Assistive Robotics Market
Assistive Robotics Market Size, Share & Industry Analysis, By Type (Physically Assistive Robots, Socially Assistive Robots, Mixed Assistance Robots), By Application (Elderly Assistance, Companionship, Handicap Assistance, Surgery Assistance, Industrial, Defense, Public Relations), By End-user (Hospitals, Elderly Care Facilities, Homecare, Rehabilitation Centers), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa) - Share, Size, Outlook, and Opportunity Analysis, 2024-2031.
Market Overview:
The Assistive Robotics Market is expected to grow at a CAGR of 22.3% from 2024 to 2031. The market size is projected to reach XX USD by 2024 and YY USD by 2031.
North America emerges as the dominant region, driven by advanced healthcare infrastructure and increasing adoption of robotic technologies. Key metrics include rising investment in healthcare robotics and growing demand for elderly care solutions. The market for assistive robotics is rapidly expanding as a result of advances in artificial intelligence, machine learning, and sensor technology. The aging population, combined with a growing emphasis on enhancing the quality of life for people with impairments, has resulted in a high demand for assistive robotic solutions in a variety of applications.
Assistive Robotics Market Dynamics:
Market Trend: Integration of AI and machine learning enhancing assistive robot capabilities
Artificial intelligence (AI) and machine learning technology are rapidly being used in the assistive robotics industry. This integration significantly improves the capabilities of assistive robots, allowing them to do more complex jobs and interact more comfortably with humans. Advanced AI algorithms allow robots to detect speech, read emotions, and adjust to unique human requirements. For example, socially friendly robots may now engage in more meaningful conversations and offer personalised emotional support.
The global AI in healthcare market, which is closely tied to assistive robots, is estimated to be worth $45.2 billion by 2026, increasing at a 44.9% CAGR. This quick growth reflects the growing use of AI technologies in assistive robotics.
Market Driver: Aging population and increasing healthcare costs driving demand for assistive robots
The global demographic shift towards an older population is a primary driver of the Assistive Robotics market. According to the World Health Organisation, the fraction of the global population over 60 will nearly double between 2015 and 2050, from 12% to 22%. The ageing population has resulted in increased demand for healthcare and support services. Assistive robots provide a way to reduce burden on healthcare facilities and caretakers. The elderly population in the United States is expected to reach 95 million by 2060. This demographic trend, combined with rising healthcare expenditures, is prompting healthcare practitioners and people to consider novel solutions such as assistive robots.
The global healthcare robotics market, which includes assistive robots, is estimated to reach $25.7 billion by 2025, expanding at a CAGR of 21.5%.
Market Restraint: High initial costs and concerns over job displacement limiting market growth
The Assistive Robotics market faces issues such as high initial prices for robotic devices and worries about job displacement in the healthcare sector. A sophisticated assistive robot typically costs between $20,000 and $100,000, which is a major investment for both healthcare organizations and individual users. This high cost may be a barrier to adoption, especially in underdeveloped nations with small healthcare facilities. There are also concerns concerning the displacement of carers and healthcare personnel.
The robotic technology could replace up to 800 million people worldwide by 2030. These considerations add to worries regarding the use of assistive robotic technology, which may impede industrial expansion.
Segment Overview:
The Physically Assistive Robots segment dominates the Assistive Robotics market, accounting for over YY]% of the total market share.
The Physically Assistive Robots category has maintained its lead in the Assistive Robotics market, owing to rising demand for mobility aids and rehabilitation assistance. This category encompasses robotic exoskeletons, prosthetic limbs, and mobility aids. The global exoskeleton market, a critical component of physically assistive robots, is estimated to reach YY billion by 2027, with a CAGR of 26.3%.
In the rehabilitation industry, physically assistive robots have proven to be very beneficial to patient results. A study published in the Journal of NeuroEngineering and Rehabilitation found that robot-assisted gait training increased walking abilities in stroke patients by up to 30% compared to conventional therapy. As a result, robotic therapeutic equipment are being used in hospitals and rehabilitation institutions all over the world.
The aged care sector has also made substantial contributions to the creation of physically supportive robots. With the global population of 65 and older predicted to reach 1.5 billion by 2050, the demand for mobility assistance devices is increasing. Toyota and Honda have invested considerably in the development of advanced mobility robots for the elderly. Toyota's Human Support Robot (HSR), for example, was developed to assist with daily tasks such as picking up objects and opening curtains, demonstrating the potential of physically supportive robots to increase older people's freedom.
Regional Outlook:
North America leads the Assistive Robotics market, accounting for approximately 35% of the global market share.
North America's dominance in the Assistive Robotics market is due to its advanced healthcare infrastructure, large healthcare spending, and strong presence of key industry competitors. The United States, in particular, has been at the forefront of assistive robotics use and innovation. The healthcare robotics industry in the United States is anticipated to reach YY billion by 2025, at a CAGR of 15.7%.
The FDA's approval of numerous assistive robotic devices is one of the region's most recent achievements. For example, in 2022, Ekso Bionics got FDA approval for its EksoNR robotic exoskeleton for use in patients with acquired brain injury, broadening the scope of effective robotics in rehabilitation.
The North American rehabilitation robots market is expected to grow to YY million by 2025, with a CAGR of 13.1%. In the United States, more than half of hospitals with more than 200 beds have used surgical robotics systems, demonstrating that robotic technologies are becoming more popular in healthcare.
In terms of country-specific achievements, Canada has made great strides in assistive robotics research and development. The Canadian government has spent more than $200 million on AI and robotics research as part of its Pan-Canadian Artificial Intelligence Strategy, which promotes innovation in assistive technology. Furthermore, Canadian universities including the University of Toronto and McGill University have devoted research facilities to assistive robots, solidifying the region's leadership in this subject.
Competitive Intelligence:
The Assistive Robotics market is characterized by intense competition between established players and creative start-ups. Key market players are strengthening their position through R&D, strategic partnerships, and mergers and acquisitions.
Intuitive Surgical, Inc. has emerged as a prominent player in the surgical robots sector, claiming more than 80% of the global market. The company's da Vinci Surgical System has been widely embraced, with over 6,700 systems installed globally as of 2022. Intuitive Surgical reported annual sales of $5.71 billion in 2022, up 9% from the previous year.
Strategic relationships have been an important marketing approach. For example, in 2021, ReWalk Robotics teamed with Timwell Corporation to extend its presence in China, hoping to meet Asia's growing need for exoskeleton technologies.
Product innovation is a primary goal for companies in the assistive robotics industry. Cyberdyne Inc., a Japanese robotic exoskeleton manufacturer, has made considerable efforts in research and development to strengthen its HAL (Hybrid Assistive Limb) line. In 2022, the corporation allocated around 10% of its revenue to R&D.
In the future, the market for AI-powered assistive robots is likely to grow more competitive. SoftBank Robotics and Blue Frog Robotics are investing in socially supporting robots with superior AI capabilities, hoping to gain a larger portion of the booming aged care market.
Analyst Opinion:
The assistive robotics industry is at a crossroads, poised for fast growth as technological advancements meet with rising healthcare demand. The integration of AI and IoT technologies is predicted to transform assistive robot capabilities, making them more intuitive, adaptive, and effective in a wide range of applications.
The development of brain-computer interfaces (BCIs) for assistive robotics is an especially fascinating subject to watch. This cutting-edge technology enables the human brain to interface directly with robotic equipment, potentially providing persons with severe motor impairments unprecedented levels of autonomy and freedom. As research in this area continues, we should anticipate to see breakthrough applications that will have a big impact on the assistive robotics environment in the next few years.
Major Players:
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Intuitive Surgical, Inc.
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Cyberdyne Inc.
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ReWalk Robotics Ltd.
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Ekso Bionics Holdings, Inc.
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Hocoma AG
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Bionik Laboratories Corp.
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AlterG, Inc.
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Tyromotion GmbH
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Focal Meditech BV
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Kinova Inc.
Key Developments:
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May 2023: ReWalk Robotics got FDA approval for its ReStore exo-suit, which is intended for gait training during stroke recovery.
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In February 2023, Cyberdyne Inc. announced a cooperation with Brooks Rehabilitation to commercialise their HAL exoskeleton technology in the United States, broadening its global reach.
1. INTRODUCTION
1.1. Market Definitions & Study Assumptions
1.2. Market Research Scope & Segment
1.3. Research Methodology
2. EXECUTIVE SUMMARY
2.1. Market Overview & Insights
2.2. Segment Outlook
2.3. Region Outlook
3. COMPETITIVE INTELLIGENCE
3.1. Companies Financial Position
3.2. Company Benchmarking -- Key Players
3.3. Market Share Analysis -- Key Companies
3.4. Recent Companies Key Activities
3.5. Pricing Analysis
3.6. SWOT Analysis
4. COMPANY PROFILES (Key Companies list by Country) (Premium)
5. COMPANY PROFILES
5.1. Intuitive Surgical, Inc.
5.2. Cyberdyne Inc.
5.3. ReWalk Robotics Ltd.
5.4. Ekso Bionics Holdings, Inc.
5.5. Hocoma AG
5.6. Bionik Laboratories Corp.
5.7. AlterG, Inc.
5.8. Tyromotion GmbH
5.9. Focal Meditech BV
5.10. Kinova Inc. (LIST NOT EXHAUSTIVE)
6. MARKET DYNAMICS
6.1. Market Trends
6.1.1. Integration of AI and machine learning enhancing assistive robot capabilities
6.1.2. Development of brain-computer interfaces for assistive robotics
6.1.3. Increasing focus on collaborative robots in healthcare settings
6.2. Market Drivers
6.2.1. Aging population and increasing healthcare costs driving demand for assistive robots
6.2.2. Technological advancements in sensor technologies and materials science
6.2.3. Growing acceptance of robotics in healthcare and rehabilitation
6.3. Market Restraints
6.3.1. High initial costs and concerns over job displacement limiting market growth
6.3.2. Regulatory challenges and safety concerns
6.4. Market Opportunities
6.5. Porter's Five Forces Analysis
6.5.1. Threat of New Entrants
6.5.2. Bargaining Power of Buyers/Consumers
6.5.3. Bargaining Power of Suppliers
6.5.4. Threat of Substitute Products
6.5.5. Intensity of Competitive Rivalry
6.6. Supply Chain Analysis
6.7. Value Chain Analysis
6.8. Trade Analysis
6.9. Pricing Analysis
6.10. Regulatory Analysis
6.11. Patent Analysis
6.12. SWOT Analysis
6.13. PESTLE Analysis
7. BY TYPE (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
7.1. Physically Assistive Robots
7.1.1. Mobility assistance robots
7.1.2. Robotic prosthetics and exoskeletons
7.2. Socially Assistive Robots
7.2.1. Companion robots
7.2.2. Therapeutic robots
7.3. Mixed Assistance Robots
7.3.1. Multipurpose assistive robots
7.3.2. Hybrid assistance systems
8. BY APPLICATION (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
8.1. Elderly Assistance
8.1.1. Mobility support
8.1.2. Daily task assistance
8.2. Companionship
8.2.1. Social interaction robots
8.2.2. Emotional support robots
8.3. Handicap Assistance
8.3.1. Rehabilitation robots
8.3.2. Assistive devices for disabilities
8.4. Surgery Assistance
8.4.1. Surgical robots
8.4.2. Robotic surgical assistants
8.5. Industrial
8.5.1. Manufacturing assistance robots
8.5.2. Workplace safety robots
8.6. Defense
8.6.1. Military exoskeletons
8.6.2. Assistive robots for veterans
8.7. Public Relations
8.7.1. Customer service robots
8.7.2. Information assistance robots
9. BY END-USER (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
9.1. Hospitals
9.1.1. Surgical departments
9.1.2. Rehabilitation units
9.2. Elderly Care Facilities
9.2.1. Assisted living centers
9.2.2. Nursing homes
9.3. Homecare
9.3.1. Personal assistance robots
9.3.2. Smart home integration
9.4. Rehabilitation Centers
9.4.1. Physical therapy robots
9.4.2. Cognitive rehabilitation robots
10. REGION (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
10.1. North America
10.1.1. United States
10.1.2. Canada
10.1.3. Mexico
10.2. South America
10.2.1. Brazil
10.2.2. Argentina
10.2.3. Rest of South America
10.3. Europe
10.3.1. Germany
10.3.2. United Kingdom
10.3.3. France
10.3.4. Italy
10.3.5. Spain
10.3.6. Russia
10.3.7. Rest of Europe
10.4. Asia-Pacific
10.4.1. China
10.4.2. Japan
10.4.3. India
10.4.4. Australia
10.4.5. South Korea
10.4.6. Rest of Asia-Pacific
10.5. Middle-East
10.5.1. UAE
10.5.2. Saudi Arabia
10.5.3. Turkey
10.5.4. Rest of Middle East
10.6. Africa
10.6.1. South Africa
10.6.2. Egypt
10.6.3. Rest of Africa
*NOTE: All the regions mentioned in the scope will be provided with (MARKET SIZE/VALUE (US$ Mn), SHARE (%), MARKET FORECAST (%), YOY GROWTH (%)-- 2020-2031)
Assistive Robotics Market Segmentation:
By Type:
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Physically Assistive Robots
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Socially Assistive Robots
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Mixed Assistance Robots
By Application:
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Elderly Assistance
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Companionship
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Handicap Assistance
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Surgery Assistance
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Industrial
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Defense
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Public Relations
By End-user:
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Hospitals
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Elderly Care Facilities
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Homecare
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Rehabilitation Centers
By Region:
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North America
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Europe
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Asia-Pacific
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Latin America
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Middle East & Africa
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