The eldercare assistive robots market is expected to grow steadily at a CAGR of 12.4% over the forecast period. As of the year 2023, the market is valued at approximately US$ 2,508.1 million, and there are projections suggesting that it could potentially reach a value of US$ 8,096.3 million by the year 2033.
The demand for eldercare assistive robots is rising due to the increasing geriatric population in various regions. As per the UN report, 1 out of 6 people aged 65 and above is likely to face a demographic disaster shortly in the coming years. On the other hand, a survey conducted in Japan in 2012 states that the segment of the population aged 65 and above constituted around 22% in 2012, with projections foreseeing an impressive surge to about 40% by 2060. Hence, the eldercare assistive robots market share is likely to increase considerably during the forecast period.
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Factors like camera-enabled sensors that monitor the senior citizen as well as the privacy, comfort, and security ensured by these robots spur the demand for eldercare-assistive robots during the assessment period. Again, these robots fulfill the role of a medical practitioner while also providing human-like companionship to the patient. These eldercare-assistive robots can improve the health and psychological well-being of the elderly in numerous ways including reminding them of daily tasks and other important information- which would be a tremendous help to dementia patients.
“Increasing elderly population coupled with growing awareness of the benefits of using a eldercare-assistive robot will likely aid the global growth of the eldercare-assistive robots market over the forecast period,” says an FMI analyst.
Key Takeaways from the Eldercare Assistive Robots Market Report:
- High costs and lack of acceptance may stymie the eldercare-assistive robots market growth.
- The eldercare-assistive robots market in North America will account for 40% of the global market share during the forecast period.
- Asia Pacific’s eldercare-assistive robots market is anticipated to be the fastest growing market.
- The eldercare-assistive robots market in Europe will hold 23.1% of the overall market share.
- The start-ups in this market are focusing on product innovation and adoption of new technologies.
Leading Key Players:
- Paro Robots
- Aldebaran
- Togo Seisakusyo Corporation
- Hasbro
Recent Developments in the Eldercare Assistive Robots Market
- In November 2022, Labrador Systems revealed its plans to initiate the deployment of their novel assistive robots designed to provide aid to senior citizens and individuals requiring daily life support. This technology holds the potential to revolutionize elder care. The Labrador Retriever personal robot is geared toward simplifying the daily routines of seniors.
- In August 2022, UBTECH ROBOTICS CORP LTD organized a symposium centered on Fusing High Technology with the Elderly Care Service Sector, concurrently unveiling their Global Strategy for Intelligent Elderly Care.
- In February 2019, Togo North America decided to invest US$ 11.4 million and create 58 new jobs in Portland, Tenn.
- In April 2022, the German United Robotics Group acquired Softbank Robotics Europe in Paris. Aldebaran Robotics is a part of Softbank Robotics.
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More Insights into Eldercare-Assistive Robots Market Report
In its latest report, FMI offers an unbiased analysis of the global eldercare-assistive robotsmarket, providing historical data from 2017 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of product type (physically assistive robots, socially assistive robots), and region.
According to the latest FMI reports, based on region, the eldercare-assistive robotsmarket in North America will dominate the global marketplace. The target market in this region will account for 40% of the overall market share during 2022-2032. Rising adoption of advanced technology of eldercare-assistive robots, increasing rehabilitation healthcare industry, and favorable government initiatives propel the growth of the eldercare-assistive robotsmarket in North America.
Eldercare Assistive Robots Market Segmentation:
On the basis of Types:
- Physically Assistive Robots
- Socially Assistive Robots
By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
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