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Increasing Elderly Population Is Driving The Growth Of The Elder Care Assistive Robots Market: The Driving Engine Behind Elder Care Assistive Robots Market Evolution in 2025
Elder Care Assistive Robots
Elder Care Assistive Robots Market Size Growth Forecast: What to Expect by 2025?
The market for assistive robots in elder care has seen a significant expansion in the recent past. The market, worth $2.98 billion in 2024, is predicted to reach $3.48 billion in 2025, reflecting a compound annual growth rate (CAGR) of 16.8%. The historical growth momentum is a result of factors such as rising caregiving labor shortages, heightened consumer awareness and acceptance, social and cultural acceptance, a growing focus on custom-made care solutions, and escalated investment in research and development.
How Will the Elder Care Assistive Robots Market Size Evolve and Grow by 2029?
In the ensuing years, the market size for elder care assistive robots is set to experience a steep surge, reaching $6.37 billion in 2029 with a compound annual growth rate (CAGR) of 16.3%. The projected escalation during the forecast period is due to governmental endeavors and funding, health care solution globalization, introduction of rules and norms, advancement in user interface design, and evolution of education and training schemes. Key trends anticipated in this timeframe involve progression in emotional recognition technology, robotic process automation (RPA), health observing and diagnostics, human-robot collaboration (HRI) and the combining of wearable technology.
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What Drivers Are Propelling the Growth of Elder Care Assistive Robots Market Forward?
The growth of the programmable elder care assistive robot market is projected to be driven by the rising elderly population. This population consists of those who are 65 years or older and are at the advanced stage of life. Due to advancements in healthcare, life expectancy has been extended, resulting in an increase in the number of elderly individuals. These assistive robots assist senior citizens by helping them with everyday tasks, health monitoring, and enhancing their well-being. For example, the United Nations Department of Economic and Social Affairs, a US-based global affairs agency, reported in July 2022 that the percentage of the global population aged 65 and above is predicted to rise from 10% in 2022 to 16% by 2050. Hence, the expanding elderly population is a major factor propelling the elder care assistive robot market's growth.
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What Long-Term Trends Will Define the Future of the Elder Care Assistive Robots Market?
Prominent corporations in the elder care assistive robot industry are concentrating on creating innovative solutions, like AI companion robots, in order to improve the quality of care for senior citizens. AI companion robots are robotic structures that utilize artificial intelligence to engage with and provide assistance to individuals in a multitude of ways. For example, in January 2024, Intuition Robotics, a firm out of Israel that specializes in digital companion technology, unveiled ElliQ 3. This product boasts special features such as advanced generative AI for fluid conversations, contextual memory for personalizing interactions, superior hardware for boosting performance, safety features for secure communication, and imaginative activities to promote mental health and social interaction for the geriatric population. The ElliQ 3 framework is designed with scalability in mind, which allows Intuition Robotics to augment manufacturing and cater to the growing demand. ElliQ's interaction with elders is improved and deepened significantly, thanks to its revolutionary utilization of generative AI, driven by state-of-the-art Large Language Model (LLM) technology.
What Are the Key Segments in the Elder Care Assistive Robots Market?
The elder care assistive robotsmarket 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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Who Are the Key Players Shaping the Elder Care Assistive Robots Market's Competitive Landscape?
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 Geographic Markets Are Powering Growth in the Elder Care Assistive Robots Market?
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.
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