Healthcare Assistive Robot Market to Reach $38,367.65 Million, Globally, by 2031 at 16.5% CAGR: Allied Market Research
Increase in prevalence of spinal cord injury and musculoskeletal disorders and increasing geriatric population suffering from orthopedic disorder drives the growth of the global Healthcare Assistive Robot Market
PORTLAND, Ore., Jan. 24, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Healthcare Assistive Robot Market by Type (Surgical Assistive Robot and Care Robot), Portability (Fixed base and Mobile), and End User (Hospitals and Clinics, Rehabilitation Centers, and Others) and Region (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2031" According to the report, the global healthcare assistive robot industry generated $8,316.23 million in 2021, and is estimated to reach $ 38,367.65 million by 2031, witnessing a CAGR of 16.5% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
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Drivers, Restraints, and Opportunities-
Increase in investment by players in R&D and presence of robust pipeline candidates rise in sports-related injuries and increase in adoption of healthcare assistive robots in rehabilitation therapies drives the growth of the global Healthcare Assistive Robot Market. On the other hand, strict regulatory rules and high cost impede the growth to some extent. However, growth potential of emerging economies is expected to create lucrative opportunities in the industry.
- Interest in robots, drones, and artificial intelligence has surged as a result of the novel coronavirus. Thus, impacting the growth of the healthcare assistive robot industry positively.
- Moreover, rise in growth strategies by the major key players has helped the market recover post-pandemic.
The surgical assistive robot segment to rule the roost-
By type, the surgical assistive robot segment held the major share in 2021, garnering around half of the global healthcare assistive robot market revenue owing to the introduction of highly advanced robotic medical equipment and the increase in per-capita healthcare spending along with ongoing technological developments, including robotic catheter control systems (CCS), data recorders, data analytics, remote navigation, motion sensors, 3D-imaging, and HD surgical microscopic cameras. The care robot segment would showcase the fastest CAGR of 18.6% during the forecast period. the development of several technological innovations to help and decrease the load on professionals, unpaid caregivers, and patients, thus driving the segment growth.
The fixed base segment to maintain its dominance during the forecast period-
By portability, the fixed base segment contributed to the highest share in 2021, accounting for around one-fourth of the global healthcare assistive robot market revenues. owing to increase in use of these robots in the healthcare industry because of their expressive motions, dependable productivity, consistent precision, efficacy in challenging environments, and ability to withstand collisions and stress. The mobile segment would showcase the fastest CAGR of 17.5% throughout the forecast period. This is attributed to most of the companion robots are available in mobile robots which increases the demand of mobile robot, thereby boost the market growth.
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The hospitals and clinics segment to dominate by 2031
By end user, the hospitals and clinics segment accounted for nearly two-thirds of the global healthcare assistive robot market share in 2021, and is expected to rule the roost by 2031.owing to growing government initiatives to build senior care facilities around the world and rising consumer demand for better senior healthcare facilities in hospitals. The other segment would display the fastest CAGR of 17.9% throughout the forecast period. This is due to the rise in geriatric population along with increase in prevalence of target diseases such as dementia and Alzheimer's.
North America garnered the major share in 2021-
By region, North America garnered the highest share in 2021, holding nearly half of the global healthcare assistive robot market revenue in 2021, and is projected to retain its dominance by 2031.This is attributed to rising incidence of bone injuries, increase in investment in healthcare, growing awareness among the people regarding innovative and advanced use of robotics. The Asia-Pacific region would portray the fastest CAGR of 18.5% during the forecast period. Rapid surge in population and rise in the economy of Asia-Pacific have propelled the market growth.
Leading Market Players-
- Barrett Technology, LLC
- Bionik Laboratories
- Cyberdyne, Inc.
- Ekso Bionics Holdings, Inc.
- Focal Meditech
- GaitTronics Inc.
- Hocoma AG
- HONDA Motor Co. Ltd.
- KUKA AG
- ReWalk Robotics Ltd.
- Intuitive Surgical, Inc.
The report analyzes these key players in the global healthcare assistive robot market. These players have adopted various strategies such as product launch, product approval and acquisition to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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