Healthcare Assistive Robot Market Poised to surpass $950 Million by 2024

HONDA Motor, Cyberdyne Inc., KUKA Robot Group, Hansen Medical, Bionik Laboratories Corp., Hocoma, Ekso Bionics, ReWalk Robotics, Inc., GaitTronics, and Kinova Robotics are the noteworthy players in healthcare assistive robot market.

Germany healthcare assistive robot market acquired more than 28% of the regional industry share in 2015 and will create notable growth avenue over the coming seven years, owing to the growing investment in research activities. In addition to this, many of the reputed companies have established their R&D base in Germany to develop robot-assisted technologies, which will favorably influence product demand.

Healthcare Assistive Robot Market is set to cross USD 950 million by 2024; as per a research study by Global Market Insights, Inc. The ever-growing geriatric population across the globe is one of the key drivers influencing the growth of healthcare assistive robot market. Rising medical care demands from the physically disabled patient base is another pivotal factor favoring the healthcare assistive robot industry trends.

In recent times, technological innovations have resulted in the introduction of accurately featured assistive robots that can be customized suitably in accordance with the patient requirements. As per the report by Global Market Insights, Inc., “Healthcare assistive robot market will record an annual growth rate of 18.9% over the coming years of 2016 to 2024.” Moreover, the shortage of skilled caretakers is also pushing the growth of healthcare assistive robot market significantly.

Sports, orthopedics, stroke, and cognitive & motor skills are the prominent application segments of healthcare assistive robot market. Stroke applications generated a revenue of more than USD 70 million in 2015 and is anticipated to surpass a revenue collection of USD 355 million by 2024. The revenue projection can be attributed to the increasing aging population, rising prevalence of neurological disorders, and technological enhancement in rehabilitation robotics.

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Taking into account the portability criteria, mobile operated healthcare assistive robot market is expected to show a whooping growth curve in the years ahead, at a lucrative annual rate of 19.5% over the period of 2016-2024. These robots are programmed to perform specific tasks and are easily controlled by remotes. They are often integrated with many devices, including smartphones, PCs, and tablets.

Based on the product, healthcare assistive robot industry is mainly divided into socially assistive, rehabilitation, humanoid, and surveillance & security. Surveillance & security product segment was worth USD 39 million in 2015 and will register a CAGR of 18.2% over the coming years of 2016 to 2024, owing to the surging requirement of skilled caretakers and homecare services for the aging generation.

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Rehabilitation accounted for over 42% of the global revenue share in the product landscape of healthcare assistive robot industry in 2015 and is predicted to witness an annual growth rate of more than 19% over the coming seven years. Driven by the ongoing research activities and technological developments pertaining to the robotics sector, healthcare assistive robots market from rehabilitation will witness a remarkable surge. These robots are mainly used to assist the stroke patients, the number of which is rising significantly across the globe.

Considering the regional landscape, Japan healthcare assistive robot market will surpass a revenue generation of USD 97 million by 2024 with an annual growth rate of more than 22% over the period of 2016 to 2024. Promising government support and initiations to innovate new artificial intelligence technologies along with favorable regulation norms enforced by prominent governmental organization such as the Robot Revolution Realization Council will favor the regional growth.

U.S. healthcare assistive robot industry accounted for over 85% of the North America revenue share in 2015 and will collect a revenue of more than USD 310 million by 2024. The attributing factors toward the market growth are surging implementation of technically enhanced equipment, supportive governmental plans, and the ever-growing geriatric population base.

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China healthcare assistive robot industry size has collected a revenue of USD 12 million in 2015 and is anticipated to generate a revenue of more than USD 60 million by 2024, primarily driven by the increasing adoption of instrument based services, in addition to the lack of skilled physiotherapists and caretakers. The aging population pool requiring healthcare assistive robots as personal caretakers across this region is on a rapid high, which is anticipated to push industry size noticeably over the years ahead.

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