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Leading Growth Driver in the Elder Care Assistive Robots Market in 2025: Increasing Elderly Population Is Driving The Growth Of The Elder Care Assistive Robots Market Driver's Influence
Elder Care Assistive RobotsMarket Size
The growth of the programmable elder care assistive robot market is predicted to be fueled by the rising aging population. The older community comprises of individuals aged 65 and above, those living in their late stages of life. Enhanced healthcare services have contributed to lengthened life expectancy, leading to an expansion of the aging population. Elder care assistive robots assist older people by undertaking daily tasks, monitoring health, and promoting their overall wellness. As an illustration, the United Nations Department of Economic and Social Affairs, an agency based in the US that deals with international matters, predicted in July 2022 that the percentage of the global population aged 65 and above will rise from 10% in 2022 to 16% by 2050. Consequently, the expanding aging population is fueling the growth of the programmable elder care assistive robot market.
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What is the future CAGR of the elder care assistive robots market, and how will it impact industry expansion?
Over recent years, the market size for elder care assistive robots has seen a notable expansion. It is set to increase from $2.98 billion in 2024 to $3.49 billion in 2025, a compound annual growth rate (CAGR) of 16.9%. Factors contributing to this historic growth include a rise in labor shortages in the caregiving sector, enhanced consumer awareness and acceptance, growing social and cultural acceptance, a higher focus on personalized care solutions, and an upsurge in research and development efforts.
The market size for senior care assistive robots is projected to witness a quick expansion in the upcoming years. The anticipation is that it will surge to $6.43 billion by 2029 with a Compound Annual Growth Rate (CAGR) of 16.5%. The projected growth can be credited to factors such as governmental policies and funding, the worldwide spread of healthcare solutions, establishment of rules and standards, advancements in user interface design and formation of educational and training programs. Prominent trends for the forecasted period encompass progress in emotional recognition technology, robotic process automation (RPA), health monitoring and diagnostics, human-robot interaction (HRI) and the integration of wearable technology.
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What are the most significant trends transforming the elder care assistive robots market today?
Leading firms in the elder care assistive robot industry are prioritizing the creation of cutting-edge solutions such as AI companion robots to boost the quality of care provided to seniors. An AI companion robot is a robotic platform that utilizes artificial intelligence to interact, aid, and support individuals in myriad ways. Notably, in January 2024, Intuition Robotics, an established developer of digital companion technology based in Israel, unveiled the ElliQ 3. It boasts innovative features like a sophisticated generative AI for organic conversations, contextual memory for custom-made interactions, superior hardware for enhanced functionality, safety protocols for supervised conversations, and creative activities to encourage cognitive health and social bonds to better the lives of senior citizens. ElliQ 3's hardware is designed for scale, allowing Intuition Robotics to heighten production and meet rising demand. The pioneering use of generative AI, empowered by state-of-the-art Large Language Model (LLM) technology, advances and enriches ElliQ's interactions with older adults.
Which key market segments comprise the elder care assistive robots market and drive its revenue growth?
The elder care assistive robots market covered in this report is segmented -
1) By Type: Physically Assistive Robots; Socially Assistive Robots
2) By Mobility: Stationary; Mobile
3) By Functionality: Monitoring And Surveillance; Mobility Assistance; Social Interaction; Household Tasks
Subsegments:
1) By Physically Assistive Robots: Mobility Assistance Robots; Lifting and Transfer Robots; Rehabilitation Robots; Medication Delivery Robots; Home Care Robots
2) By Socially Assistive Robots: Companionship Robots; Cognitive Support Robots; Communication Robots; Entertainment Robots; Monitoring And Surveillance Robots
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What regions are at the forefront of elder care assistive robots market expansion?
North America was the dominated region in the elder care assistive robots' market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the elder care assistive robots market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the leading players fueling growth in the elder care assistive robots market?
Major companies operating in the elder care assistive robots market are Toyota Motor Corporation, Samsung Group, Honda Motor Co Ltd., Panasonic Holdings Corporation, Hasbro Inc., Fraunhofer IPA, SoftBank Robotics Corp., Robosoft Technologies, PAL Robotics S.L., Fourier Intelligence Co Ltd., Cyberdyne Inc., Aeolus Robotics Inc., Intuition Robotics Ltd., Aldebaran Robotics, Blue Frog Robotics S.A., Giraff Technologies AB, Focal Meditech B.V., Furhat Robotics AB, Labrador Systems Inc., Robohub Foundation Inc., DreamFace Technologies LLC.
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What Is Covered In The Elder Care Assistive Robots Global Market Report?
•Market Size Forecast: Examine the elder care assistive robots market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the elder care assistive robots market for a structured understanding.
•Key Players Overview: Analyze major players in the elder care assistive robots market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the elder care assistive robots market.
•Segment Contributions: Evaluate how different segments drive overall growth in the elder care assistive robots market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the elder care assistive robots market.
•Industry Challenges: Identify potential risks and obstacles affecting the elder care assistive robots market.
•Competitive Landscape: Review strategic developments in the elder care assistive robots market, including expansions, agreements, and new product launches.
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