holdings are some of the major brands in the sector.
Partial Chapter of the Table of Content
Chapter 2. Executive Summary
2.1. Healthcare assistive robot industry 3600 synopsis, 2013 – 2024
2.1.1. Business trends
2.1.2. Product trends
2.1.3. Portability trends
2.1.4. Application trends
2.1.5. Regional trends
Chapter 3. Healthcare Assistive Robot Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2013 - 2024
3.3. Industry impact forces
3.3.1. Growth drivers
3.3.1.1. Rapidly growing geriatric population
3.3.1.2. Growing incidence of stroke worldwide
3.3.1.3. Increasing funding for research on robotics technology
3.3.2. Industry pitfalls & challenges
3.3.2.1. Functional limitations and high costs to restrict the assistive robots market
3.3.2.2. Dearth of skilled healthcare professionals in developing economies
3.3.2.3. Social stigma
3.4. Growth potential analysis
3.4.1. By product
3.4.2. By portability
3.4.3. By application
3.5. Regulatory landscape
3.6. Porter’s analysis
3.7. Competitive landscape, 2017
3.7.1. Strategy dashboard
3.8. PESTEL analysis
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