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
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)
Mobility Outlook (Revenue, USD Billion; 2018–2028)
Application Outlook (Revenue, USD Billion; 2018–2028)
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Regional Outlook (Revenue, USD Billion; 2018–2028)
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