A new study by Global Market Insights has shown that the healthcare assistive robot market is set to grow from its current market value of more than $359m to over $1.2bn by 2024.
Increasing incidence of stroke coupled with rising geriatric population worldwide is the key factor that will escalate the demand for healthcare assistive robots during the forecast period. According to the CROI, each year, 15 million people worldwide suffer a stroke of which around six million cases lead to mortality whereas about five million remain permanently disabled.
Adoption of assistive rehabilitation robots as an innovative treatment for a stroke recovering patient has increased in recent years. Ability of these robots to perform repetitive sets of exercises and provision of measurable feedback will render positive impact on the healthcare assistive robot industry growth.
Furthermore, increase in funding for research on robotics technology will stimulate healthcare assistive robot industry growth over the analysis timeline. For instance, the National Institutes of Health (NIH) is focusing on R&D pertaining to robotic technology to ensure better healthcare outcome and increasing life span of patients. Moreover, growing focus of industry players on development of technologically advanced robots will further spur the market size. However, high costs of robots and social stigma pertaining to robots may impede the healthcare assistive robot market growth during the forthcoming years.
Healthcare assistive robot market
The socially assistive robots segment held significant revenue in 2017 and is estimated to show 19.5% CAGR over the analysis timeframe. Segment growth is attributed to the support provided by these robots to the operators through social interaction rather than physical. Use of socially assistive robots in therapeutic treatments such as autism spectrum disorders (ASD) will augment the market growth during the forecast period.
The mobile robots segment accounted for 60.5% revenue share in 2017 and is estimated to show highest CAGR over the forecast period. Ability of mobile robots to map its own location and complete the programmed task for use will increase its adoption in the coming years. Integration of assistive robots with smartphones, mobile tablets, PCs, or other miscellaneous appliances to analyse and experience autonomous mobile experience will favour segment growth.
The cognitive and motor skills segment was valued at $87.1m in 2017 and is anticipated to witness significant growth in the coming years. The segment growth is attributable to wide applications of assistive robots in the field of cognitive and motor skill disabilities. Moreover, technological advancements in assistive robots will further favour segment growth.
The US healthcare assistive robot market dominated the North America region with more than 85% revenue share in 2017. High healthcare expenditure, rising awareness levels regarding innovative and advanced use of robotics as well as growing prevalence of stroke and neurological disorders, are some of the factors enhancing the growth of assistive robot’s market in the US.
US healthcare assistive robot market, by product, 2017 and 2024 (USD Million)
The Mexico healthcare assistive robot market is estimated to witness lucrative CAGR of 19.4% over the forecast timeframe owing to rising prevalence of neurological diseases and disability among people coupled with subsequent rise in geriatric population base. Moreover, government health reforms, rising investments in R&D activities, technology advancement and subsequent economic development in the nation will drive Mexico’s assistive robot market growth.