Healthcare Companion Robots Global Market Report 2024

Healthcare Companion Robots Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on healthcare companion robots market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for healthcare companion robots? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The healthcare companion robots market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

Scope

Markets Covered:

• 1) By Type: Animal-like Robots; Humanoid Robots
• 2) By Age Group: Children; Adult; Geriatric
• Companies Mentioned: Blue Frog Robotics SAS; ASUSTeK Computer Inc.; Intuition Robotics Ltd.; inGen Dynamics Inc.; Intelligent System Co. Ltd.
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.

Executive Summary

Healthcare companion robots are automated devices designed to execute predefined tasks, aiming to elevate both the productivity and safety of patients. These robots offer emotional support and companionship, particularly benefiting individuals with disabilities, children, and the elderly. They actively engage with patients, boosting adherence to therapy protocols and providing personalized care.

These robots typically fall into two main categories such as animal-like robots and humanoid robots. Animal-like robots are specifically trained to provide support and a calming presence to individuals coping with conditions like dementia, Alzheimer's, and cognitive impairments. They cater to diverse age groups, including children, adults, and the geriatric population.

The healthcare companion robots market research report is one of a series of new reports from The Business Research Company that provides healthcare companion robots market statistics, including healthcare companion robots industry global market size, regional shares, competitors with a healthcare companion robots market share, detailed healthcare companion robots market segments, market trends and opportunities, and any further data you may need to thrive in the healthcare companion robots industry. This healthcare companion robots market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The healthcare companion robots market size has grown exponentially in recent years. It will grow from $5.17 billion in 2023 to $6.23 billion in 2024 at a compound annual growth rate (CAGR) of 20.4%. Historical growth can be attributed to the acceptance and integration of advancements, applications in education and therapy, enhanced human-robot interaction, healthcare labor shortages, and the drive to minimize human-to-human contact.

The healthcare companion robots market size is expected to see rapid growth in the next few years. It will grow to $12.46 billion in 2028 at a compound annual growth rate (CAGR) of 18.9%. The projected growth in the forecast period is driven by progress in robotics and AI, the provision of personalized healthcare services, increased awareness of mental health, improved support for rehabilitation, and a focus on cost-effectiveness. Significant trends anticipated during this period involve the integration of AI, ongoing technological advancements, innovations in product development, and strategic collaborations within the industry.

The surge in the elderly population is poised to be the driving force behind the healthcare companion robots market's growth. As the aging demographic expands, the demand for companion robots rises due to their ability to provide in-home care and companionship for the elderly. Governments worldwide are also initiating measures to endorse the use of healthcare companion robots. For instance, in 2022, New York State collaborated with Intuition Robotics, an Israel-based software company, to distribute such robots to approximately 500 individuals. The global aging population is projected to grow significantly; by 2030, 1 in 6 individuals will be aged 60 or older, and the number of those 60 and above is expected to double by 2050, reaching 2.1 billion. By 2050, there will be an additional 426 million individuals aged 80 or above compared to the current figures. Hence, the escalating aging populace is forecasted to propel the healthcare companion robots market's expansion.

The burgeoning demand for medical procedures is anticipated to fuel the growth of the healthcare companion robots market. These robots are tailored to assist healthcare professionals during procedures, offer emotional support to patients, and aid in post-procedural care. Notably, as per The National Health Expenditure Accounts (NHEA) in the United States, healthcare spending surged by 2.7 percent in 2021, reaching $4.3 trillion or $12,914 per person. Health spending accounted for 18.3 percent of the nation's Gross Domestic Product. Hence, the escalating demand for medical procedures is projected to drive the healthcare companion robots market's growth during the forecast period.

Technological advancements stand as a significant trend within the healthcare companion robots market. Manufacturers of these robots are prioritizing the integration of cutting-edge technologies to cater to the emotional and personal needs of patients. For instance, in June 2021, Hanson Robotics, a Hong Kong-based company, unveiled Grace, a healthcare robot designed to engage with individuals affected by the COVID-19 pandemic and the elderly. Similarly, in March 2022, Intuition Robotics launched ElliQ, a digital care companion aimed at motivating older adults to lead healthier and more independent lives.

Major companies within the healthcare companion robots sector are actively introducing innovative products like ElliQ to maintain their market standing. ElliQ, an AI-driven device focused on empathy, is positioned as a solution to alleviate senior isolation or enhance their overall well-being. For instance, in March 2022, Intuition Robotics, an Israel-based software company, introduced ElliQ, a digital care companion. ElliQ empowers older adults to be more socially engaged and physically active, promoting happier and independent lives. The device offers a range of health, communication, and entertainment features, including pain assessment conversations, health goal setting and tracking, cognitive games, audiobooks, and more, catering to the diverse needs of its users.

In January 2022, Furhat Robotics, headquartered in Sweden, completed the acquisition of Misty Robotics, an undisclosed transaction facilitating Furhat's establishment and growth in the USA. This strategic move empowers Furhat Robotics to enhance its operational footprint and further advance the development of robotic technologies. Misty Robotics, based in the US, specializes in hardware solutions, crafting personal robots designed for both office and home environments. This acquisition aligns with Furhat Robotics' expansion objectives, bolstering its capabilities in the realm of robotics and positioning the company for amplified innovation and market presence. Misty Robotics is a US-based hardware company that builds personal robots for offices and homes.

Major companies operating in the healthcare companion robots market report are Blue Frog Robotics SAS, ASUSTeK Computer Inc., Intuition Robotics Ltd., inGen Dynamics Inc., Intelligent System Co. Ltd., No Isolation AS, Luvozo Inc., Honda Motor Co. Ltd., Shanghai DFRobot Co. Ltd., Hanson Robotics Limited, Ubtech Robotics Corp. Ltd., Emotix Inc., Jibo Inc., Aeolus Robotics Inc., Sego Robotics Inc., Anthouse Technology Co. Ltd., Pawly Inc., Shenzhen SmartPaw Pet Product Co. Ltd., SYBO TECH Singapore Pte. Ltd., Stanley Black & Decker Inc., Catalia Health Inc., Care Coach Inc., Catalix Ltd., Diligent Robotics Inc., F&P Robotics AG, Giraff Technologies AB, Hasbro Inc., Hstar Technologies Company Ltd., and Leka SAS.

North America was the largest region in the healthcare companion robots market share in 2023. The regions covered in the healthcare companion robots market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the healthcare companion robots market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The healthcare companion robots market consists of sales of nursing robots, sanitation robots, and exoskeletons. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.