Assistive Robotics Market: Current Analysis and Forecast (2022-2028)

Assistive robotics refers to the use of robotic technology to provide assistance and support to people with disabilities, older adults, or those who require assistance with daily activities. These robots are designed to assist with physical tasks, such as mobility, eating, and grooming, as well as cognitive tasks, such as memory and decision-making. Assistive robots can take on many forms, including humanoid robots, mobile robots, exoskeletons, and prosthetics. They are equipped with various sensors, such as cameras, microphones, and touch sensors, and are programmed with intelligent algorithms that enable them to understand and respond to human commands.

The assistive robotics market is expected to grow at a strong CAGR of 22% during the forecast period owing to factors such as the growing population. The market is mainly driven by factors such as growing advancements in technology. The development of new technologies, such as artificial intelligence, machine learning, and advanced sensors, has created more advanced and sophisticated assistive robots. Furthermore, In some industries, such as healthcare and personal care, there is a shortage of skilled workers to provide care for individuals with disabilities or limitations. Assistive robotics can help fill this gap and provide support to these individuals. Moreover, the rising healthcare expenditure is also expected to drive the market during the analysis time period. For instance, according to OECD, the average healthcare expenditure grew by 5% in 2020.

Based on mobility, the market is segmented into mobile and stationery. Stationary robots are expected to dominate the assistive robots market in 2021. Factors such as the cost-effectiveness of stationary assistive robots are expected to drive the market during the forecast period. Stationary assistive robots can be less expensive than mobile robots because they do not require the same level of mobility and navigation technology. This makes them more accessible to smaller businesses and organizations. Moreover, stationary assistive robots can be safer in certain environments than mobile robots. For example, in a manufacturing facility with heavy machinery and dangerous equipment, it may be safer to have stationary robots perform tasks in a fixed location rather than risk collisions or accidents with mobile robots.

Based on type, the market is categorized into socially assistive robots, physically assistive robots, and mixed assistive robots. During the forecast period, the physically assistive robots segment is expected to grow with the highest CAGR. The major driving factors of the market include the aging population. With an aging population, there is a growing need for physical assistance in daily activities, such as getting in and out of bed, bathing, and dressing. Physically assistive robots can help people with mobility issues to perform these tasks more easily and with greater independence.

On the basis of application, the market is segmented into elderly assistance, surgery assistance, handicap assistance, defense, industrial, companionship, and others. The elderly assistance segment is expected to achieve the largest market share and maintain similar growth during the forecast period. The growth of the segment can be attributed to the growing demand for elderly healthcare around the world. Furthermore, by providing physical assistance, robots can help improve the quality of life for people with disabilities or age-related mobility issues, enabling them to maintain their independence and participate in daily activities more easily.

For a better understanding of the market adoption of the assistive robotics industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, UK, Netherlands, France, Norway, Switzerland, Denmark, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), Rest of World. The Asia Pacific region is expected to be the fastest-growing region of the assistive robotics market. The region's rapid growth is primarily driven by the increasing aging population, rising demand for independent living, and advancements in robotics technology. Countries like Japan, China, and South Korea are investing heavily in the development of assistive robotics to support their aging populations. Additionally, the region's fast-growing economies are driving demand for automation in various industries, including healthcare and manufacturing, which is further fueling the growth of the assistive robotics market. Furthermore, the increasing adoption of assistive technologies by individuals with disabilities is also contributing to the market's growth in the region. With these growth drivers in place, the Asia Pacific region is expected to continue its dominance in the global assistive robotics market in the coming years.

Some of the major players operating in the market include: Kinova inc; Ekso Bionics; CYBERDYNE INC; Focal Meditech; ReWalk Robotics; Hocoma; Fourier Intelligence; F&P Robotics AG; Hyundai Motor Company; and SoftBank Robotics.