Healthcare Assistive Robot Market: Top 4 trends driving the industry expansion through 2024

Healthcare assistive robot market forecast would be augmented by the constantly rising geriatric population and the widespread occurrence of chronic diseases across the globe.

Healthcare assistive robot market forecast would be augmented by the constantly rising geriatric population and the widespread occurrence of chronic diseases across the globe. According to an estimation by the UN’s Department of Economic and Social Affairs Disability, about 15% of the global population is suffering from one or more disabilities.

The occurrence of disability is considerably higher among the elderly, affecting more than 46% of the people aged 60 years or more. The application of healthcare assistive robots in elderly care services will aid in providing better care and support to the elderly and disabled people.

According to a Global Market Insights, Inc., report, global healthcare assistive robot market size will surpass US$1.2 billion by 2024. Below mentioned are some major factors expanding the scope of robotics in healthcare.

Growing use of rehabilitation robots in elderly care

The rehabilitation robot market share was valued at US$152.3 million in 2017 and is anticipated to grow significantly in the forthcoming years owing to ongoing technological advancements in robotic technology. For example, Panasonic’s RoboticBed can transform itself into a robotic wheelchair, allowing the elderly people to be less dependent on caregivers for localized movement. The introduction of such innovative technologies will help provide enhanced medical facilities to patients.

Increasing preference for mobile robots

The mobile robot segment will experience growth at a 19.8% CAGR up to 2024 on account of the growing popularity of mobile robots among people. Mobile robots make use of sensors and software to visualize their environment. The incorporation of advanced technologies such as artificial intelligence with physical robotics allows mobile robots to navigate their surroundings and assist the elderly population.

To access sample pages of this report titled, “Healthcare Assistive Robot Market Size By Product (Surveillance & Security, Humanoid, Rehabilitation, Socially Assistive), By Portability (Fixed Base, Mobile), By Application (Stroke, Orthopedics, Cognitive & Motor Skills, Sports), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents, please click on the link below:

https://www.gminsights.com/request-sample/detail/1114

Wide application of cognitive & motor skills

The cognitive & motor skills application segment of healthcare assistive robot market held a revenue share of 24.3% in 2017 and is likely to growth substantially due to the escalating prevalence of neurological disorders around the world. Parkinson’s disease (PD) is a type of neurological disorder that causes motor dysfunction and cognitive impairments. According to the NCBI 2017 report, nearly 1-2 individuals per 1000 people suffer from the disease.

Healthcare assistive robots can play a crucial role in improving the cognitive ability of the patients suffering from PD or other neurological disorders.

Rising adoption in China and the U.S.

U.S. healthcare assistive robot industry size will grow at a 19.1% CAGR up to 2024 on account of the rising healthcare expenditure in the country. According to the World Bank Data, the healthcare expenditure in the U.S. was 16.8% in 2015, which was relatively higher than other countries. Similar trends in the near future will certainly boost the adoption of robotics assistants in the healthcare sector.

The annual valuation of the China healthcare assistive robot market was estimated to be US$19.6 million in 2017 and is likely to grow considerably in the coming years. The regional market expansion will be driven by the rising number of government undertaken initiatives aimed at promoting research and development in the field of healthcare assistive robotics in the country.

Prominent companies functioning in the global healthcare assistive robot market include ReWalk Robotics, Hansen Medical, GaitTronics, Hocoma, Ekso Bionics Holdings, HONDA Motor Co. Ltd., Interactive Motion Technologies, Kinova Robotics, KUKA Robot Group, Cyberdyne, and Barrett Technology.

About Global Market Insights, Inc.

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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