Global Healthcare Assistive Robot Market size to exceed $1.2 Bn by 2024
Published Date: January 3, 2019 Authors: Sumant Ugalmugle, Rupali Swain
Healthcare Assistive Robot Market size is set to exceed USD 1.2 billion by 2024; according to a new research report by Global Market Insights.
Increasing incidence of stroke coupled with rising geriatric population worldwide is the key factor that will escalate the demand for healthcare assistive robots during the forecast period. According to the CROI, each year, 15 million people worldwide suffer a stroke of which around 6 million cases lead to mortality whereas about 5 million remain permanently disabled. Adoption of assistive rehabilitation robots as an innovative treatment for therapy of stroke recovered patient is increasing in recent years. Ability of these robots to perform repetitive sets of exercises and provision of measurable feedback will render positive impact on the healthcare assistive robot industry growth.
Furthermore, increase in funding for research on robotics technology will stimulate healthcare assistive robot industry growth over the analysis timeline. For instance, the National Institutes of Health (NIH) is focusing on R&D pertaining to robotic technology to ensure better healthcare outcome and increasing life span of patients. Moreover, growing focus of industry players on development of technologically advanced robots will further spur the market size. However, high costs of robots and social stigma pertaining to robots may impede healthcare assistive robot market growth during the forthcoming years.
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Socially assistive robots segment held significant revenue in 2017 and is estimated to show 19.5% CAGR over the analysis timeframe. Segment growth is attributed to the support provided by these robots to the operators through social interaction rather than physical. Use of socially assistive robots in therapeutic treatments such as autism spectrum disorders (ASD) will augment the market growth during the forecast period.
Browse key industry insights spread across 180 pages with 163 market data tables & 8 figures & charts from the report, “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, Application Potential, Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents:
Mobile robots segment accounted for 60.5% revenue share in 2017 and is estimated to show highest CAGR over the forecast period. Ability of mobile robots to map its own location and complete the programmed task for use will increase its adoption in coming years. Integration of assistive robots with smartphones, mobile tablets, PCs, or other miscellaneous appliances to analyze and experience autonomous mobile experience will favor segment growth. Furthermore, rising aging population and advancement in technology will foster the business growth.
Cognitive & motor skills segment was valued at USD 87.1 million in 2017 and is anticipated to witness significant growth in the coming years. The segment growth is attributable to wide applications of assistive robots in the field of cognitive and motor skill disabilities. Moreover, technological advancements in assistive robots will further favor segment growth. For instance, development of Bioness H200, a device that holds the wrist and allows movement of fingers and thumb as well as provide electrical stimulation during grasping and pinching will surge the segment size.
U.S. healthcare assistive robot market dominated North America region with more than 85% revenue share in 2017. High healthcare expenditure, rising awareness levels regarding innovative and advanced use of robotics as well as growing prevalence of stroke and neurological disorders are some of the factors enhancing the growth of assistive robot’s market in the U.S. Furthermore, significant rise in the research studies related to robotics will further serve to be a contributing factor in the U.S. healthcare assistive robot market growth.
Mexico healthcare assistive robot market is estimated to witness lucrative CAGR of 19.4% over the forecast timeframe owing to rising prevalence of neurological diseases and disability among people coupled with subsequent rise in geriatric population base. Moreover, government health reforms, rising investments in R&D activities, technology advancement and subsequent economic development in the nation will drive Mexico assistive robot market growth.
Prominent industry players operating in the healthcare assistive robot market include Barrett Technology, GaitTronics, Hocoma, HONDA Motor, KUKA Robot Group, Cyberdyne, Interactive Motion Technologies, Hansen Medical, Ekso Bionics Holdings, Kinova Robotics, and ReWalk Robotics. The industry players primarily focus on certain strategic initiatives such as new product launch, acquisitions, partnership and merger to strengthen market position. For instance, in September 2016, Cyberdyne collaborated with Daido Life Insurance Company, part of T&D Insurance Group, to conjointly create private insurance plans for treatment with HAL for Medical Use. HAL is the world’s first robotic treatment device using Cybernics technology. The strategy aimed at expanding company’s customer base and capitalizing over market opportunities.
Healthcare assistive robot market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2013 to 2024, for the following segments:
Healthcare Assistive Robot Market, By Product (USD Million)
- Surveillance & security
- Socially Assistive
Healthcare Assistive Robot Market, By Portability (USD Million)
- Fixed base
Healthcare Assistive Robot Market, By Application (USD Million)
- Cognitive & motor skills
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East Asia & Africa
- South Africa
- Saudi Arabia