Global assistive robotics market size to record 22.3% CAGR through 2027
According to the research report titled ‘Global Assistive Robotics Market Size study with COVID-19 impact, by Mobility (Stationery and Mobile), by Type (Physically Assistive Robots. Socially Assistive Robots and Mixed Assistive Robots), by Application (Surgery Assistance, Handicap Assistance, Elderly Assistance, Public Relation, Industrial, Companionship, Defense and Others) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global assistive robotics market garnered a valuation of USD 4.10 billion in 2019 and is projected to record a y-o-y growth rate of 22.3% during 2020-2027.
The ability of assistive robots to improve the quality of life of elderly individuals, along with booming geriatric populace are stimulating the growth of global assistive robotics market. As per WHO (World Health Organization), the number of people aged 65 years or more was recorded to be 524 million in 2010 and is expected to cross 1.6 billion in 2050.
For those unversed, a robot is a mechanical and digital smart agent which performs certain tasks independently through programming or faraway manipulation. Notably, assistive robots help babies, the elderly, people with disability, and can be used for business purposes also. They have smart algorithms and sensors to interact with individuals in order to navigate autonomously as well as take decisions independently.
Despite the promising growth trajectory of global assistive robotics industry, mandatory standards and certifications, specifically in medical sector are likely to hamper the remuneration scale. In addition, the COVID-19 pandemic has negatively impacted the market due to slowdown in manufacturing of robots and limited supply of raw materials.
Based on mobility, worldwide assistive robotics market is categorized into mobile and stationary. Speaking of type, the industry is split into socially assistive robots, mixed assistive robots, and physically assistive robots. With respect to application spectrum, the market is divided into defense, companionship, industrial, public relation, elderly assistance, handicap assistance, surgery assistance, and others.
Considering the geographical landscape, worldwide assistive robotics market dynamics are defined by Asia Pacific, Europe, Latin America, North America, and Rest of the World. The report states that North America presently leads the overall market share and is anticipated to expand further, on account of favorable insurance coverage for medical exoskeletons and robotic surgeries.
Meanwhile, assistive robotics industry in Asia Pacific is expected to gain modest returns by 2027, creditable to escalating elderly population.
Renowned firms in global assistive robotics market are EKSO Bionics Holdings Inc., Hyundai Motor Company, Rewalk Robotics Ltd., Barrett Technology, Ubtech Robotics Inc., Intuitive Surgical Inc., Cyberdyne Inc., SoftBank Robotics Corp., Focal Meditech BV, and Kinova Robotics.
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