DUBAI, United Arab Emirates, Dec. 18, 2022 (GLOBE NEWSWIRE) — The healthcare companion robot market is expected to grow at a CAGR of 18% during the forecast period 2023-2033, according to Future Market Insights. By 2033, the global market for healthcare companion robots is expected to reach a market value of USD 11.73 billion. Companion robots are designed to offer people companionship. These robots help people, especially the elderly population in their daily activities and help improve their lives.
With the growing elderly population and the increasing prevalence of diseases such as Alzheimer’s; dementia etc., the demand for companion robots is likely to increase during the forecast period. Various robots are being developed to help people with such disorders live a normal life. For example, Ryan, a robot companion equipped with artificial intelligence technology, is designed to help the aging population, especially those struggling with Alzheimer’s. Also, it is equipped with cognitive games to keep the brain active and helps to recognize who it is interacting with and ongoing conversations. In addition, increasing incidence of depression is driving the growth of the market.
Moreover, with the outbreak of COVID-19, the prevalence of loneliness has increased, which has positively affected the demand for companion robots. Mister, a companion robot approved by the FDA as a covered cost for patients, is used to help people with depression, anxiety and other conditions. These robo-seals are provided free of charge to licensed nursing homes, and about 28 nursing homes in Washington state have begun using them since last year.
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Additionally, various initiatives taken by market players to provide innovative solutions are expected to drive market growth over the forecast period. Furthermore, integration of advanced technologies to improve healthcare outcome is expected to drive the market in the coming years.
Key takeaways from market research
- Asia Pacific is expected to dominate the healthcare companion robot market with a share of 50% by 2023.
- North America is expected to hold a 41% market share for the healthcare companion robot market in 2023.
- By type, the humanoid segment is expected to account for the largest share of nearly 75% by 2023.
- By age group, the geriatrics segment is expected to hold the largest share at 40% in 2023.
“Advances in technology, as well as increasing reliance on robots, especially by the elderly and disabled population, are driving the growth of the healthcare companion robot market.” comments an analyst at Future Market Insights.
Competitive landscape
Some of the prominent players in the healthcare companion robots market are Blue Frog Robotics & Buddy ASUS, Intuition Robotics, inGen Dynamics, PARO Robots US, Inc, No Isolation, Luvozo, Honda Robotics, Hanson Robotics, Ubtech, Emotix, and Jibo.
- For example, in March 2022, Intuition Robotics launched ElliQ, a digital care companion. It is designed to help older people be more physically active and socially engaged and enable them to lead happier, more independent lives.
- Intuition Robotics, a major player in the healthcare companion robot market, focuses on innovative robots that help the elderly population combat loneliness. Thus, the company studies the required emotional intelligence and integrates the same in robots through artificial intelligence.
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Key segments profiled in the Healthcare Companion Robots industry study
Type:
Age group:
Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa
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Table of Contents
1. Executive summary
1.1. World market prospects
1.2. Demand side trends
1.3. Supply-side trends
1.4. Technology roadmap analysis
1.5. Analysis and recommendations
2. Market overview
2.1. Market coverage / Taxonomy
2.2. Market definition / scope / limitations
3. Market background
3.1. Market dynamics
3.1.1. Drivers:
3.1.2. Restrictions
3.1.3. Possibility
3.1.4. Trends
3.2. Prediction of scenarios
3.2.1. Demand in an optimistic scenario
3.2.2. Demand in a likely scenario
3.2.3. Demand in a conservative scenario
3.3. Capability Map Analysis
TOC Continued…
More valuable insights
In its new offering, Future Market Insights presents an unbiased analysis of the healthcare companion robot market, presenting historical analysis from 2018 to 2022 and forecast statistics for 2023-2033.
The study reveals significant insights based on Type (Animal-like & Human-like), Age Group (Children, Adults, Elderly) and Regions (North America, Latin America, Europe, South Asia, East Asia, Oceania, MEA).
About Healthcare in Future Market Insights
The healthcare domain team at Future Market Insights offers expert analysis, time-efficient research and strategic recommendations with the goal of providing valid insights and accurate results to help clients around the world. With over 100+ reports and 1 million+ data points, the team has been providing industry-leading analysis across 50+ countries for over a decade. The team provides a concise analysis of key trends, including the competitive landscape, profit margins and research development efforts.
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