According to a new report published by UnivDatos Markets Insights, the Assistive Robotics Market was valued at USD 3,800 million in 2021 & is expected to grow at a CAGR of 22.0% from 2022-2028. The analysis has been segmented into Mobility (Mobile and Stationery); Type (Socially Assistive Robots, Physically Assistive Robots, and Mixed Assistive Robots); Application (Elderly Assistance, Surgery Assistance, Handicap Assistance, Defense, Industrial, Companionship, and Others); Region/Country.
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The assistive robotics market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the assistive robotics market. The Assistive Robotics market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing market growth. Furthermore, this statistical market research repository examines and estimates the Assistive Robotics market at the global and regional levels.
Key Market Dynamics
An aging population refers to a demographic trend in which the proportion of elderly people in a population increases while the proportion of younger people decreases. This trend is typically the result of a combination of factors such as increased life expectancy, declining birth rates, and improved healthcare. One of the main challenges associated with an aging population is the increasing demand for healthcare and caregiving services, which can be difficult to meet with a shrinking workforce. This is where assistive robots come in. Assistive robots are designed to help people with physical or cognitive disabilities to perform tasks that they may struggle with on their own. They can range from simple devices like grab bars and walkers to more advanced robots that can help with tasks like medication management, household chores, and companionship.
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COVID-19 Impact
The COVID-19 pandemic has had a significant impact on the assistive robotics market. On one hand, the demand for assistive robots has increased due to the need for social distancing and reduced physical contact between individuals, particularly in healthcare facilities and long-term care facilities. On the other hand, the pandemic has also disrupted global supply chains and manufacturing processes, leading to challenges in the production and distribution of assistive robots.
The global Assistive Robotics market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on mobility, the market is segmented into mobile and stationery. Stationary robots are expected to dominate the assistive robotics market in 2021
· Based on type, the market is categorized into socially assistive robots, physically assistive robots, and mixed assistive robots. During the forecast period, the physically assistive robots segment is expected to grow with a highest CAGR
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Assistive Robotics Market Geographical Segmentation Includes:
· North America (U.S., Canada, and the Rest of North America)
· Europe (Germany, UK, Netherlands, France, Norway, Switzerland, Denmark, Rest of Europe)
· Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific)
· Rest of the World
The Asia Pacific region is expected to be the fastest growing region of the assistive robotics market. The region's rapid growth is primarily driven by the increasing aging population, rising demand for independent living, and advancements in robotics technology. Countries like Japan, China, and South Korea are investing heavily in the development of assistive robotics to support their aging populations. Additionally, the region's fast-growing economies are driving demand for automation in various industries, including healthcare and manufacturing, which is further fueling the growth of the assistive robotics market. Furthermore, the increasing adoption of assistive technologies by individuals with disabilities is also contributing to the market's growth in the region. With these growth drivers in place, the Asia Pacific region is expected to continue its dominance in the global assistive robotics market in the coming years.
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Assistive Robotics market. The major players have been analyzed by using research methodologies such as Porter’s Five Forces Analysis for getting insight views on global competition.
Recent Developments:
On Jan 2021, Labrador Systems Introduced a New Generation of Assistive Robots to Help Individuals Live More Independently.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the assistive robotics market?
• Which factors are influencing the Assistive Robotics market over the forecast period?
• What are the global challenges, threats, and risks in the assistive robotics market?
• Which factors are propelling and restraining the assistive robotics market?
• What are the demanding global regions of the assistive robotics market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
• What are the descriptive profiles of key companies along with their SWOT analysis?
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Assistive Robotics Market is valued at USD 3.96 Billion in 2018 and expected to reach USD 17.19 Billion by 2025 with the CAGR of 23.34% over the forecast period.Increasing number of geriatric population and rising incidence of disabilities across the driving the assistive robotics market.
An assistive robot performs a physical task for the well-being of a person, task is embedded in the context with normal human daily living activities of person with the disability controls by functioning of the robot.
For instance, daily activities including dressing, taking medications, bathing & showering, food preparation & eating, socializing, mobility, personal hygiene & grooming, housework, managing money, communicating, using technology, shopping, pet care, child rearing, engaging in religious observances, playing, vacationing, working, exercising, reading, relaxing, pursuing and education among others.
The first reported use of a robot-assisted surgical procedure had in 1985 when the PUMA 560 robotic surgical arm was used to perform delicate neurosurgical biopsy and a non-laparoscopic surgery.Assistive Robotics CompaniesFocal Meditech, Cyberdyne, Intuitive Surgical, F Robotics, ReWalk Robotics, SoftBank Robotics, Ekso Bionics, Ubtech Robotics, Barrett Technology, Hyundai, Stryker, Hocoma, Blue Frog Robotics, DreamFace Technologies, Double RoboticsThe regions covered in this assistive robotics market report are North America, Europe, Asia-Pacific and Rest of the World.
On the basis of country level, market of assistive robotics is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.BIONIK Laboratories Corp Announces InMotion ARM received regulatory approval in South KoreaNews: In January 2020, BIONIK Laboratories Corp.
InMotionARM therapy enables healthcare professionals to efficiently deliver intensive motor therapy that help patients to regain motor function following injury or neurological condition.
