Dublin, Nov. 08, 2019 (GLOBE NEWSWIRE) -- The "Assistive Robotics Market by Mobility, Type (Physically, Socially, Mixed Assistive), Application (Elderly Assistance, Companionship, Handicap Assistance, Surgery Assistance, Industrial, Defense, Public Relations), and Geography - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The assistive robotics market was valued at USD 3.1 billion in 2018 and is expected to grow at a CAGR of 22.3% during 2019-2024 to reach USD 11.2 billion by 2024. In terms of volume, the market registered a shipment of 389 thousand units in 2018 and is expected to grow at a CAGR of 19.4% during the forecast period to reach 1,147 thousand units by 2024.
One of the major driving factors for the assistive robotics market is the rising insurance coverage for medical exoskeletons and robotic surgeries. Also, the worldwide increase in the number of people suffering from strokes and spinal cord injuries has resulted in an increasing demand for assistive robots such as exoskeletons. Hence, increasing prevalence of strokes and spinal cord injuries is another key factor driving the growth of the assistive robotics market. However, the necessity to abide by various standards and certifications, especially in the medical industry acts as a key restraining factor for the market growth.
Assistive robotics market for mobile robots to grow at higher CAGR during the forecast period
Mobile assistive robots are usually controlled by software and use sensors to identify their surroundings. A few of these systems are embedded with artificial intelligence technology, which allows them to navigate their surroundings. These systems are mainly used in applications such as elderly assistance, companionship, and public relations. As the geriatric population is on the rise worldwide, the demand for elderly assistance and companionship robots is likely to increase. Also, companies are now increasingly employing public relation robots in office spaces. These factors are expected to drive the market for mobile assistive robots in the coming years.
The market for physically assistive robots to grow at the highest CAGR from 2019 to 2024
The market for physically assistive robots is expected to grow at the highest CAGR during the forecast period. Physically assistive robots are used to improve the independence and quality of life of individuals with disabilities. These assistive systems are also used for rehabilitation purposes in clinics and defense applications in the form of exoskeletons. The increasing cases of spinal cord injuries and various governments' focus on using exoskeleton technology in the defense application is expected to drive the market for physically assistive robots in the coming years.
The market in APAC to grow at a significant CAGR during the forecast period
The market in APAC is expected to grow at the highest CAGR during the forecast period. APAC, being a major market, contains a diverse range of economies with varying levels of development and the presence of various manufacturers. This region has become a global fulcrum for large investments and business expansion opportunities, owing to the fast-growing adoption of assistive robots for elderly assistance and public relations applications. Also, the shortage of care attendants, coupled with the rising geriatric population, is expected to propel the demand for assistive robots in APAC.
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Market Opportunities in Assistive Robotics Market
4.2 Assistive Robotics Market, By Type
4.3 Assistive Robotics Market, By Mobility
4.4 Assistive Robotics Market in APAC, By Application vs Country
4.5 Assistive Robotics Market, By Application
4.6 Assistive Robotics Market, By Country
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increasing Prevalence of Strokes and Spinal Cord Injuries
5.2.1.2 Rising Insurance Coverage for Medical Exoskeletons and Robotic Surgeries
5.2.2 Restraints
5.2.2.1 Necessity to Abide by Various Standards and Certifications, Especially in Medical Industry
5.2.3 Opportunities
5.2.3.1 Increase in Funding Worldwide for Research on Assistive Robotics
5.2.3.2 Rise in Geriatric Population Globally
5.2.4 Challenges
5.2.4.1 Lack of Social Awareness About Benefits of Adopting Assistive Robotic Systems
5.2.4.2 Risk of Injuries and Accidents Associated With Assistive Robots
5.3 Value Chain Analysis
6 Assistive Robotics Market, By Mobility
6.1 Introduction
6.2 Stationary
6.2.1 Stationary Assistive Robotic Systems are Mostly Used in Household and Medical Applications
6.3 Mobile
6.3.1 Mobile Assistive Robotic Systems are Majorly Used in Applications Such as Elderly Assistance and Companionship
7 Assistive Robotics Market, By Type
7.1 Introduction
7.2 Physically Assistive Robots
7.2.1 Increasing Cases of Spinal Cord Injuries and the Shifting Focus of Governments on Exoskeletons in the Defense Sector is Likely to Drive the Market for Exoskeleton Robots
7.3 Socially Assistive Robots
7.3.1 Rise in the Elderly Population is Expected to Act as A Key Driving Factor for Growth of Market for Companion Robots
7.3.2 Increasing Applications of Artificial Intelligence is Likely to Be Major Driving Factor Impelling Growth of Public Relation Robots
7.4 Mixed Assistive Robots
7.4.1 Elderly Care Robots are Used to Provide Comprehensive and Cost-Effective Support to Elderly
7.4.2 Surgical Robots Account for A Large Share of Assistive Robotics Market Due to Increasing Number of Laparoscopic Surgeries Globally
7.4.2.1 Laparoscopic Robotic Systems
7.4.2.2 Orthopedic Robotic Systems
7.4.2.3 Neurosurgical Robotic Systems
8 Assistive Robotics Market, By Application
8.1 Introduction
8.2 Surgery Assistance
8.2.1 People are Moving Toward Adoption of Robot-Assisted Surgeries Due to Various Advantages They Offer
8.3 Public Relation
8.3.1 Deployment of Assistive Robots for Public Relation Applications is on Rising and is Expected to Garner Significant Market Share in Coming Years
8.4 Handicap Assistance
8.4.1 With Technological Advancements and Evolution of Artificial Intelligence, Deployment of Assistive Robotic Systems in Healthcare Industry has Become Easy
8.5 Elderly Assistance
8.5.1 Demand for Assistive Robots for Elderly Care Application is Likely to Grow at Substantial Rate, Enhancing Opportunity of Mobility and Promoting Independence
8.6 Industrial
8.6.1 Due to Their Numerous Advantages, Various Manufacturing Companies have Started Adopting Assistive Technologies on Large Scale
8.7 Companionship
8.7.1 With People Across World Living Longer, and Most of Them Staying Alone, Assistive Robots Can Be Deployed as Companions to Help Senior Citizens Stay Mentally and Socially Engaged
8.8 Defense
8.8.1 Use of Exoskeletons has Helped Reduce Metabolic Cost and Helped Soldiers Carry Heavy Armors
8.9 Others
9 Geographic Analysis
9.1 Introduction
9.2 North America
9.2.1 US
9.2.1.1 US Held Largest Share of Assistive Robotics Market in North America in 2018
9.2.2 Canada
9.2.2.1 Canada to Record Highest CAGR in Overall Assistive Robotics Market During Forecast Period
9.2.3 Mexico
9.2.3.1 Mexico to Witness Accelerated Demand for Assistive Robots Due to Rise in Neurological Diseases and Increase in Geriatric Population
9.3 Europe
9.3.1 UK
9.3.1.1 UK Accounted for the Largest Share of European Assistive Robotics Market in 2018
9.3.2 Germany
9.3.2.1 Germany to Witness Growing Demand for Assistive Robots Due to Favorable Reimbursement Policies
9.3.3 France
9.3.3.1 French Market to Adopt Assistive Robotic Systems Primarily for Companionship and Defense Applications
9.3.4 Italy
9.3.4.1 Italy to Witness Highest CAGR in European Assistive Robotics Market
9.3.5 Rest of Europe (RoE)
9.3.5.1 Increasing Adoption of Physically Assistive Robots to Improve Quality of Life Will Boost Demand in RoE
9.4 Asia Pacific (APAC)
9.4.1 Japan
9.4.1.1 Japan Held Largest Share of Assistive Robotics Market in APAC in 2018
9.4.2 China
9.4.2.1 Assistive Robotics Market in China to Grow at Highest CAGR in APAC During Forecast Period
9.4.3 South Korea
9.4.3.1 Financial Support of South Korean Government to Develop Surgical Robots Likely to Propel Assistive Robotics Market Growth
9.4.4 Rest of APAC
9.4.4.1 Rise in Adoption of Robots in the Healthcare Industry to Fuel Growth of Market in RoAPAC
9.5 Rest of the World
9.5.1 Middle East and Africa
9.5.1.1 Middle East and Africa Held Larger Share of Assistive Robotics Market in RoW
9.5.2 South America
9.5.2.1 South America to Witness Higher CAGR in Assistive Robotics Market During Forecast Period
10 Competitive Landscape
10.1 Overview
10.2 Market Ranking Analysis: Assistive Robotics Market, 2018
10.3 Competitive Leadership Mapping
10.3.1 Visionary Leaders
10.3.2 Dynamic Differentiators
10.3.3 Innovators
10.3.4 Emerging Companies
10.4 Strength of Product Portfolio (25 Players)
10.5 Business Strategy Excellence (25 Players)
10.6 Competitive Situations and Trends
10.6.1 Product Launches
10.6.2 Partnerships, Collaborations, and Joint Ventures
10.6.3 Expansions
10.6.4 Contracts and Agreements
11 Company Profiles
11.1 Key Players
11.1.1 Kinova Robotics
11.1.2 Focal Meditech
11.1.3 Softbank Robotics
11.1.4 Cyberdyne
11.1.5 Intuitive Surgical
11.1.6 EKSO Bionics
11.1.7 Ubtech Robotics
11.1.8 Barrett Technology
11.1.9 Rewalk Robotics
11.1.10 Hyundai
11.2 Other Players
11.2.1 Stryker Corporation
11.2.2 Hocoma
11.2.3 Blue Frog Robotics
11.2.4 Dreamface Technologies
11.2.5 Double Robotics
11.2.6 Fourier Intelligence
11.2.7 CT Asia Robotics
11.2.8 Intuition Robotics
11.2.9 Mojin Robotics
11.2.10 F&P Robotics
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