PUBLISHER: The Business Research Company | PRODUCT CODE: 1464106
PUBLISHER: The Business Research Company | PRODUCT CODE: 1464106
Healthcare assistive robots are sophisticated machines engineered to aid individuals with disabilities, the elderly, or those in need of care by offering assistance with mobility, patient monitoring, and rehabilitation exercises. These robots play a crucial role in healthcare delivery by supporting physical tasks, providing companionship, and facilitating remote health monitoring and communication. As a result, they enhance quality of life, promote independence, and alleviate the workload of healthcare professionals.
The primary categories of healthcare assistive robots include care robots and surgical assistive robots. Care robots are tailored to aid in patient care, offering assistance with daily activities, emotional interaction, and health monitoring. They come in various forms, ranging from fixed-base to mobile devices. These robots find application across diverse settings, including hospitals, clinics, ambulatory surgical centers, and other healthcare facilities.
The healthcare assistive robot market research report is one of a series of new reports from The Business Research Company that provides healthcare assistive robot market statistics, including healthcare assistive robot industry global market size, regional shares, competitors with a healthcare assistive robot market share, detailed healthcare assistive robot market segments, market trends and opportunities, and any further data you may need to thrive in the healthcare assistive robot industry. This healthcare assistive robot 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 assistive robot market size has grown exponentially in recent years. It will grow from $1.09 billion in 2023 to $1.32 billion in 2024 at a compound annual growth rate (CAGR) of 20.7%. The growth observed during the historical period can be attributed to several factors, including the aging population, a rise in chronic disease prevalence, supportive regulatory measures and funding, increasing disposable income levels, a surge in sports-related injuries, and the growth of medical tourism in developing economies.
The healthcare assistive robot market size is expected to see exponential growth in the next few years. It will grow to $2.75 billion in 2028 at a compound annual growth rate (CAGR) of 20.2%. The projected growth in the forecast period can be attributed to several key factors, including labor shortages in healthcare, escalating healthcare costs, a heightened emphasis on patient care, increased awareness of assistive needs, and the expansion of telemedicine services. Major trends anticipated in the forecast period encompass technological advancements, particularly in mobility solutions, the integration of AI and machine learning into healthcare robotics, advances in human-robot interaction capabilities, and innovation in wearable technologies.
The anticipated rise in the incidence of orthopedic disorders is poised to drive the growth of the healthcare assistive robot market in the foreseeable future. Orthopedic disorders encompass a wide array of conditions affecting the musculoskeletal system, including bones, joints, ligaments, tendons, muscles, and nerves. Healthcare assistive robots tailored for orthopedic disorders play a pivotal role in supporting mobility, aiding in rehabilitation, and conducting precise surgical procedures, thereby significantly enhancing patient care and recovery. For instance, data from the Institute for Health Metrics and Evaluation (IHME), a US-based research institution, projects that nearly 1 billion people will experience osteoarthritis by 2050, with knee cases expected to increase by 75% and hand cases by 50%. Consequently, the escalating prevalence of orthopedic disorders is serving as a key driver for the growth of the healthcare assistive robot market.
Prominent companies operating in the healthcare assistive robot market are actively engaged in developing innovative technologies to bolster their market presence and profitability. One such technological advancement is gait therapy software, specifically designed to enhance mobility and rehabilitation outcomes through guided walking exercises. For example, Ekso Bionics Holdings Inc., a leading US-based robotic exoskeleton manufacturer, unveiled the GaitCoach Software for EksoNR in January 2024. This groundbreaking software, tailored for clinical rehabilitation wearable robots such as EksoNR, revolutionizes gait therapy by offering personalized sessions tailored to individual patient needs. Moreover, it provides real-time, dynamic feedback and precise guidance akin to that of an additional clinical observer. This innovative software, succeeding the SmartAssist, significantly enhances the integration of robotics in rehabilitation, as evidenced by its intuitive interface, with 96% of experienced EksoNR users finding it highly intuitive, and 93% appreciating its guidance for simplifying usage.
In December 2022, Ekso Bionics Holdings Inc., a leading US-based manufacturer of robotic exoskeletons, completed the acquisition of a human motion and control business unit, including the indigo product line, from Parker Hannifin Corporation, for an undisclosed sum. This strategic move enables Ekso Bionics to diversify its exoskeleton offerings into the home use market segment, fostering collaboration with Vanderbilt University as a key partner. Additionally, the acquisition facilitates the consolidation of premier lower extremity robotics firms, enhancing Ekso Bionics' medical solutions with advanced technology and specialized expertise. Parker Hannifin Corporation, also headquartered in the United States, is recognized for its motion and control technologies, including healthcare robotics, making this acquisition a strategic fit for Ekso Bionics' expansion and innovation objectives.
Major companies operating in the healthcare assistive robot market report are HONDA Motor Co. Ltd., Johnson & Johnson, Medtronic PLC, ABB Ltd., Stryker Corporation, TE Connectivity Ltd., Zimmer Biomet Holdings Inc., Fanuc Corporation, Intuitive Surgical Inc., KUKA AG, OmniCell Inc., Globus Medical Inc., SoftBank Robotics Group Corp., Kinova Inc., CMR Surgical Ltd., Diligent Robotics Inc., Cyberdyne Inc., Ekso Bionics Holdings Inc., AlterG Inc., Titan Medical Inc., ReWalk Robotics Ltd., Focal Meditech BV, Barrett Technology, Rex Bionics Ltd., Bionik Laboratories Corp.
North America was the largest region in the healthcare assistive robot market in 2023. The regions covered in the healthcare assistive robot market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the healthcare assistive robot market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The healthcare assistive robot market consists of revenues earned by entities by providing services such as patient care and monitoring, assistance with daily activities, surgical assistance, telepresence and remote care, disinfection and sanitation, physical therapy, and rehabilitation. The market value includes the value of related goods sold by the service provider or included within the service offering. The healthcare assistive robot market also includes sales of mobility assistance robots, patient transfer robots, prosthetic and orthotic robots, telepresence robots, surgical robots, rehabilitation robots, social assistance robots, disinfection robots, medication dispensing robots, and diagnostic robots. 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.
Healthcare Assistive Robot 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 assistive robot 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.
Where is the largest and fastest growing market for healthcare assistive robot ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The healthcare assistive robot 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.
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The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.