Healthcare Assistive Robot Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025
The latest business intelligence studies report that the global healthcare assistive robot market is anticipated to grow exponentially over the forecast period, registering a prominent growth rate of 19.3 % over the forecast years i.e. 2018 to 2024.
The global healthcare assistive robot market was valued at US$ 359.1 million in the base year of the study i.e. 2017.
The major driver for the growth and expansion of the global healthcare assistive robot market over the forecast years is the rising pool of geriatric population across the globe.
The products and solutions offered by the manufacturers and players operational in the global healthcare assistive robot market help in taking care of the elderly population as well as aid in rehabilitation of disabled or injured persons.
The rising level of awareness amongst the global population, regarding the availability of such novel assistive solutions is one of the strongest motivators for the growth in the global healthcare assistive robot market.
Robots tend to make work easier and give accurate results, thus making work more efficient and to the time it is required to be completed. Due its error-free characteristic, many researches have been conducted across the globe to take the technology further and employ in various sectors. In the healthcare sector, robots have proven to be very useful as they help in overlooking several operations in numerous healthcare centers and hospitals such as monitoring patient’s activities. They achieve this by a controlled set up and design and hence help in enhancing the quality of life of patients admitted in hospitals and healthcare centers.
Healthcare assistive robots are intelligent in nature as they indulge themselves in interactions with patients in a robot and human interaction environment and thus triggering affective, cognitive, and social functioning of the patients. The growth of the global healthcare assistive robot market is expected to be supported by the mounting geriatric population across the globe and the growing demand for services related to geriatric care.
The growth of the global healthcare assistive robot market is anticipated to be further supplemented by favorable and flexible government regulations and rising funding in healthcare automation and robotic research. In order to make healthcare assistive robots more prominent among healthcare centers and hospitals, the leading companies have joined hands with governments and non-government organizations in order to increase education regarding the benefit of these robots.
Robots function in an error-free manner and this characteristic has, over the past few years, enticed researchers to develop the technology further. In recent times, robots have proven their worth in the healthcare sector as they can monitor activities of the patients and determine the emotional as well as physical state, and consequently the intent of the patients. Robots achieve this via control architectures and are capable of improving the quality of life of the elderly. Healthcare assistive robots are intelligent assistive robots that can indulge with the patients in social human-robot interactions (HRI) and thereby enhance residual social, cognitive, and affective functioning. As the healthcare industry touches new peaks with every passing year, innovations like robot assistance have been thoroughly welcomed. Concurrently, the global healthcare assistive robot market is projected for a robust growth rate during the forecast period of 2017 to 2025.
This report on the global healthcare assistive robot market is an elaborate study of the current scenario and based on all the major factors and trends that are primed to impact the growth rate, it presents estimates of the future scenario of the market. One of the key features of the report is its section on company profiles, wherein several major players operating in the healthcare assistive robot market have been analyzed for their latest products, regional outreach, market share, and revenue.
The global healthcare assistive robot market can be segmented on the basis of product, portability, application, and geography. In terms of product, the market can be divided into surveillance and security, humanoid, socially assistive, and rehabilitation. By portability, the market can be categorized into fixed base and mobile. Application-wise, it can be segmented into stroke, cognitive and motor skills, orthopedics, and sports. Geographically, the report studies the lucrativeness of the regional markets of North America, Asia Pacific, Europe, and Rest of the World.
Rapidly growing geriatric population is the primary driver of this market, as people aged above 65 years generally lack the physical fitness for daily activities and often suffer from diseases that require regular monitoring. According to the National Institute of Aging, 8.5% of the world’s population was aged over 65 years in 2016 and the number is estimated to reach 17.0% by the end of 2050, amounting for nearly 1.6 billion people. Several governments across developed nations have noted the benefits of robots in healthcare and hence are offering incentives, particularly when the assistance is provided to patients with disabilities. This factor, along with growing awareness pertaining to the availability of these robots, is expected to boost the healthcare assistive robot market during the forecast period.
The U.S., backed by government support, currently dominates the North America market and is expected to remain the most lucrative region throughout the forecast period. Japan is another highly profitable country-wise market, favored by high percentage of geriatric population and adoptability of new technology. Germany leads the Europe market for healthcare assistive robots.
The global healthcare assistive robot market is fragmented with the presence of a large number of small players. The industry is in an incipient stage with numerous startups presenting immense potential for growth. Cyberdyne, Hansen Medical, HONDA Motor, and KUKA Robot Group are some of the prominent names in this industry, using their financial might and popular products to gain a larger share in the market. Some of the other healthcare assistive robot market players are Ekso Bionics, Hocoma, GaitTronics, Kinova Robotics, ReWalk Robotics, and Bionik.
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