Healthcare Companion Robots Market is expected to reach US$ 11.73 Bn by 2033 | FMI

The global Healthcare Companion Robots Market will most likely generate a market value of US$ 2.24 Million in 2023 and is predicted to generate a market value of US$ 11.73 Million by 2023-2033, at a CAGR of 18%. Healthcare companion robots market growth can be due to rising disposable income, improved healthcare infrastructure, and an increase in the senior population. In the historical period 2018-2022, the market for healthcare companion robots grew at a CAGR of 10%.

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With the increasing geriatric population and rising prevalence of diseases such as Alzheimer's; dementia, etc., the demand of companion robots is likely to increase over a forecast period.

Various robots are being developed which help people suffering from such disorders to live normal life. For instance, Ryan, a companion robot outfitted with artificial intelligence technology is designed to assist the aging population, specifically those struggling with Alzheimer's. Also, it is equipped with cognitive games to keep the brain active and helps recognize who it interacts with and carry on conversations. In addition, the increasing incidences of depression is fueling market growth.

Furthermore, with the outbreak of COVID-19, the prevalence of loneliness raised, which positively impacted the demand for companion robot. Paro, a companion robot approved by the FDA as an insured cost for patients is used to assist people with depression, anxiety, and other conditions. These robo-seals are provided in free to licensed nursing homes and in around 28 nursing homes in Washington State have started using them since last year.

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In addition, various initiatives undertaken by market players to provide innovative solutions is anticipated to drive the growth of the market during the forecast period. Furthermore, integration of advanced technologies to improve the healthcare outcome is expected to boost the market in upcoming years.

Key Takeaways from the Market Study

In 2023, Asia Pacific is expected to dominate the healthcare companion robots market with a share of 50%.
North America is expected to possess 41% market share for healthcare companion robots market in 2023.
By type, the humanoid segment is expected to hold the largest share of nearly 75% in 2023.
By age-group, the geriatric segment is expected to hold the largest share of 40% in 2023.

"Advancement in technology along with increase in dependency on robots especially by the geriatric and disabled population is favoring growth of the healthcare companion robots market." comments a Future Market Insights analyst.

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Competitive Landscape

Some prominent players in the global healthcare companion robots market include Blue Frog Robotics & Buddy ASUS, Intuition Robotics, inGen Dynamics, PARO Robots U.S., Inc, No Isolation, Luvozo, Honda Robotics, Hanson Robotics, Ubtech, Emotix and Jibo

For instance, in March 2022, Intuition Robotics launched ElliQ, a digital care companion. It is designed to help older adults to be more physically active and socially engaged and enable them to have happier, more independent lives.
Intuition Robotics, a key player in the healthcare companion robots market is focusing on innovating robots that help the geriatric population fight loneliness. Thus, the company is researching on required emotional intelligence and integrating the same through artificial intelligence in the robots.

Key Segments Profiled in the Healthcare Companion Robots Industry Survey

Type:
Animal-like
Humanoid

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Age-Group:
Children
Adult
Geriatric

Region:
North America
Latin America
Europe
South Asia
East Asia
Oceania
Middle East & Africa

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.