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2019 Industry Insights on Healthcare Assistive Robot Market | Key Players: KUKA Robotics , Barrett Technology, Cyberdyne Inc. Ekso Bionics, GaitTronics, Hansen Medical

01-25-2019 07:39 PM CET | Health & Medicine

Press release from: Global Market Insights, Inc

Healthcare assistive robot market

Healthcare assistive robot market

Healthcare assistive robot market size was valued at USD 359.1 million in 2017 and is expected to witness 19.3% CAGR from 2018 to 2024 New research report by Global Market Insights.
Growing geriatric population base worldwide prone to several chronic diseases is the key driver that will boost the healthcare assistive robot market growth over the forecast period. According to UN statistics, population aged above 60 years and above is estimated to increase to 2.1 billion in 2050 from 962 million in 2017.
Assistive rehabilitation robots are expected to largely benefit the elderly, injured, and disabled since they provide both, movement controllability and the measurement reliability, that renders them ideal for quick rehabilitation. Increasing awareness among people regarding assistive robots coupled with increasing healthcare expenditure will further accelerate the healthcare assistive robot business growth.

Technological advancements in the field of healthcare assistive robots will ensure healthcare assistive robot industry growth over the forecast period. For instance, National Institute of Advanced Industrial Science and Technology (AIST) in Japan developed PARO, a socially assistive robot that offer benefits of animal therapy, reduce patient stress as well as stimulates interaction between caregivers and patients. Such advancements will increase the adoption of assistive robots thereby augmenting the industry growth. However, functional limitations and high costs of robots may hamper healthcare assistive robot business growth over the coming years.

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Rehabilitation robot segment is anticipated to witness highest CAGR of 19.9% during the forecast period owing to its adoption in patient’s functional recovery. Rehabilitation robots enable implementation of intensive training in an efficient and safe way, without increasing time spent on supervision by the therapist. 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. Ability of rehabilitation robots to cure a large number of patients under the supervision of a single therapist will favor market growth.

Surveillance & security robot segment accounted for considerable revenue of USD 64 million in 2017 and is projected to show robust growth over the analysis timeline. Segment growth is attributed to ability of these robots to monitor the performance, activities, and other fluctuating data that are collected for general purpose of managing, directing and protecting resources or position. Increase in the number of home care services due to rapidly growing elderly population coupled with dearth of staff members resulting in low service quality will surge the demand for assistive robots, further fostering the segment growth.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
 KUKA Robotics
 Barrett Technology
 Cyberdyne Inc
 Ekso Bionics
 GaitTronics
 Hansen Medical
 Hocoma AG
 Honda Motor Co., Ltd.,
 Interactive Motion Technologies, Inc,
 Kinova
 ReWalk Robotics, Inc.

Mobile portability segment dominated the healthcare assistive robot market with a revenue share of more than 60% in 2017 and is estimated to witness similar trend during the analysis timeframe. Capability of mobile robots integrate with other mobile technologies including mobile tablets, PCs, smartphones, or other miscellaneous appliances to analyze and experience an autonomous mobile experience will increase its adoption over the forecast timeline. Moreover, mobile robots can map its own location, complete the programmed task and operate as a form of mobile video telephone allowing patients and clinicians to interconnect. Availability of such advanced technologies will spur segment size in the foreseeable future.
Fixed base segment was valued at USD 141.9 million in 2017 and will show significant growth over the coming years. Increasing geriatric population base suffering from severe chronic disorders is a major impact rendering factor in the segment growth. Moreover, increasing focus of scientists on developing point of care bedside robots that provides health services to patients at the time of care will favour industry growth during the forthcoming years. Patients admitted in hospital settings will surge the need for fixed base assistive robots that will drive the segment growth.

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Stroke segment held significant revenue in 2017 and is estimated to witness highest CAGR of 20.8% over the analysis period due to increasing prevalence of stroke worldwide. As per CROI, globally, around 15 million people each year suffer from stroke. Around 5 million remain permanently disabled whereas 6 million people die every year. Such factors will surge the demand for effective means for controlling and encouraging post-stroke rehabilitation activities thereby fostering healthcare assistive robot business growth.

Orthopedics application segment accounted for USD 74.9 million revenue in 2017 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 and 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.

North America healthcare assistive robot market dominated the global market with 38.7% revenue share in 2017 and is expected to witness similar growth in the coming years. High segment growth is attributed to 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 University of Texas at Arlington and the UTA Research Institute to bridge gap between academic research and product development in the field of biomedical technologies, robotics and advanced manufacturing will further accelerate the regional industry growth.

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Asia Pacific healthcare assistive robot market is estimated to witness lucrative CAGR of 21.4% over the forecast period. High growth can be attributed to increase in healthcare spending 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.

Invention of robotic devices can be traced back in ancient times when the engineered machines were operated by the principles of physics rather than computer codes used today. Eric Robot, the earliest humanoid robot was exhibited in 1928, at the Royal Horicultural Hall in London. Eric was built of steel, and operated through a system of belts and pulleys that was powered by batteries. Eric through remote human could pretend speak and stand on pushing the electric buttons near its feet. Later, in 2004, Bestic, an assistive eating robotic device was developed by Sten Hemmingsson, affected with crippling paralysis from polio. In recent years, key industry players have focused their efforts to develop technologically advanced healthcare assistive robots. For instance, development of RoboThespian, a natural life-sized, interactive, multilingual, and user-friendly humanoid robot intended for human communication in a community environment. Availability of such advanced, portable, reliable and easy to handle robots will surge healthcare assistive robot industry growth over the forthcoming years

About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

Contact Us:
Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Web: https://www.gminsights.com

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