Healthcare Assistive Robot Market Outlook| Key Players: KUKA Robotics, Barrett Technology, Cyberdyne Inc.

The Healthcare Assistive Robot Market is set to exceed USD 1.2 billion by 2024; according to a 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.

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.

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.

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.

Healthcare Assistive Robot Market, By Product (USD Million)

1 Surveillance & security
2 Humanoid
3 Rehabilitation
4 Socially Assistive

Healthcare Assistive Robot Market, By Portability (USD Million)

1 Fixed base
2 Mobile

Healthcare Assistive Robot Market, By Application (USD Million)

1 Stroke
2 Orthopedics
3 Cognitive & motor skills
4 Sports

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Chapter 1. Methodology

1.1. Methodology
1.2. Market definitions
1.3. Forecast parameters
1.4. Data sources
1.4.1. Secondary
1.4.1.1. Paid sources
1.4.1.2. Unpaid sources
1.4.2. Primary

Chapter 2. Executive Summary

2.1. Healthcare assistive robot industry 3600 synopsis, 2013 – 2024
2.1.1. Business trends
2.1.2. Product trends
2.1.3. Portability trends
2.1.4. Application trends
2.1.5. Regional trends

Chapter 3. Healthcare Assistive Robot Industry Insights

3.1. Industry segmentation
3.2. Industry landscape, 2013 - 2024
3.3. Industry impact forces

3.3.1. Growth drivers
3.3.1.1. Rapidly growing geriatric population
3.3.1.2. Growing incidence of stroke worldwide
3.3.1.3. Increasing funding for research on robotics technology

3.3.2. Industry pitfalls & challenges
3.3.2.1. Functional limitations and high costs to restrict the assistive robots market
3.3.2.2. Dearth of skilled healthcare professionals in developing economies
3.3.2.3. Social stigma

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Chapter 4. Healthcare Assistive Robot Market, By Product

4.1. Key segment trends

4.2. Surveillance & Security Robot
4.2.1. Market size, by region, 2013 – 2024 (USD Mn)

4.3. Humanoid Robots
4.3.1. Market size, by region, 2013 – 2024 (USD Mn)

4.4. Rehabilitation Robots
4.4.1. Market size, by region, 2013 – 2024 (USD Mn)

4.5. Socially Assistive Robots
4.5.1. Market size, by region, 2013 – 2024 (USD Mn)

Data Tables

TABLE 1 Healthcare assistive robot industry 360º synopsis, 2013 – 2024
TABLE 2 Healthcare assistive robot market, 2013-2017 (USD Mn)
TABLE 3 Healthcare assistive robot market, 2018-2024 (USD Mn)
TABLE 4 Healthcare assistive robot market, by product, 2013-2017 (USD Mn)
TABLE 5 Healthcare assistive robot market, by product, 2018-2024 (USD Mn)
TABLE 6 Healthcare assistive robot market, by portability, 2013-2017 (USD Mn)
TABLE 7 Healthcare assistive robot market, by portability, 2018-2024 (USD Mn)
TABLE 8 Healthcare assistive robot market, by application, 2013-2017 (USD Mn)
TABLE 9 Healthcare assistive robot market, by application, 2018-2024 (USD Mn)
TABLE 10 Healthcare assistive robot market, by region, 2013-2017 (USD Mn)

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