PUBLISHER: Allied Market Research | PRODUCT CODE: 1344416
PUBLISHER: Allied Market Research | PRODUCT CODE: 1344416
According to a new report published by Allied Market Research, titled, "Humanoid Robot Market," The humanoid robot market was valued at $307.60 million in 2021, and is estimated to reach $609.5 million by 2031, growing at a CAGR of 7.7% from 2022 to 2031.
Humanoid robots may not always be suitable for specific tasks or industries, and there may not be enough customization options available to make them more appropriate. This could result in a limited range of applications for humanoid robots, which could limit their adoption. A humanoid robot is very costly, depending on the advancements of the robots. The humanoid robot will be expensive and difficult to afford; it will replace the jobs. Although this will benefit many businesses, it will replace the people who have careers in specific fields, like pharmacists, nurses, secretaries, etc.
Humanoid robots that are capable of performing autonomous tasks in the healthcare industry have been developed as a result of the advancement of robotic technologies and their supporting technologies, including AI, machine learning, and speech recognition. Robots like Pepper and NAO from SoftBank Robotics are examples of this type that deliver food and medications to various locations within hospitals, playing a crucial role in the healthcare sector. These robots can also freely navigate hospital departments, lifts, and hallways. Grace is a humanoid robot that Hanson Robotics Limited unveiled in 2021 with a focus on the healthcare industry. All these factors are predicted to create excellent opportunities for the market growth during the upcoming year.
The COVID-19 pandemic has had a significant impact on healthcare spending, which has affected the adoption of humanoid robots in this industry. One of the main challenges faced by the healthcare industry is limited funding for research and development. Due to the high expenditure required, many healthcare providers may not have the resources to invest in the development and deployment of humanoid robots. Healthcare organizations facing budget cuts and financial challenges due to the pandemic, have led to less investment in new technologies such as humanoid robots. Many healthcare organizations have had to prioritize spending on essential services, and the adoption of new technologies has taken a backseat.
The key players profiled in this report include: HYULIM Robot Co., Ltd, HANSON ROBOTICS LTD, Engineered Arts Limited, Honda, KAWADA Robotics Corporation, SoftBank Robotics, Sanbot Co, ROBOTIS, Willow Garage, and Toshiba Corporation.