Assistive Robotics (Physically, Socially, Mixed Assistive) Market - Global Forecast to 2024 - ResearchAndMarkets.com

DUBLIN--()--The "Assistive Robotics Market by Mobility, Type (Physically, Socially, Mixed Assistive), Application (Elderly Assistance, Companionship, Handicap Assistance, Surgery Assistance, Industrial, Defense, Public Relations), and Geography - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The Assistive Robotics Market is Expected to Grow from USD 4.1 Billion in 2019 to USD 11.2 Billion by 2024, at a CAGR of 22.3%

One of the major driving factors for the assistive robotics market is the rising insurance coverage for medical exoskeletons and robotic surgeries. Also, the worldwide increase in the number of people suffering from strokes and spinal cord injuries has resulted in an increasing demand for assistive robots such as exoskeletons.

Hence, increasing prevalence of strokes and spinal cord injuries is another key factor driving the growth of the assistive robotics market. However, the necessity to abide by various standards and certifications, especially in the medical industry acts as a key restraining factor for the market growth.

Assistive robotics market for mobile robots to grow at higher CAGR during the forecast period

Mobile assistive robots are usually controlled by software and use sensors to identify their surroundings. A few of these systems are embedded with artificial intelligence technology, which allows them to navigate their surroundings. These systems are mainly used in applications such as elderly assistance, companionship, and public relations. As the geriatric population is on the rise worldwide, the demand for elderly assistance and companionship robots is likely to increase. Also, companies are now increasingly employing public relation robots in office spaces. These factors are expected to drive the market for mobile assistive robots in the coming years.

The market for physically assistive robots to grow at the highest CAGR from 2019 to 2024

The market for physically assistive robots is expected to grow at the highest CAGR during the forecast period. Physically assistive robots are used to improve the independence and quality of life of individuals with disabilities. These assistive systems are also used for rehabilitation purposes in clinics and defense applications in the form of exoskeletons. The increasing cases of spinal cord injuries and various governments' focus on using exoskeleton technology in the defense application is expected to drive the market for physically assistive robots in the coming years.

The market in APAC to grow at a significant CAGR during the forecast period

The market in APAC is expected to grow at the highest CAGR during the forecast period. APAC, being a major market, contains a diverse range of economies with varying levels of development and the presence of various manufacturers. This region has become a global fulcrum for large investments and business expansion opportunities, owing to the fast-growing adoption of assistive robots for elderly assistance and public relations applications. Also, the shortage of care attendants, coupled with the rising geriatric population, is expected to propel the demand for assistive robots in APAC.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview

5.1 Introduction

5.2 Market Dynamics

5.2.1 Drivers

5.2.1.1 Increasing Prevalence of Strokes and Spinal Cord Injuries

5.2.1.2 Rising Insurance Coverage for Medical Exoskeletons and Robotic Surgeries

5.2.2 Restraints

5.2.2.1 Necessity to Abide by Various Standards and Certifications, Especially in Medical Industry

5.2.3 Opportunities

5.2.3.1 Increase in Funding Worldwide for Research on Assistive Robotics

5.2.3.2 Rise in Geriatric Population Globally

5.2.4 Challenges

5.2.4.1 Lack of Social Awareness About Benefits of Adopting Assistive Robotic Systems

5.2.4.2 Risk of Injuries and Accidents Associated With Assistive Robots

5.3 Value Chain Analysis

6 Assistive Robotics Market, By Mobility

6.1 Introduction

6.2 Stationary

6.2.1 Stationary Assistive Robotic Systems are Mostly Used in Household and Medical Applications

6.3 Mobile

6.3.1 Mobile Assistive Robotic Systems are Majorly Used in Applications Such as Elderly Assistance and Companionship

7 Assistive Robotics Market, By Type

7.1 Introduction

7.2 Physically Assistive Robots

7.2.1 Increasing Cases of Spinal Cord Injuries and the Shifting Focus of Governments on Exoskeletons in the Defense Sector is Likely to Drive the Market for Exoskeleton Robots

7.3 Socially Assistive Robots

7.3.1 Rise in the Elderly Population is Expected to Act as A Key Driving Factor for Growth of Market for Companion Robots

7.3.2 Increasing Applications of Artificial Intelligence is Likely to Be Major Driving Factor Impelling Growth of Public Relation Robots

7.4 Mixed Assistive Robots

7.4.1 Elderly Care Robots are Used to Provide Comprehensive and Cost-Effective Support to Elderly

7.4.2 Surgical Robots Account for A Large Share of Assistive Robotics Market Due to Increasing Number of Laparoscopic Surgeries Globally

7.4.2.1 Laparoscopic Robotic Systems

7.4.2.2 Orthopedic Robotic Systems

7.4.2.3 Neurosurgical Robotic Systems

8 Assistive Robotics Market, By Application

8.1 Introduction

8.2 Surgery Assistance

8.2.1 People are Moving Toward Adoption of Robot-Assisted Surgeries Due to Various Advantages They Offer

8.3 Public Relation

8.3.1 Deployment of Assistive Robots for Public Relation Applications is on Rising and is Expected to Garner Significant Market Share in Coming Years

8.4 Handicap Assistance

8.4.1 With Technological Advancements and Evolution of Artificial Intelligence, Deployment of Assistive Robotic Systems in Healthcare Industry has Become Easy

8.5 Elderly Assistance

8.5.1 Demand for Assistive Robots for Elderly Care Application is Likely to Grow at Substantial Rate, Enhancing Opportunity of Mobility and Promoting Independence

8.6 Industrial

8.6.1 Due to Their Numerous Advantages, Various Manufacturing Companies have Started Adopting Assistive Technologies on Large Scale

8.7 Companionship

8.7.1 With People Across World Living Longer, and Most of Them Staying Alone, Assistive Robots Can Be Deployed as Companions to Help Senior Citizens Stay Mentally and Socially Engaged

8.8 Defense

8.8.1 Use of Exoskeletons has Helped Reduce Metabolic Cost and Helped Soldiers Carry Heavy Armors

8.9 Others

9 Geographic Analysis

Company Profiles

Key Players

  • Kinova Robotics
  • Focal Meditech
  • Softbank Robotics
  • Cyberdyne
  • Intuitive Surgical
  • EKSO Bionics
  • Ubtech Robotics
  • Barrett Technology
  • Rewalk Robotics
  • Hyundai

Other Players

  • Stryker Corporation
  • Hocoma
  • Blue Frog Robotics
  • Dreamface Technologies
  • Double Robotics
  • Fourier Intelligence
  • CT Asia Robotics
  • Intuition Robotics
  • Mojin Robotics
  • F&P Robotics

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Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com

For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900