Global healthcare assistive robot market is expected to significantly rise over the next few years, owing to the key factors such as the growing geriatric population and a consequent rise in the number of neurological disorders. An increase in the number of stroke patients and the need for advanced rehabilitation facilities is likely to accelerate the industry growth. According to Global Market Insights, Inc., "Healthcare Assistive Robot Market size is expected to grow at a CAGR of 18.9% over the period of 2016-2024.”
Surveillance and Security robots, Humanoid robots, Rehabilitation robots, and Socially assistive robots are the four prominent products of the healthcare assistive robot market. The constantly rising elderly population has led to an increase in the demand for skilled care services. Surveillance & Security robots will serve as the perfect replacement for caretaking staff and ultimately, improve the quality of service. Surveillance & Security robot industry share is expected to grow at a CAGR of 18.2% over 2016-2024.
U.S. Healthcare Assistive Robots Market Size, by Product, 2012- 2024 (USD Mn)
The rising frequency of strokes which is also a major cause of disability in western countries is driving the demand for rehabilitation robots worldwide. Rehabilitation robots are designed to offer a repetitive set of exercises and provide measurable feedback, which help patients overcome their disability as quickly as possible.
In terms of portability, mobile healthcare assistive robot industry is expected to grow at a CAGR of more than 19.5% over 2016-2024. Driven by remote handling and high programmability, mobile robots are very compatible and can be integrated along with other mobile technologies.
Healthcare assistive robot market is witnessing a major demand, driven by its wide set of applications across orthopedics, sports, cognitive & motor skills, and stroke. Healthcare assistive robot industry size in stroke application is estimated to generate a heavy momentum, surpassing a revenue of USD 355 million by 2024. The growth can be attributed to the increasing geriatric population base, increasing frequency of neurological disorders, and technological developments in rehabilitation robotics.
Orthopedics applications worth USD 56.3 million in 2015, is anticipated to register a CAGR of 19.4% over the period of 2016-2024. High demand for robotics services in physiotherapy coupled with the increasing number of accident injuries will drive the application demand over the coming years.
Geographically, U.S healthcare assistive robot industry is expected to grow rapidly over the next few years, with the target market size estimated to go beyond USD 310 million by 2024. The noteworthy factors that will stimulate this industry growth include favorable government initiatives, increased awareness, growing geriatric population, and technologically advanced devices.
Japan healthcare assistive robot market is anticipated to witness a CAGR of more than 22% over 2016-2024, primarily driven by the nation’s favorable government initiatives. For instance, the "robot revolution realization council" is a major contribution in the development of artificial intelligence technologies.
Germany healthcare assistive robot industry growth can be attributed to its excellent research funding methodologies and an increase in the number of companies working on robot-assisted technologies.
Improved government regulations and a growing awareness will intensify industry growth. Undoubtedly, healthcare assistive robot market growth will be subject to restraining factors such as high R&D expenditure, limited understanding of robotics, and lack of regulatory support. Despite the shortcomings, more and more efforts to promote robotic research will enhance the business outlook.
Global healthcare assistive robot market is dominated by companies such as Cyberdyne, Hansen Medical, HONDA Motor, and KUKA Robot Group. A strong financial background and popular products are major reasons for these pioneers to have the upper hand, in an industry that is still in a nascent stage.
Written By : Saipriya Iyer