PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1462918
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1462918
Robotic Nurse Assistant Market size was valued at USD 2,155 Million in 2023, expanding at a CAGR of 13.8% from 2024 to 2032.
A robotic nurse assistant represents an advanced technological system engineered to aid healthcare professionals across various medical settings, including hospitals, clinics, and nursing homes. These robots are outfitted with artificial intelligence, sensors, and robotic arms, enabling them to undertake a spectrum of tasks such as patient monitoring, medication administration, mobility assistance, and basic care activities. Moreover, they possess the capability to engage with patients through speech recognition, natural language processing, and gesture recognition, offering companionship and emotional support. The primary objective of robotic nurse assistants is to bolster efficiency, enhance patient outcomes, and alleviate the burden on healthcare staff, particularly in scenarios marked by nursing personnel shortages or instances necessitating minimal human contact due to infectious diseases.
Robotic Nurse Assistant Market- Market Dynamics
Rising global population of older adults to propel market demand
The rising global population of older adults is driving the demand for robotic nurse assistants to fulfill various day-to-day assistive functions. According to a report by the World Health Organization (WHO), by 2030, 1 in every 6 individuals will be aged 60 and above. The elderly population is expected to double from 2020 to 2050, reaching 4.1 billion, while the number of individuals aged 80 and above is anticipated to triple from 2020 to 2030, reaching 426 million by 2050. Moreover, increased investment in research and development to create technologically advanced robots for healthcare facilities is anticipated to bolster the demand for robotic nurses in the forthcoming years. The rise in funding and grants for the development of technologically advanced nurse assisting robots, capable of efficiently performing the day-to-day tasks of a nurse, is another factor driving the growing demand for robotic nurses. For instance, in April 2022, Diligent, a nurse assisting robot firm, raised over USD 30 million in their series B funding to enhance scalability and address supply chain issues while deploying their nurse assisting robot, Moxi. Despite the growing global demand for robotic nurse assistants, their higher prices are hindering market growth. Additionally, significant variable costs are required for maintenance, staff training, and workflow restructuring. Moreover, safety and security concerns associated with these robots are restraining market growth. However, continuous innovation of cost-effective technologies, along with increasing production volumes due to the growing popularity of robotic nurse assistants, is expected to reduce the production cost of such robots.
Robotic Nurse Assistant Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 13.8% over the forecast period (2024-2032)
Based on Derivative segmentation, independence support robots was predicted to show maximum market share in the year 2023
Based on End Use segmentation, hospitals and clinics was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Robotic Nurse Assistant Market is segmented on the basis of Derivative, End Use, and Region.
The market is divided into three categories based on Derivative: Independence Support Robots, Daily Care & Transportation Robots, and Autonomous Mobile Robots. In 2023, independence support robots dominated the market in terms of revenue share. The increasing number of disabled individuals and a rising proportion of elderly people coping with chronic diseases are driving market growth, as these robots play a crucial role in caring for such patients. Additionally, these robots are capable of performing human tasks more efficiently and accurately within a shorter timeframe, further supporting market expansion.
The market is divided into three categories based on End Use: Hospitals & Clinics, Senior Care Facilities, Homecare Settings.The hospitals and clinics segment emerged as the dominant segment in 2023 and is projected to exhibit lucrative growth during the forecast period. The rising adoption of medical robots, including nurse assistant robots, in hospitals and clinics due to nurse shortages in various countries, coupled with increasing healthcare expenditure and adoption of advanced technology in the healthcare sector, is expected to propel market growth.
Robotic Nurse Assistant Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
In the swiftly evolving market for robotic nurse assistants, companies implement strategic initiatives aimed at crafting innovative solutions and securing a competitive edge. A prevalent strategy involves substantial investment in research and development to augment the capabilities and functionalities of robotic nurse assistants, encompassing enhancements in autonomy, mobility, and adaptability to diverse healthcare environments. Additionally, companies prioritize adherence to regulatory standards and compliance to ensure the safety, reliability, and efficacy of their robotic systems within healthcare settings. Strategic collaborations with healthcare providers, technology firms, and academic institutions enable companies to engage in pilot projects, clinical trials, and real-world deployments, validating the performance of their robotic nurse assistants and showcasing their value proposition. Furthermore, companies explore avenues for customization and integration with existing healthcare systems to address specific clinical needs and workflow demands. Through the adoption of these strategies, companies position themselves as frontrunners in the burgeoning market for robotic nurse assistants, contributing to the evolution of healthcare delivery practices.
In 2021, a robotic nurse assistant named Moxi, provided by Diligent Robotics, was utilized for tasks such as delivering lab samples and fetching medications in Texas.
GLOBAL ROBOTIC NURSE ASSISTANT MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Hstar Technologies
Diligent Robotics
Toyota Motor Corporation
RIKEN-SRK
SoftBank Robotics
Panasonic
Fraunhofer IPA
Aethon
Others