The Global Assistive Robotics Market was valued at USD 6.5 Bn in 2020 and is expected to reach USD 26.9 Bn by 2027, with a growing CAGR of 22.5% during the forecast period.
An assistive robotic is a mechanical and digital sensible agent that is used to carry out the particular task automatically according to the programming of an agent or by remote control. An assistive robotic is used for performing a task for individuals with a disability, older people, toddlers, and for industrial purposes. Disable people can control the functioning of the assistive robots with the help of a remote. An assistive robotic is having sensors and intelligent algorithms to talk with individuals, navigate autonomously, and decide independently.
The growing geriatric population across the globe is expected to propel the growth of the assistive robotics market during the forecast period. For instance, according to the United Nation report, the population aged above 60 years and above is estimated to increase to 2.1 Bn in 2050 from 960 Mn in 2017. Assistive rehabilitation robots are expected to largely benefit the elderly, injured, and disabled since they provide both, movement controllability and the measurement reliability that renders them ideal for quick rehabilitation. Moreover, the increasing number of disabled population is also proliferating the growth of the market. For instance, according to the report of the World Health Organization and the World Bank, around 785 Mn population at the age of 15 and above living with a disability across the globe. Therefore, these facts supported the growth of the assistive robotics market during the forecast period.
Company Profiles and Competitive Intelligence:
Based on mobility, the stationary segment is expected to dominate the assistive robotics market during the forecast period owing to its use in various applications such as household and medical
Based on mobility, the assistive robotics industry has been segmented into stationary, and mobile. The stationary segment is expected to dominate the assistive robotics market during the forecast period owing to its use in various applications such as household and medical. Moreover, surgical robots, along with robotic manipulators, dynamic arm supports, and meal supports come under the category of stationary assistive robots. Therefore, increasing demand for surgical robots across the globe proliferates the growth of the stationary assistive robotics segment.
Based on the application, the handicap assistance segment is expected to grow at the highest CAGR during the forecast period due to increasing cases of stroke and spinal cord injuries across the globe
Based on the application, the assistive robotics industry is segmented into elderly assistance, companionship, handicap assistance, surgery assistance, industrial, defense, public relations, others. The handicap assistance segment of the assistive robotics market is expected to grow at the highest CAGR during the forecast period due to increasing cases of stroke and spinal cord injuries across the globe. Moreover, there has been an increase in the acceptance of exoskeletons by people suffering from disabilities for personal use as well as for rehabilitation purposes. Thus, propelling the growth of this segment during the forecast period.
Based on region, the Asia Pacific region is expected to grow at the highest CAGR during the forecast period
The Asia Pacific region is expected to grow at the highest CAGR during the forecast period due to the increasing disposable income coupled with the rising geriatric population. For instance, according to the World Health Organization, the population in the Asia Pacific region aged 60 or above was 9.8% in 2017, it will be increased to 13.7% and 20.3% by 2030 and by 2050, respectively. Moreover, the growing disability in the region creates the demand for assistive robotics technologies. For instance, according to the report of the United Nation, around 690 million population with disabilities live in the Asia Pacific region. Furthermore, evolving healthcare infrastructure in developing countries such as India and China are expected to boost the global market in the region.
The report also provides an in-depth analysis of assistive robotics market dynamics such as drivers, restraints, opportunities, and challenges:
COVID-19 Impact on the Assistive Robotics Market Analysis:
The COVID-19 pandemic impacted various industries such as manufacturing, retail, and others owing to the strict lockdown imposed by the government to curb the spread of the virus. The supply chain of products and services was disrupted owing to the production halt from the different industries. Similarly, the assistive robotics industry was impacted significantly due to the lockdown imposed by the government. Moreover, consumer demand has also subsequently reduced as individuals are now keener on eliminating non-essential expenses from their respective budgets as the general economic status of most individuals has been severely affected by this outbreak. However, as respective regulatory authorities begin to lift these enforced lockdowns, the global assistive robotics market is expected to recover accordingly.
*Note: A detailed analysis is specific to the assistive robotics market will be provided in the report
The report also provides an in-depth analysis of key trends in the assistive robotics market:
The report also provides an in-depth analysis of recent news developments and investments:
The unique insights provided by this report also include the following:
Ask for free product review call with the author
Share your specific research requirements for a customized report
Request for due diligence and consumer centric studies
Request for study updates, segment specific and country level reports
Market Overview & Competitive Landscape
Market Segmentation (Market Size and Share Analysis)
COVID – 19 Opportunity Mapping
Regional Market Analysis