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Healthcare Assistive Robot Market Global Trends, Market Share, Industry Size, Growth, Opportunities, and Market Forecast 2019 to 2029

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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. Factors Influencing the Market: Robotic assistance has been facing great demand due to their minimal error design and
Healthcare Assistive Robot Market Global Trends, Market Share, Industry Size,
Growth, Opportunities, and Market Forecast 2019 to 2029
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.
Factors Influencing the Market:
Robotic assistance has been facing 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 and have
proven their caliber and worth especially in the healthcare sector. They take care and
completely manage the logistics and monitor the activities of patients and are
incredibly efficient at handling patient data. Keeping track of patient well being and
medical records, by regularly monitoring physical, mental and emotional data can
make working 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 indulge the
patients in social human-robot interactions (HRI) and thereby enhance residual,
social, cognitive, and affective functioning. With the increasing need for personnel in
the healthcare industry innovations like robot assistance have been thoroughly
welcomed.
Influencers:
The growing geriatric population base 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 people 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
Restraints:
Functional limitations and high costs of robots may hamper healthcare assistive
robot business growth over the coming years
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Market Segmentation
By Product
Robotic Systems
Surgical Robotic Systems
Rehabilitation Robotic Systems
Hospital & Pharmacy Robotic Systems
Noninvasive Radiosurgery Robotic Systems
Other Robotic Systems
Instruments & Accessories
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 favor market growth.
By Application
Orthopedic Surgery
Laparoscopy
Neurosurgery
Pharmacy Applications
Other Applications
The orthopedics surgery application segment accounted for major market revenue
and is estimated to show 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
orthopedics due to benefits offered after knee surgery, total knee replacement, and
joint replacement will increase its demand thereby augmenting the segment growth.
By Region
North America
Europe
Asia Pacific
Latin America
Rest of the World
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. High growth can be attributed to an
increase in healthcare incentives and funds provided by various government
organizations, favorable 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.
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Competitive Landscape:
Tier 1 players- established companies in the market with a major market share
Tier 2 players
Emerging players which are growing rapidly
New Entrants
FutureWise Takeaways
Growth prospects
SWOT analysis
Key trends
Key data points affecting market growth
Objectives of the Study:
To provide an exhaustive analysis on the global healthcare assistive robot market by
product, by application, and by region
To cater comprehensive information on factors impacting market growth (drivers,
restraints, opportunities, and industry-specific restraints)
To evaluate and forecast micro-markets and the overall market
To predict the market size, in key regions (along with countries)—North America,
Europe, Asia Pacific, Latin America, and rest of the world
To record evaluate and competitive landscape mapping- product launches,
technological advancements, mergers and expansions
Profiling of companies to evaluate their market shares, strategies, financials and
core competencies
Inquire further details about this report at: [email protected]
About FutureWise Research:
We specialise in high-growth niche markets, assuring flexibility, agility and
customised solutions for our clients. Through in-depth market insights and
consultancy, we present our clients with the tools they need to be at the forefront of
their industry – a position secured for far more than the near future.
Contact Us:
Company Name: FutureWise Research
Contact Person: Vinay Thaploo
Email: [email protected]
Phone: +44 141 628 9353 / +1 970 279 4295
City: Leeds
Country: United Kingdom
Website: www.futurewiseresearch.com
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