May 06, 2020
As per the report titled ‘Healthcare Assistive Robot Market Size By Product, By Portability, By Application, Industry Analysis Report, Regional Outlook Application Potential, Competitive Market Share & Forecast, 2018 - 2024’, available with Market Study Report LLC, global healthcare assistive robot market is projected to surpass USD 1.2 billion by the year 2024.
Rising prevalence of chronic ailments across the globe along with increasing geriatric population who are more prone to suffer from various diseases are driving the growth of global healthcare assistive robot market. These robots that aid in care and support of the elder and disabled population.
Citing an instance, National Institutes of Health (NIH) is funding advanced research for the development of robotic technologies to enhance health and reduce disability. This funding aims to transform rehabilitation robotic technology for supporting health care providers and individuals in need of rehabilitation. Hence, increasing investment towards research in robotics technology is rendering a positive impact on the market outlook.
Based on the product type, rehabilitation segment was worth USD 152.3 million in 2017 and is expected to record strong growth during the forecast period. The growth can be attributed to ongoing technological advancements in this field. For instance, RoboticBed by Panasonic can transform itself from a bed to a robotic wheelchair, relieving the bed-ridden aged people from dependence on caregivers for movement.
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In terms of portability, mobile segment is projected to expand at 19.8% CAGR through 2024. Growing awareness regarding mobile robots along with their ease of use and high convenience are driving the driving the segment growth. A major USP of mobile robots is that these robots comprise of advanced technologies such as AI with physical robotics that allows them to navigate their surroundings and assist geriatric population.
Speaking of the application scope, cognitive & motor skills segment held 24.3% revenue share in 2017 and is expected to record modest gains in the forthcoming years. Increased pervasiveness of neurological disorders like Parkinson’s disease around the globe is augmenting the adoption of healthcare assistive robots to improve patient’s cognitive ability.
Considering the geographical landscape, healthcare assistive robot industry in the United States is projected to register 19.1% CAGR during 2018-2024. High healthcare expenditure and growing patient preference towards advance technologies is supporting the industry expansion in U.S.
Whereas, healthcare assistive robot market in China was worth USD 19.6 million in 2017 and is poised to experience a substantial growth in the forthcoming years, driven by several government initiatives aimed towards the collection of funds for robot related research in the country.
Major players in global healthcare assistive robot market include Cyberdyne, Barrett Technology, GaitTronics, Ekso Bionics Holdings, Honda Motor Co. Ltd., Hocoma, Kinova Robotics, Interactive Motion Technologies, ReWalk Robotics, and KUKA Robot Group.