Press release
Strong Growth Ahead: Elder Care Assistive Robots Market Size To Grow At Arecord 16.5% Cagr By 2029
Elder Care Assistive Robots Market Size
How Big Is the Elder Care Assistive Robots Market Size Expected to Be by 2034?
The market size for elder care assistive robots has experienced a fast-paced growth over the recent past. The expectation is for it to rise from a recorded $2.98 billion in 2024 to a projected $3.49 billion come 2025, a prediction that comes with a compound annual growth rate (CAGR) set at 16.9%. Factors contributing to the growth during the historical period include scarcity in caregiving labor, heightened consumer consciousness and endorsement, increased cultural and social approval, emphasis on individualized care solutions, and amplified research and development.
In the coming years, a swift expansion is predicted for the elder care assistive robots market, with projections suggesting it will reach a value of $6.43 billion in 2029, growing at a compound annual growth rate (CAGR) of 16.5%. This growth during the forecast period is expected to be driven by factors such as government schemes and funding, the globalization of medical solutions, the establishment of rules and standards, improvements in user interface design, and the development of educational and training programs. Key trends for the forecast period include advancements in emotional recognition technology, robotic process automation (RPA), health tracking and diagnostics, human-robot cooperation (HRI), and the integration of wearable technology.
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What Are the Emerging Segments Within the Elder Care Assistive Robots Market?
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 Long-Term Drivers Are Shaping Elder Care Assistive Robots Market Trends?
The growth of the programmable elder care assistive robot market is projected to be propelled by the rising elderly population. This group, made up of individuals aged 65 and over, represents those in the later stages of their lives. As improved healare prolongs life expectancy, the number of elderly people continues to expand. These assistive robots are designed to lend a helping hand to the elderly in their daily activities, monitor their health, and enhance their overall welfare. For instance, the United States' United Nations Department of Economic and Social Affairs projected in July 2022 that the percentage of the global population aged 65 or more would rise from 10% in 2022 to 16% in 2050. Thus, the expanding elderly population is a key driver propelling the elder care assistive robot market's growth.
Who Are the Top Competitors in Key Elder Care Assistive Robots Market Segments?
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.
What Actigraphy Devices Market Trends Are Gaining Traction Across Different Segments?
Leading businesses in the elder care assistive robot market are prioritizing the creation of innovative solutions like AI companion robots to improve the quality of care provided to the elder class. AI companion robots are robotic systems that employ artificial intelligence to provide various forms of support and assistance to people. For example, in January 2024, Intuition Robotics, a firm based in Israel that develops digital companion technology, introduced ElliQ 3. This product provides distinctive features such as advanced generative AI for easy conversations, contextual memory for customized interactions, enhanced hardware for superior performance, safety mechanisms to supervise dialogues, and inventive activities to promote cognitive health, and social connections for the betterment of the lives of senior citizens. The hardware of the ElliQ 3 is designed for scalability, equipping Intuition Robotics with the ability to augment production and cater to the growing demand. The revolutionary use of generative AI, fueled by the modern Large Language Model (LLM) technology, amplifies and enriches the interactions ElliQ has with older adults.
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Which Regions Are Becoming Hubs for Elder Care Assistive Robots Market Innovation?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Elder Care Assistive Robots Market?
2. What is the CAGR expected in the Elder Care Assistive Robots Market?
3. What Are the Key Innovations Transforming the Elder Care Assistive Robots Industry?
4. Which Region Is Leading the Elder Care Assistive Robots Market?
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