The future of healthcare is getting a friendly face! The Healthcare Companion Robots Market is on track for a significant surge, with a projected value of USD 11.73 billion by 2033. This translates to a remarkable 18% CAGR (Compound Annual Growth Rate) from 2023. This significant leap builds upon a solid foundation. The market for healthcare companion robots already experienced a steady 10% CAGR from 2018 to 2022.
With the increasing geriatric population and rising prevalence of diseases such as Alzheimer’s; dementia, etc., the demand for companion robots is likely to increase over a forecast period. Various robots are being developed which help people suffering from such disorders to live a normal life. For instance, Ryan, a companion robot outfitted with artificial intelligence technology is designed to assist the aging population, specifically those struggling with Alzheimer’s. Also, it is equipped with cognitive games to keep the brain active and helps recognize who it interacts with and carry-on conversations. In addition, the increasing incidences of depression is fueling market growth.
Furthermore, with the outbreak of COVID-19, the prevalence of loneliness rose, which positively impacted the demand for companion robots. Paro, a companion robot approved by the FDA as an insured cost for patients is used to assist people with depression, anxiety, and other conditions. These robo-seals are provided in free-to-licensed nursing homes and around 28 nursing homes in Washington State have started using them since last year.
In addition, various initiatives undertaken by market players to provide innovative solutions are anticipated to drive the growth of the market during the forecast period. Furthermore, the integration of advanced technologies to improve healthcare outcomes is expected to boost the market in upcoming years.
Key Takeaways from the Healthcare Companion Robots Market Study
- In 2023, Asia Pacific is expected to dominate the healthcare companion robots market with a share of 50%.
- North America is expected to possess a 41% market share in the healthcare companion robots market in 2023.
- By type, the humanoid segment is expected to hold the largest share of nearly 75% in 2023.
- By age group, the geriatric segment is expected to hold the largest share of 40% in 2023.
“Advancement in technology along with increase in dependency on robots especially by the geriatric and disabled population is favoring growth of the healthcare companion robots market.” comments a Future Market Insights analyst.
Healthcare Companion Robots Market Competitive Landscape
Some prominent players in the global healthcare companion robots market include Blue Frog Robotics & Buddy ASUS, Intuition Robotics, inGen Dynamics, PARO Robots U.S., Inc, No Isolation, Luvozo, Honda Robotics, Hanson Robotics, Ubtech, Emotix and Jibo
- For instance, in March 2022, Intuition Robotics launched ElliQ, a digital care companion. It is designed to help older adults to be more physically active and socially engaged and enable them to have happier, more independent lives.
- Intuition Robotics, a key player in the healthcare companion robots market is focusing on innovating robots that help the geriatric population fight loneliness. Thus, the company is researching on required emotional intelligence and integrating the same through artificial intelligence in the robots.
More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global healthcare companion robots market, presenting historical analysis from 2018 to 2022 and forecast statistics for the period of 2023-2033.
The study reveals essential insights based on type (Animal-like and Humanoid), age group (Children, Adult, Geriatric) and regions (North America, Latin America, Europe, South Asia, East Asia, Oceania, MEA).
Key Segments Profiled in the Healthcare Companion Robots Market Survey
Type:
- Animal-like
- Humanoid
Age-Group:
- Children
- Adult
- Geriatric
Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI is the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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