The global healthcare companion robots market will most likely garner a market value of USD 2.24 Billion in 2023 and is expected to accumulate a market value of USD 11.73 Billion by registering a CAGR of 18% in the forecast period 2023 to 2033. Growth of the healthcare companion robots market can be attributed to increasing disposable income, improving healthcare infrastructure along with the rise in the geriatric population.
The market for healthcare companion robots registered a CAGR of 10% in the historical period 2018 to 2022.
Technological advancements are playing a key role in the wide adoption of healthcare companion robots for the geriatric population, children, and people with disability. This has led to the market gaining traction in the last few years. In addition, the COVID-19 pandemic too contributed to fueling the demand for the market.
| Report Attribute | Details |
|---|---|
| Expected Market Value (2023) | USD 2.24 Billion |
| Anticipated Forecast Value (2033) | USD 11.73 Billion |
| Projected Growth Rate (2023 to 2033) | 18% CAGR |
According to market research and competitive intelligence provider Future Market Insights- the market for healthcare companion robots reflected a value of 10% during the historical period, 2018 to 2022. dental virtual visits have enabled the reach of oral healthcare in underserved areas of developing countries.
The outbreak of COVID-19 positively impacted the market growth. The lockdown and social distancing imposed by the government resulted in social isolation and feeling of loneliness. This raised the acceptance of companion robots as it helped to fill in the gaps and reduce loneliness, especially in the elderly population. Also, they were used to assist the therapies in order to improve the mental condition of people and help them to overcome anxiety issues. Moreover, they are also used for monitoring health remotely and managing medication. Thus, the market for healthcare companion robots is expected to register a CAGR of 18% in the forecast period 2023 to 2033.
Companion robots reduce loneliness and offer support to patients of all age groups
Companion robot helps to enhance well-being and quality of life through their assistance features. It mainly provides cognitive support, mobility support, and relaxation. Also, it helps in monitoring health and provides self-care support through interaction. The rising geriatric population across the globe and the limited number of healthcare professionals to care for the older population, particularly in countries like Japan is likely to raise the demand for companion robots. Furthermore, various initiatives undertaken by the government are supporting market growth.
Technological advancement in the field of medical robotics is another factor driving market growth. Various robotic products are developed to assist patients and improve their outcomes. For instance, Service Robotics, a United Kingdom-based startup offers medical care robotics as a service (RaaS). The company developed a humanoid robot GenieConnect, an AI-based voice and video robot that provides engagement and stimuli to promote cognitive retention. Also, it helps in alleviating loneliness. In addition, it integrates with smart home devices and wearables to provide comprehensive and personalized care for users.
Robot Companions helping Disabled and Geriatric Population to Function Independently
Furthermore, the rising rate of people suffering from disabilities is another factor driving the companion robots market. As per the World Health Organization, 1 in 7 people experience some kind of disability. Companion robot helps to improve the life of such people by assisting them. As per the International Robotics Federation, about 34,000 assistance robots were mainstreamed during the period between 2019 and 2021 so as to facilitate people suffering from disabilities.
In addition, the development of innovative products by key players is impelling market growth. For instance, in June 2021, Hanson Robotics launched a robot Grace. It is designed to interact with elderly people and isolated COVID-19 patients. Similarly, the Kaspar robot developed by the University of Hertfordshire is a humanoid robot that acts as a companion to improve the lives of children with autism and other communication difficulties. Such initiatives are expected to impel market growth in the forecast period.
Expensive nature and unskilled geriatric population affecting the growth of the healthcare companion robots market
Although healthcare companion robots are becoming popular, their commercialization of the same is expensive. Moreover, certain people with disability have not shown keen interest in investing in healthcare companion robots as it adds to the stigma and intensifies the same.
The usability factor of healthcare companion robots is being questioned as the geriatric population finds it difficult to get accustomed to technology. Furthermore, robots with lesser functions are not finding buyers owing to the constant development of the healthcare companion robots market.
Government Initiatives supporting the use of Healthcare Robots in the Asia Pacific
In 2023, Asia Pacific is expected to dominate the healthcare companion robots market with a share of 50%. The increasing geriatric population in the region and various initiatives undertaken by the government for the development of companion robots to support the elderly population are the major factors contributing to the dominance.
For instance, in September 2022, Myongji Hospital, a healthcare institution in South Korea is working on the development of an AI-driven care robot to assist patients with dementia. Also, the local governments in South Korea have provided companion robots to single persons and those who are living with mental health issues to support their well-being. In addition, the declining rate of healthcare providers in countries like Japan has raised the demand for robots in healthcare facilities.
Development of innovative products creating lucrative opportunities for the healthcare companion robots market in North America
North America is expected to witness the fastest growth rate owing to the increasing demand for humanoid robots in healthcare facilities, the presence of well-developed healthcare infrastructure, and increasing investment by key companies to develop innovative products. Also, the initiatives undertaken by the government for the deployment of companion robots to support the lives of the elderly population are expected to impel the market over a forecast period.
The proliferation of artificial intelligence (AI) and machine learning technologies will enable more advanced features in companion robots, thereby driving their demand. Growing awareness about the benefits of using companion robots is likely to fuel their uptake over the forecast period. Rapid advancements in robotics technology are anticipated to result in declining prices of companion robots, making them more affordable for a wider audience. Thus, North America is expected to possess a 41% market share of the healthcare companion robots market in 2023.
Children and the geriatric population benefit from using humanoid robots
By type, the humanoid segment is expected to hold the largest share of nearly 75% in 2023 due to the benefits offered by these robots such as perfection and minimum human errors. These robots are used for the implementation of techno-psychological distraction for children during a medical procedure as it helps to reduce the pain resulting from anxiety and stress.
Furthermore, the rise in demand for robotics due to the increasing disabled and aging population to tackle problems that arise from their inability to relate effectively with their environment has contributed to the market share of humanoid robots. In addition, humanoid robots are also implemented in Autism Special Education where they can engage children with applications designed for special education.
Animal-like robots interact positively with patients and improving well-being
The animal-like segment is anticipated to expand at the fastest rate over a forecast period. Paro, an animal-like robot companion is increasingly used in dementia care due to the positive effects that interacting with these robots can have on the well-being of these patients. Also, these pet/animal-designed robots with animal aesthetics and behaviors have particular potential in aged care. They also help in alleviating loneliness in older adults, which is positively impacting segment growth.
Companion robots reducing hospitalization for Geriatric Population
By age group, the geriatric segment is expected to hold the largest share of 40% in 2023. The use of companion robots has shown a significant improvement in the lives of the elderly population. The integration of technologies has enabled home healthcare and it supports aging at home thereby reducing the risk of falls.
As per a study conducted and published by Bold in December 2021, the use of companion robots has reduced falls and associated hospitalizations by 46%. Furthermore, companion robots are in demand to assist people suffering from dementia and may help to reduce depression and agitation.
Robot Companions supporting the emotional and cognitive development of children
The children segment is anticipated to expand at a faster rate in the forecast period owing to the rising demand for companion robots to support the emotional and cognitive development of children.
Also, these robots are increasingly used to assist therapy for children diagnosed with disabilities such as autism. Buddy the Robot developed by Blue Frog Robotics, is one such robot that helps to assist children with autism. In addition, various innovative product developed by key companies targeting the children population is impelling the segment growth. For instance, in 2020, Embodied Inc. launched Moxie, with the intent to help children between the ages of 5 years to 10 years to develop social, cognitive, and emotional skills.
Key players in the healthcare companion robots are Cutii, Co-Robotics, Service Robotics, MJI Robotics, Experr Technologies
Various strategies such as product development, partnerships, etc. adopted by key players are driving the healthcare companion robots market. Some prominent players in the global healthcare companion robots market include Blue Frog Robotics & Buddy ASUS, Intuition Robotics, inGen Dynamics, PARO Robots USA, Inc, No Isolation, Luvozo, Honda Robotics, Hanson Robotics, Ubtech, Emotix, and Jibo
| Report Attribute | Details |
|---|---|
| Market Value in 2023 | USD 2.24 Billion |
| Market Value in 2033 | USD 11.73 Billion |
| Growth Rate | CAGR of 18% from 2023 to 2033 |
| Base Year for Estimation | 2021 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD Million and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Type, Age-group, Region |
| Regions Covered | North America; Latin America; Europe; South Asia; East Asia; Oceania; Middle East & Africa |
| Key Countries Profiled | USA, Canada, Brazil, Argentina, Germany, United Kingdom, France, Spain, Italy, India, Malaysia, Singapore, Thailand, China, Japan, South Korea, Australia, New Zealand, GCC Countries, South Africa, Israel |
| Key Companies Profiled | Blue Frog Robotics & Buddy ASUS; Intuition Robotics; Ingen Dynamics; PARO Robots USA, Inc.; No Isolation; Luvozo; Honda Robotics; Hanson Robotics; Ubtech; Emotix; Jibo |
| Customization | Available Upon Request |
From 2018 to 2022, the healthcare companion robots market grew at a CAGR of 10%
The global healthcare companion robots market is expected to grow with an 18% CAGR from 2023 to 2033.
As of 2033, the healthcare companion robots market is expected to reach USD 11.73 Billion
The geriatric segment is expected to hold the largest share of 40% in 2023.
The humanoid segment is expected to hold the largest share of nearly 75% in 2023
North America is expected to possess a 41% market share in the healthcare companion robots market in 2023.
In 2023, Asia Pacific is expected to dominate the healthcare companion robots market with a share of 50%.
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Healthcare Companion Robots Market
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