Press release
Healthcare Assistive Robot Market Trends and Developments | Key Players like: Barrett Technology, Cyberdyne, Ekso Bionics Holdings, GaitTronics, Hansen Medical, Hocoma, HONDA Motor Co. Ltd., Interactive Motion Technologies, Kinova Robotics
Healthcare Assistive Robot Market
Healthcare Assistive Robot Market will exceed USD 1.2 billion by 2024; as per a new research report. Rapidly growing geriatric population coupled with increasing incidences of chronic disorders in population will drive the healthcare assistive robots market growth over the forecast time period. As per United Nations 2017 report, there are an estimated 962 million people aged 60 or over in the world. In addition, increasing demand for elder-care services including healthcare assistive robots that can assist in care and support of the elder and disabled populations will augment business growth in upcoming years.
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Some of the prominent market players operating in healthcare assistive robot market include Barrett Technology, Cyberdyne, Ekso Bionics Holdings, GaitTronics, Hansen Medical, Hocoma, HONDA Motor Co. Ltd., Interactive Motion Technologies, Kinova Robotics, KUKA Robot Group and ReWalk Robotics Industry competitors are mainly focusing on inorganic strategies such as partnership, merger and acquisitions. Additionally, it also strengthens their foothold in the healthcare assistive robot market and capture market share.
Rising funding for research on robotics technology is also a contributing factor for healthcare assistive robot market growth. For instance, the National Institutes of Health (NIH) is focusing on the advanced research in the field of robotic technology development to enhance health and reduce disability by announcing funding for the same. The aim of this funding is to encourage the transformation of rehabilitation robotic technology to support health care providers and individuals in need of rehabilitation that will foster healthcare assistive robot business growth in forthcoming years.
Rehabilitation robot segment was valued at USD 152.3 million in 2017 and is expected to grow significantly over the forecast time period owing to technological advancements. For instance, Panasonic?s RoboticBed transforms itself from a bed to a robotic wheelchair and releases the bed-ridden aged people from dependence on caregivers for localized movement. Such rising innovative technologies will help in expanding healthcare assistive robot industry growth over the coming years.
Mobile robot segment will witness 19.8% CAGR by 2024 due to increasing awareness in population regarding innovative mobile robots. Mobile robots are generally controlled by sensors and software to identify their surroundings. Mobile robots comprise of emerging technologies such as artificial intelligence with physical robotics that allows them to navigate their surroundings and helps in assistance of geriatric population. In addition, growing adoption of these healthcare assistive robots will help in growth of the market over the coming years.
Cognitive & motor skills segment accounted for 24.3% revenue share in 2017 owing to increasing prevalence of neurological disorders across the globe.
Some of the neurological disorders including parkinson's disease (PD) cause cognitive impairment and motor dysfunctioning. As per NCBI 2017 report, PD affects 1-2 per 1000 of the global population. PD prevalence is increasing with age and it affects 1% of the population above 60 years. In such cases for improving patient cognitive ability the healthcare assistive robots are very useful.
U.S. healthcare assistive robot market will grow at 19.1% CAGR by 2024 owing to increasing healthcare expenditure in country. For instance, as per World Bank Data 2015, the healthcare expenditure in country was 16.8%, comparatively higher than other countries. Such rising healthcare expenditure ultimately increases people preference towards advance technologies including healthcare assistive robots thereby boosting healthcare assistive robot industry growth in upcoming years.
China healthcare assistive robot market was valued at USD 19.6 million in 2017 and is estimated to experience considerable growth over the coming years. The growth is attributed to increasing various government initiatives for collection of funding for robot related research in country thereby, fostering healthcare assistive robot market growth.
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Report Content
Chapter 1. Methodology
1.1. Methodology
1.2. Market definitions
1.3. Forecast parameters
1.4. Data sources
1.4.1. Secondary
1.4.1.1. Paid sources
1.4.1.2. Unpaid sources
1.4.2. Primary
Chapter 2. Executive Summary
2.1. Healthcare assistive robot industry 360 degree synopsis, 2013 - 2024
2.1.1. Business trends
2.1.2. Product trends
2.1.3. Portability trends
2.1.4. Application trends
2.1.5. Regional trends
Chapter 3. Healthcare Assistive Robot Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2013 - 2024
3.3. Industry impact forces
3.3.1. Growth drivers
3.3.1.1. Rapidly growing geriatric population
3.3.1.2. Growing incidence of stroke worldwide
3.3.1.3. Increasing funding for research on robotics technology
3.3.2. Industry pitfalls & challenges
3.3.2.1. Functional limitations and high costs to restrict the assistive robots market
3.3.2.2. Dearth of skilled healthcare professionals in developing economies
3.3.2.3. Social stigma
3.4. Growth potential analysis
3.4.1. By product
3.4.2. By portability
3.4.3. By application
3.5. Regulatory landscape
3.6. Porter's analysis
3.7. Competitive landscape, 2017
3.7.1. Strategy dashboard
3.8. PESTEL analysis
Chapter 4. Healthcare Assistive Robot Market, By Product
4.1. Key segment trends
4.2. Surveillance & Security Robot
4.2.1. Market size, by region, 2013 - 2024 (USD Mn)
4.3. Humanoid Robots
4.3.1. Market size, by region, 2013 - 2024 (USD Mn)
4.4. Rehabilitation Robots
4.4.1. Market size, by region, 2013 - 2024 (USD Mn)
4.5. Socially Assistive Robots
4.5.1. Market size, by region, 2013 - 2024 (USD Mn)
Chapter 5. Healthcare Assistive Robot Market, By Portability
5.1. Key segment trends
5.2. Fixed Base
5.2.1. Market size, by region, 2013 - 2024 (USD Mn)
5.3. Mobile
5.3.1. Market size, by region, 2013 - 2024 (USD Mn)
Chapter 6. Healthcare Assistive Robot Market, By Application
Chapter 7. Healthcare Assistive Robot Market, By Region
Chapter 8. Company Profiles
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