Healthcare assistive robots market Size is projected to be around $1 billion by 2025
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A research study titled, “Healthcare Assistive Robots Market by Type - Global Industry Analysis and Forecast to 2025” published by Crystal Market Research, states that the healthcare assistive robots market is projected to be around $1 billion by 2025.
Healthcare assistive robots are revolutionizing the eldercare industry. These robots perform physical tasks for the well-being of a people with disability. They can sense, process sensory information and perform actions that benefit older people and people with disabilities.The geriatric population, i.e. people aged 65 and older, is on a rise globally due to the developments in healthcare leading to increase in longetivity. According to the National Institute on Aging, the geriatric population worldwide is expected to grow from 524 million in 2010 to approximately 1.5 billion in 2050. This increase will primarily be driven by falling fertility rates and tremendous improvement in life expectancy. With these trends of global aging statistics, eldercare has gained remarkable importance in recent times. The current healthcare workforce worldwide is not sufficient to meet older patients’ needs. According to a study conducted by the Eldercare Workforce Alliance, by 2030, an estimated 3.5 million additional direct-care workers and healthcare professional will be needed for treating elderly patients.
Rehabilitative robots segment dominated the overall market in 2016, with nearly two-fifth share of the market. These robots considerably reduce the time spent by a therapist on supervision. They are used as treatment aids and can assist a large number of patients under the supervision of a single therapist. Surveillance and security robots market is expected to grow at a high CAGR over the forecast period, as the demand for skilled care takers and homecare services is growing due to rising geriatric population.
Stroke application segment held the major share of the overall market in 2016, due to increasing incidence of neurological disorders, rising geriatric population, andtechnological advancements in rehabilitative robots. Orthopedics segment will witness a rapid growth during the forecast period due to increased usage of assistive robots in physiotherapy and rising number of injuries related to traffic accidents.
North America held the largest share in 2016 and is expected to dominate market for healthcare assistive robots over the forecast period. This substantial market share can be attributed to favorable government funding for research and development and rapid acceptance of technologically advanced robots for healthcare industry. For instance, in 2015, the National Institute of Health announced a $2.2 million funding for the development of three advanced co-robots, which assist the elderly and physically disabled people to improve their mobility. Europe represented the second largest market for rehabilitative and assistive robots in 2016 mainly due to the presence of advanced healthcare infrastructure in the region.
The competition in healthcare assistive robots market is intense with large number of players rapidly innovating advanced robotic applications. For instance, in early 2017, Intuitive Surgical, a global technology leader in minimally invasive robotic assisted surgery, received the CE mark for its latest da Vinci X Surgical system in Europe. Some of the key players in healthcare assistive robots market are Intuitive Surgical, Barrett Technology, ReWalk Robotics Ltd, Interactive Motion Technologies, Inc., KUKA Robot Group, HONDA Motor Co. Ltd., Kinova Robotics, Hansen Medical, Inc., Accuray Incorporated, Hocoma, Omnicell, Inc., Cyberdyne, Inc. and Ekso Bionics Holdings, Inc.
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Key Findings of the Research Study:
- Healthcare assistive robots market is primarily driven by rising geriatric population worldwide and technological advancements in robotics for healthcare industry.
- Rehabilitative robots market held the largest share of the global market in 2016 due to their extensive applications in aiding therapist supervision.
- Stroke application market held a significant market share followed by orthopedic applications in 2016 owing to rising incidence of neurological disorders and increased awareness about robotic applications in physiotherapy.
- U.S. healthcare assistive robots market held more than two-third share of the North American market due to growing aging population and favorable government initiatives.
- Germany healthcare assistive robots market held more than one-fourth share of the European market in 2016. IT will witness favorable growth over the forecast period due to the presence of large players in the region such as Kuka Robotics.
About Crystal Market Research
Crystal Market Research is a U.S. based market research and business intelligence company. Crystal offers one stop solution for market research, business intelligence, and consulting services to help clients make more informed decisions. It provides both syndicated as well as customized research studies for its customers spread across the globe. The company offers market intelligence reports across a broad range of industries including healthcare, chemicals & materials, technology, automotive, and energy.
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