Press release
Global Healthcare Companion Robots Market valued at $3 billion in 2020, is growing at a CAGR close to 20% by 2025 - Growing Demand of Companion Robots for Elderly Care and Children's Care
Growing Aging Population, Increasing Cost of Elderly Care and Shortage of Caregivers are triggering the Market Growth
The world's population is aging rapidly and the number of caregivers in relation to the aging population is decreasing at a quick rate. In Japan, there will be an estimated shortage of 1 million caregivers by 2025. Moreover, the cost of elderly care is also increasing. Between 2019 and 2020, the cost of in-home care jumped by about 4.4%; assisted living costs surged by 6.2%; and nursing home costs increased by 3%. The use of healthcare companion robots could help reduce this costs.
For instance, a monthly service contract for Stevie (a robot developed by Trinity College, Dublin) would likely run between 50-60% of the cost of hiring a human to do the same tasks, as per their claim.
"An increasing disparity between healthcare workforce and aging population is a concern in many countries and we believe companion robots have an important role to play in bridging this gap."-CEO, Leading Medical Robots Company, USA
Demand of Healthcare Companion Robots Market has grown significantly during the COVID-19 Pandemic
Companion robots saw an increase in demand during the CO-vid 19 pandemic as lockdowns intensified problems of isolation and loneliness. Companion robot sales of the company called Sharp increased 30% during the September quarter of 2020 compared to the same period last year. Further, companies also launched new robots to cater to the COVID-19 infected and isolated people's need.
For Instance,
Hanson Robotics launched a robot called Grace in June 2021-designed to interact with the elderly and isolated COVID-19 people.
New Product launches to drive the Growth of Healthcare Companion Robots Market in Developed and Emerging Regions
Growing life expectancy and aging population is expected to drive the adoption of healthcare companion robots market through new product launches.
For instance, in March 2022, Intuition Robotics announced the commercial launch of its digital care companion, ElliQ in South Florida (U.S.). Further, Emotix has developed a companion robot (Miko) targeted towards children of young parents in India.
Competitive Landscape Analysis: Healthcare Companion Robots Market
The established players operating in the global healthcare companion robots market are Blue Frog Robotics, ASUS Zenbo, Intuition Robotics, No Isolation, Luvozo, Honda Robotics, Paro (AIST), DFRobot, Hanson Robotics, among others.
Get Detailed Insights on Healthcare Companion Robots Market with a FREE Sample Report @ https://meditechinsights.com/healthcare-companion-robots-market/
Ruta Halde
Associate, Medi-Tech Insights
+32 498 86 80 79
info@meditechinsights.com
Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have successfully completed 100+ projects in Digital Health, Healthcare IT, Medical Technology, Medical Devices & Pharma Services.
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