Healthcare Assistive Robot Market Size By Product (Surveillance & Security, Humanoid, Rehabilitation, Socially Assistive), By Portability (Fixed base, Mobile), By Application (Stroke, Orthopedics, Cognitive & Motor Skills, Sports), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Japan, China, South Korea, Brazil, Mexico, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024
Published Date: January 2017 | 200 Pages | Report ID: GMI1114 Report Format: PDF
Healthcare Assistive Robot Market size was over USD 200 million in 2015, with 18.9% CAGR estimation from 2016 to 2024.
U.S. Healthcare Assistive Robots Market Size, by Product, 2012- 2024 (USD Mn)
Rapidly growing geriatric population, increasing incidence of stroke, and improved funding for robotic research technology are some of the factors driving global healthcare assistive robot market size.
Geriatric population base has significantly increased from 9.2% in 1990 to 11.7% in 2013 and is expected to expand continuously reaching 21.1 % by 2050. This demographic shift will create a substantial demand for geriatric-care services such as robots that assist and supports the elderly and disabled population. Healthcare assistive robot market share for rehabilitation is expected witness considerable growth owing to the movement controllability and measurement reliability, making them ideal instruments for quick rehabilitation.
Assistive rehabilitation robot is established as a gold standard treatment for rehabilitation of stroke recovered patients due to its ability to perform repetitive set of exercises and provide measurable feedback as against physiotherapists. According to WHF, more than 15 million people suffer from stroke each year, of which nearly six million die and remaining five million are left permanently disabled. Increasing number of stroke patients will escalate healthcare assistive robot market demand.
Favorable government regulations have boosted healthcare assistive robots market growth. For instance, Technology-related Assistance for Individuals with Disabilities Act have stimulated development of assistive technology devices by providing funds to the states. Growing awareness coupled with increasing efforts to promote robotic research will fuel business growth.
Healthcare assistive robot market growth over the forecast years will be restrained by factors such as limited understanding of exact robot mechanism in overcoming nervous and physical impairment, high R&D cost and lack of regulatory approval mechanism before commercialization.
Healthcare Assistive Robot Market, By Product
Based on product, healthcare assistive robot industry is mainly divided into socially assistive, rehabilitation, humanoid, and surveillance & security. Rehabilitation medical robots market held more than 42% of industry share in 2015, with expectations to growth at over 19% CAGR from 2016 to 2024. Rising geriatric population base, increasing incidence of stroke and technological advancements in the field of robotic research should fuel industry growth. Rehabilitation healthcare assistive robot market share is driven by stroke, with target market size slated to reach over USD 350 million by 2024. Stroke is one of the major causes of disability in most of the western countries.
Surveillance and security products were valued at USD 39 million in 2015 and are expected to grow at 18.2% CAGR from 2016 to 2024. Rising geriatric population has led to increased demand for homecare services and skilled care takers. Growing application of surveillance robots to maintain consistency and quality of service and serve as an effective replacement for staff work will stimulate healthcare assistive robot market size.
Healthcare Assistive Robot Market, By Portability
Mobile robotics market is anticipated to witness more than 19.5% CAGR from 2016 to 2024, with expectations to exceed USD 590 million by 2024. These devices are programmed to complete the assigned task and the operations can be remotely handled. These robots could be integrated with other mobile technologies such as smartphones, tablets, PCs to enhance autonomous mobile experience.
Healthcare Assistive Robot Market, By Application
Stroke applications were valued at over USD 70 million in 2015 and may exceed USD 355 million by 2024, owing to increasing incidence of neurological disorders, growing geriatric population and technological advancements in rehabilitation robotics over the forecast period.
Orthopedics was valued at USD 56.3 million in 2015 and is expected to grow at 19.4% CAGR over the forecast period. Increasing number of injuries associated with growing traffic accidents coupled with increased usage in physiotherapy will stimulate healthcare assistive robot market growth for these applications.
Healthcare Assistive Robot Market, By Region
U.S healthcare assistive robot market size held more than 85% of business revenue in 2015, with target market size slated to exceed USD 310 million by 2024. Growing aging population, favorable government initiatives, improved awareness and growing adoption of technologically advanced devices will propel industry growth.
Japan healthcare assistive robot market is expected to witness over 22% CAGR from 2016 to 2024, to exceed USD 97 million by 2024. Favorable government initiatives such as "robot revolution realization council" provides regulatory reform and support to develop highest level of artificial intelligence technologies.
Germany healthcare assistive robot market held over 28% of regional revenue share in 2015. Growing robotics research funding and presence of companies working on robot-assisted technologies will drive industry growth.
Competitive Market Share
Global healthcare assistive robot market is highly fragmented in nature, garnered by number of small players. The industry is in a nascent stage with a number of startups with several small established companies. However, some of the key companies who are pioneers in assistive robotics technology include Cyberdyne, HONDA Motor, Hansen Medical, and KUKA Robot Group. Due to their strong financial muscle and popularity products, these companies serve as industry leaders.
The other healthcare assistive robot market participants include Ekso Bionics, Hocoma, Kinova Robotics, GaitTronics, ReWalk Robotics, and Bionik among others.
Healthcare Assistive Robot Industry Background
These devices are popular due to its capability to deliver caregiver services to the elderly within their homes and institutional settings. The assistive robots market growth is driven by advancements in critical technologies such as sensors that improve the ability of robotic devices to interact and analyze the environment and individuals around them. The healthcare assistive robot market holds tremendous potential for future revenue generation due to advances in the technology, and increased need of such technologies in the developed nations.
However, cost is a major issue restricting the healthcare assistive robots market growth. The price/performance ratio is dissatisfactory due to the high cost of development combined with a relatively low benefit for patients and clinics. Very few proportions of people in low and middle-income groups have access to these assistive technologies. However, with the improved personalization and the achievement of cost reduction due to high volume production, the performance to cost ratio should improve significantly.
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