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Healthcare Companion Robots Market Size, Product Trends, Key Drivers, Share Analysis And Forecast To 2033
Healthcare Companion Robots Market Share
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According to The Business Research Company's, The healthcare companion robots market size has grown exponentially in recent years. It will grow from $5.17 billion in 2023 to $6.23 billion in 2024 at a compound annual growth rate (CAGR) of 20.4%. The growth in the historic period can be attributed to acceptance and integration, educational and therapeutic applications, improved human-robot interaction, labor shortages in healthcare, reducing human-to-human contact.
The healthcare companion robots market size is expected to see rapid growth in the next few years. It will grow to $12.46 billion in 2028 at a compound annual growth rate (CAGR) of 18.9%. The growth in the forecast period can be attributed to advancements in robotics and ai, personalized healthcare services, mental health awareness, enhanced rehabilitation support, cost-efficiency. Major trends in the forecast period include integration of ai, technological advancements, product innovations, strategic collaborations.
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Market Drivers and Trends:
Increasing demand in medical procedures is expected to drive the growth of the healthcare companion robots market. Medical procedures refer to the various actions, interventions, or techniques performed by healthcare professionals to diagnose, treat, manage, or prevent diseases and medical conditions. These robots are designed to assist healthcare professionals during procedures, provide emotional support to patients, and aid in post-procedural care. For instance, according to The National Health Expenditure Accounts (NHEA), the official estimates of total health care spending in the United States, the NHEA measures annual U.S. expenditures for medical care goods and services, public health activities, government administration, U.S. health care spending grew 2.7 percent in 2021, reaching $4.3 trillion or $12,914 per person. As a share of the nation's Gross Domestic Product, health spending accounted for 18.3 percent. Therefore, increasing demand in medical procedures is expected to drive the growth of the healthcare companion robots market during the forecast period.
Technological advancement is a key trend in the healthcare companion robots market. The manufacturers of healthcare companion robots are concentrating on the introduction of cutting-edge technologies that can meet the emotional and personal demands of patients. For example, in June 2021, Hanson Robotics, a Hong Kong-based robotics and engineering company, launched a new healthcare robot, Grace, to interact with those isolated by the COVID-19 pandemic and the elderly people. Also, in March 2022, Intuition Robotics, an Israel-based software company, launched ElliQ, a digital care companion. ElliQ is a healthcare companion robot which motivates old people to live healthier lives by accompanying them on their journey to age independently.
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Major Key Players of the Market:
Blue Frog Robotics SAS, ASUSTeK Computer Inc., Intuition Robotics Ltd., inGen Dynamics Inc., Intelligent System Co. Ltd., No Isolation AS, Luvozo Inc., Honda Motor Co. Ltd., Shanghai DFRobot Co. Ltd., Hanson Robotics Limited, Ubtech Robotics Corp. Ltd., Emotix Inc., Jibo Inc., Aeolus Robotics Inc., Sego Robotics Inc., Anthouse Technology Co. Ltd., Pawly Inc., Shenzhen SmartPaw Pet Product Co. Ltd., SYBO TECH Singapore Pte. Ltd., Stanley Black & Decker Inc., Catalia Health Inc., Care Coach Inc., Catalix Ltd., Diligent Robotics Inc., F&P Robotics AG, Giraff Technologies AB, Hasbro Inc., Hstar Technologies Company Ltd., Leka SAS
Healthcare Companion Robots Market 2024 Key Insights:
• The healthcare companion robots market size is expected to see rapid growth in the next few years. It will grow to $12.46 billion in 2028 at a compound annual growth rate (CAGR) of 18.9%.
• Silver Wave Surge Healthcare Companion Robots Market Set To Flourish With Rising Ageing Population
• The Rise Of Advanced Technologies In Companion Robots
• North America was the largest region in the healthcare companion robots market share in 2023
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