Global Healthcare Assistive Robot Market value over USD 2.4 Billion by 2029 end and register a CAGR of over 14% from 2019 to 2029.
Robotic assistance has been witnessing great demand due to their minimal error design and attention to precision, which is an impertinent need across the healthcare sector.
With improvements in technology, robots have become more advanced in the healthcare sector, from managing the logistics to monitoring the activities of patients and are particularly efficient at handling patient data. Keeping track of patient well-being and medical records, by regularly monitoring physical, mental and emotional data can make deployment of robotics in healthcare increasingly efficient and facilitate faster diagnosis. Robots achieve this via control architectures and are capable of improving the quality of life of the elderly.
All these factors are predicted to boost the market globally and provide lucrative trade opportunities. Healthcare assistive robots can engage the patients in social human-robot interactions (HRI) and thereby enhance social, cognitive, and affective functioning. With the increasing need for personnel in the healthcare industry innovations like robot assistance have been readily welcomed.
The growing geriatric population worldwide has increased the circumstance of being prone to several chronic diseases, which is speculated to be the key driver that will boost the healthcare assistive robot market growth over the forecast period. According to UN statistics, the population aged above 60 years and above is estimated to increase to 2.1 billion in 2050 from 962 million in 2017
Assistive robots are speculated to benefit the elderly, injured, and disabled since they provide both, dexterity in movement and the precision reliability, which renders them ideal for quick rehabilitation. Rising awareness among patients regarding the benefits of assistive robots coupled with an increasing need to curb healthcare expenditure will further accelerate the healthcare assistive robot business growth
Technological advancements in the field of healthcare assistive robots will aid the healthcare assistive robot industry growth over the forecast period. For instance, the National Institute of Advanced Industrial Science and Technology (AIST) in Japan developed PARO, a socially assistive robot that functions vastly across fields of animal therapy, reduction of patient stress as well as stimulation of interaction between caregivers and patients. Such advancements will increase the adoption of assistive robots thereby augmenting the industry growth
Functional limitations and high costs of robots may hamper healthcare assistive robot business growth over the coming years. The rehabilitation robot segment is anticipated to witness growth at the highest CAGR during the forecast period owing to its adoption in the patient’s functional recovery. Efficient and safe implementation reducing the time spent by professionals is one of the key benefits of this segment. For instance, ASIBOT is a portable robot framework controlled by voice or joystick that supports aged people or paraplegics in routine tasks including eating, drinking, shaving or brushing teeth.
The ability of rehabilitation robots to cure a large number of patients under the supervision of a single therapist will favour market growth.
The orthopaedics surgery application segment accounted for major market revenue and is estimated to exhibit robust CAGR during the forecast timeline. The segmental growth is attributable to increasing cases of injuries due to traffic accidents. According to WHO, around 20 to 50 million people each year suffer non-fatal injuries and disabilities due to road accidents. Growing adoption of assistive robots in orthopaedics due to benefits offered after knee surgery, total knee replacement, and joint replacement will increase its demand thereby augmenting the segment growth.
North America healthcare assistive robot market dominated the global market revenue share in 2017 and is expected to witness similar growth in the coming years. The high segment growth is attributed to the increasing prevalence of stroke and neurological disorders in the region coupled with increasing investment in healthcare and growing awareness among people regarding innovative and advanced use of robotics. Moreover, initiatives of organizations such as the University of Texas at Arlington and the UTA Research Institute to bridge the gap between academic research and product development in the field of biomedical technologies, robotics and advanced manufacturing will further accelerate the regional industry growth.
Asia Pacific healthcare assistive robot market is estimated to witness growth at lucrative CAGR over the forecast period. The growth can be attributed to an increase in healthcare incentives and funds provided by various government organizations, favourable healthcare reforms and increased patient awareness about assistive robots. Increasing focus of regional industry players on developing advanced healthcare assistive robots another contributing factor in the business growth. For instance, Cyberdyne, a robotics company and Japan’s Tsukuba University developed Hybrid Assistive Limb (HAL) a powered exoskeleton suit for people with physical disabilities.
The global market for healthcare assistive robots is fragmented with the presence of a large number of small players. The industry is in an incipient stage with numerous startups presenting the immense potential for growth. Cyberdyne, Hansen Medical, HONDA Motor, and KUKA Robot Group are some of the prominent names in this industry who use 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.