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Technology Evolution on Healthcare Assistive Robot Market| Forecast 2018-2024

Author : Rahul Sankrityayan | Published Date : 2019-04-02 

Global Healthcare Assistive Robot Market is set to exceed USD 1.2 billion by 2024; according to a new research report by Global Market Insights. Increasing incidence of stroke coupled with rising geriatric population worldwide is the key factor that will escalate the demand for healthcare assistive robots during the forecast period. According to the CROI, each year, 15 million people worldwide suffer a stroke of which around 6 million cases lead to mortality whereas about 5 million remain permanently disabled. Adoption of assistive rehabilitation robots as an innovative treatment for therapy of stroke recovered patient is increasing in recent years. Ability of these robots to perform repetitive sets of exercises and provision of measurable feedback will render positive impact on the healthcare assistive robot industry growth.

Furthermore, increase in funding for research on robotics technology will stimulate healthcare assistive robot industry growth over the analysis timeline. For instance, the National Institutes of Health (NIH) is focusing on R&D pertaining to robotic technology to ensure better healthcare outcome and increasing life span of patients. Moreover, growing focus of industry players on development of technologically advanced robots will further spur the market size. However, high costs of robots and social stigma pertaining to robots may impede healthcare assistive robot market growth during the forthcoming years.  

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Based on the product, healthcare assistive robot market is mainly divided into socially assistive, rehabilitation, humanoid, and surveillance & security. Surveillance & security product segment was worth USD 39 million in 2015 and will register a CAGR of 18.2% over the coming years of 2016 to 2024, owing to the surging requirement of skilled caretakers and homecare services for the aging generation.

Rehabilitation accounted for over 42% of the global revenue share in the product landscape of healthcare assistive robot industry in 2015 and is predicted to witness an annual growth rate of more than 19% over the coming seven years. Driven by the ongoing research activities and technological developments pertaining to the robotics sector, healthcare assistive robots market from rehabilitation will witness a remarkable surge. These robots are mainly used to assist the stroke patients, the number of which is rising significantly across the globe.

Considering the regional landscape, Japan healthcare assistive robot market will surpass a revenue generation of USD 97 million by 2024 with an annual growth rate of more than 22% over the period of 2016 to 2024. Promising government support and initiations to innovate new artificial intelligence technologies along with favorable regulation norms enforced by prominent governmental organization such as the Robot Revolution Realization Council will favor the regional growth.

U.S. healthcare assistive robot industry accounted for over 85% of the North America revenue share in 2015 and will collect a revenue of more than USD 310 million by 2024. The attributing factors toward the Healthcare Assistive Robot Market growth are surging implementation of technically enhanced equipment, supportive governmental plans, and the ever-growing geriatric population base.

China healthcare assistive robot industry size has collected a revenue of USD 12 million in 2015 and is anticipated to generate a revenue of more than USD 60 million by 2024, primarily driven by the increasing adoption of instrument based services, in addition to the lack of skilled physiotherapists and caretakers. The aging population pool requiring healthcare assistive robots as personal caretakers across this region is on a rapid high, which is anticipated to push industry size noticeably over the years ahead.

Germany healthcare assistive robot market acquired more than 28% of the regional industry share in 2015 and will create notable growth avenue over the coming seven years, owing to the growing investment in research activities. In addition to this, many of the reputed companies have established their R&D base in Germany to develop robot-assisted technologies, which will favorably influence product demand.

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Prominent industry players operating in the healthcare assistive robot market include Barrett Technology, GaitTronics, Hocoma, HONDA Motor, KUKA Robot Group, Cyberdyne, Interactive Motion Technologies, Hansen Medical, Ekso Bionics Holdings, Kinova Robotics, and ReWalk Robotics. The industry players primarily focus on certain strategic initiatives such as new product launch, acquisitions, partnership and merger to strengthen market position. For instance, in September 2016, Cyberdyne collaborated with Daido Life Insurance Company, part of T&D Insurance Group, to conjointly create private insurance plans for treatment with HAL for Medical Use. HAL is the world’s first robotic treatment device using Cybernics technology. The strategy aimed at expanding company’s customer base and capitalizing over market opportunities.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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