Press release
Healthcare Companion Robots Market Anticipated To Witness Robust Growth, Surpassing $14.67 Billion By 2029
Healthcare Companion Robots
What Is the Current Healthcare Companion Robots Market Size and Its Estimated Growth Rate?
In recent times, the market size for healthcare companion robots has seen considerable growth. The projections for this market indicate an increase from $6.18 billion in 2024 to about $7.43 billion in 2025, marking a compound annual growth rate (CAGR) of 20.1%. The reasons behind the substantial growth during the historic period include factors such as adoption and incorporation, educational and therapeutic uses, advancements in human-robot interaction, shortage of workers in the healthcare sector, as well as lowering human-to-human interaction.
The market for healthcare companion robots is predicted to experience accelerated expansion in the upcoming years. With a compound annual growth rate (CAGR) of 18.5%, it is expected to reach $14.67 billion by 2029. This growth in the predicted timeframe can be credited to progress in robotics and artificial intelligence, personalized medical services, increased mental health consciousness, improved rehabilitation assistance, and cost effectiveness. The period is also likely to witness noteworthy trends such as the inclusion of artificial intelligence, technological progress, innovative products, and strategic partnerships.
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How Are Emerging Segments Shaping the Healthcare Companion Robots Market Landscape?
The healthcare companion robots market covered in this report is segmented -
1) By Type: Animal-like Robots, Humanoid Robots
2) By Age Group: Children, Adult, Geriatric
Subsegments:
1) By Animal-Like Robots: Robotic Pets, Therapy Animals, Interactive Animal Simulators
2) By Humanoid Robots: Social Companion Robots, Assistance Robots For Elderly Care, Rehabilitation Robots
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Which Growth Factors Are Influencing Healthcare Companion Robots Market Expansion?
The anticipated growth of the healthcare companion robots market is forecast to be propelled by an increase in the elderly population. The demand for companion robots is rising due to an upsurge in the number of elderly individuals who rely on these robots for care and companionship within their homes. Various governments worldwide are initiating efforts to encourage the adoption of healthcare companion robots. As an illustration, in 2022, the New York State government collaborated with an Israel-based software firm, Intuition Robotics, to distribute these robots to roughly 500 individuals. The global elderly population is projected to continue growing, with one in every six people expected to be 60 years or older by 2030. The number of individuals aged 60 and above is predicted to rise twofold by 2050 (2.1 billion). In the same year, there's a projected increase of 426 million people who are 80 years or older compared to the current figures. Consequently, the ballooning elderly population is tipped to fuel the expansion of the healthcare companion robots market throughout the forecast period.
Who Are the Dominant Players Across Different Healthcare Companion Robots Market Segments?
Major companies operating in the healthcare companion robots market are Blue Frog Robotics SAS, Intuition Robotics Ltd., inGen Dynamics Inc., No Isolation AS, Luvozo Inc., Honda Motor Co. Ltd., Hanson Robotics Limited, Ubtech Robotics Corp. Ltd., Emotix Inc., Aeolus Robotics Inc., Catalia Health Inc., Care Coach Inc., Diligent Robotics Inc., F&P Robotics AG, Giraff Technologies AB, Hstar Technologies Company Ltd., Leka SAS, iRobot, SoftBank Robotics, Toyota, Paro Robots, Savioke, Nuro, Temi
What Are the Latest Developing Trends in the Healthcare Companion Robots Market?
Primary businesses in the companion robotic healthcare sector are prioritizing breakthrough technologies like advanced sensors to boost patient surveillance, refine interactive abilities, and deliver custom care options. Advanced sensors are intricate gadgets that gather and scrutinize intricate data from the surroundings, frequently incorporating AI and IoT tech for better precision and functionality. For instance, Elephant Robotics Technology Co., Ltd., a leading Chinese tech firm centered on robot innovation, rolled out MetaCat in February 2023. Equipped with various touch sensors, voice discernment abilities, and expressive LED lights, MetaCat can emulate a cat's purring, meowing, and eye movements, thereby amplifying its realistic features.
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Which Geographic Regions Are Expected to Dominate the Healthcare Companion Robots Market in the Coming Years?
North America was the largest region in the healthcare companion robots market share in 2024. The regions covered in the healthcare companion robots market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Healthcare Companion Robots Market?
2. What is the CAGR expected in the Healthcare Companion Robots Market?
3. What Are the Key Innovations Transforming the Healthcare Companion Robots Industry?
4. Which Region Is Leading the Healthcare Companion Robots Market?
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