Geriatric Population to Procure 40% Market Share for Healthcare Companion Robots Market: FMI Study
During the forecast period 2023-2033, the Healthcare Companion Robots Market is expected to grow at a value of 18% CAGR, according to Future Market Insights. By the year 2033, the global market for healthcare companion robots is expected to rise up to a market valuation of US$ 11.73 Billion. Companion robots are created with a purpose of offering a companionship to humans. These robots assist people especially elderly population in their daily activities and helps to improve their lives.
With increasing geriatric population and rising prevalence of diseases such as Alzheimer’s; dementia, etc., the demand of companion robots is likely to increase over a forecast period. Various robots are being developed which help people suffering from such disorders to live normal life. For instance, Ryan, a companion robot outfitted with artificial intelligence technology is designed to assist the aging population, specifically those struggling with Alzheimer’s. Also, it is equipped with cognitive games to keep the brain active and helps recognize who it interacts with and carry-on conversations. In addition, the increasing incidences of depression is fueling market growth.
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Furthermore, with the outbreak of COVID-19, the prevalence of loneliness raised, which positively impacted the demand for companion robot. Paro, a companion robot approved by the FDA as an insured cost for patients is used to assist people with depression, anxiety, and other conditions. These robo-seals are provided in free to licensed nursing homes and in around 28 nursing homes in Washington State have started using them since last year.
In addition, various initiatives undertaken by market players to provide innovative solutions is anticipated to drive the growth of the market during the forecast period. Furthermore, integration of advanced technologies to improve the healthcare outcome is expected to boost the market in upcoming years.
Key Takeaways from the Market Study
- In 2023, Asia Pacific is expected to dominate the healthcare companion robots market with a share of 50%.
- North America is expected to possess 41% market share for healthcare companion robots market in 2023.
- By type, the humanoid segment is expected to hold the largest share of nearly 75% in 2023.
- By age-group, the geriatric segment is expected to hold the largest share of 40% in 2023.
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“Advancement in technology along with increase in dependency on robots especially by the geriatric and disabled population is favoring growth of the healthcare companion robots market.” comments a Future Market Insights analyst.
Some prominent players in the global healthcare companion robots market include Blue Frog Robotics & Buddy ASUS, Intuition Robotics, inGen Dynamics, PARO Robots U.S., Inc, No Isolation, Luvozo, Honda Robotics, Hanson Robotics, Ubtech, Emotix and Jibo
- For instance, in March 2022, Intuition Robotics launched ElliQ, a digital care companion. It is designed to help older adults to be more physically active and socially engaged and enable them to have happier, more independent lives.
- Intuition Robotics, a key player in the healthcare companion robots market is focusing on innovating robots that help the geriatric population fight loneliness. Thus, the company is researching on required emotional intelligence and integrating the same through artificial intelligence in the robots.
More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global healthcare companion robots market, presenting historical analysis from 2018 to 2022 and forecast statistics for the period of 2023-2033.
The study reveals essential insights on the basis of type (Animal-like and Humanoid), age group (Children, Adult, Geriatric) and regions (North America, Latin America, Europe, South Asia, East Asia, Oceania, MEA).
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Key Segments Profiled in the Healthcare Companion Robots Industry Survey
- North America
- Latin America
- South Asia
- East Asia
- Middle East & Africa
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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