Rapidly increasing geriatric population, advancements in Artificial Intelligence, and surging prevalence of autism are some key factors driving market revenue growth
Market Size – USD 5.05 Billion in 2020, Market Growth – at a CAGR of 22.1%, Market Trends – Advancements in technology
The global assistive robotics market size is expected to reach USD 25.16 billion in 2028 and register a CAGR of 22.1% over the forecast period, according to the latest report by Reports and Data. Recent advancements in Artificial Intelligence (AI) and robotics are some key factors expected to drive market revenue growth. Also, a number of companies are currently offering insurance coverage for robotic surgeries and medical exoskeletons.
Assistive robotics can help babies, people with disabilities, and elderly users to cope with everyday situations, which they are unable to accomplish. These robotics have smart sensors and algorithms to take decisions independently, navigate autonomously, and interact with individuals.
Technological advancements have led to increasing adoption of AI in robotics. AI has allowed assistive robotics to learn a variety of tasks. Next-generation robotics will include machine vision, speech and voice recognition, gesture control, and tactile sensors. Assistive robotics equipped with AI can become more efficient with the introduction of novel features.
The geriatric population is facing major issues of loneliness and social isolation. Mobile Robotic Telepresence (MRT) systems have exhibited generation of positive social interactions with elderly individuals. These systems enable relatives and workers to visit elderly individuals more often, irrespective of location. Hence, assistive robotics are expected to register high demand among older members of the population. In addition, assistive robotics are extensively utilized in the healthcare sector by surgeons as these can improve flexibility, control, and precision during operations. These solutions help surgeons to see clearly, unlike traditional techniques.
Some players in the market include Focal Meditech, ReWalk Robotics, Kinova Robotics, Intuitive Surgical, Barrett Technology, Stryker, Ekso Bionics, Hyundai, Cyberdyne, and DreamFace Technologies.
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Some Key Highlights From the Report
- In May 2021, the School of Social Work at Texas A&M University-Commerce announced a collaborative partnership between its Robot Living Lab and Invento Research, Inc. Robot Living Lab was established in January 2020 to gain a better understanding of human-robot interaction. This partnership will focus on the development of empirically-based models to integrate assistive robots in human lives.
- Socially assistive robots segment revenue is expected to register a rapid growth rate during the forecast period. These robots are considered to be important for the diagnosis and treatment of autism. Socially assistive robots can help patients with social interaction and include companions, pets, or service robots. Rising prevalence of autism has created high demand for accessible behavior therapy services, which in turn, is will support revenue growth of this segment.
- Mobile segment revenue is anticipated to expand at a rapid rate during the forecast period, owing to increased investment by companies and governments to develop smarter and more efficient robotics. Mobile assistive robotics are controlled by software and sensors to identify different surroundings. These are also equipped with AI for navigational purposes. Increasing implementation of social distancing norms in healthcare facilities amidst the COVID-19 pandemic is likely to bolster demand for mobile assistive robotics.
- During surgeries, assistive robotics allow doctors to perform different types of complex procedures with more flexibility, precision, and control, which is not possible with traditional techniques. Robotic surgery is generally associated with minimally invasive surgery and has been quickly adopted in the U.S. and Europe. Surgeons can now perform complex and delicate procedures that are otherwise very difficult or impossible.
- North America accounted for largest revenue share in 2020. Presence of major market players, emergence of local startups, and increased investment in healthcare sector for rehabilitation of patients are likely to drive market revenue growth in this region. INF Robotics, a U.S.-based company, for instance, launched new assistive robotics for helping elderly, disabled people, and war veterans to cut down on hospital visits.
For the purpose of this report, Reports and Data has segmented global assistive robotics market based on type, mobility, application, and region:
Type Outlook (Revenue, USD Billion; 2018–2028)
- Physically Assistive Robots
- Socially Assistive Robots
- Mixed Assistive Robots
Mobility Outlook (Revenue, USD Billion; 2018–2028)
Application Outlook (Revenue, USD Billion; 2018–2028)
- Surgery Assistance
- Elderly Assistance
- Handicap Assistance
- Public Relations
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Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA