Status : Published Published On : Oct, 2021 Report Code : VRHC1201 Industry : Healthcare Available Format : Page : 175

Global Roboticare Market – Analysis and Forecast (2021-2027)

Industry Insight by Technology Type (Autonomous Technology and Semi-Autonomous Technology), by Application (Rehabilitation Robots, Emotional Support Robots, and Robotic Nurses), by End-User (Hospitals, Rehabilitation Centers, and Homecare), and Geography (U.S., Canada, Germany, U.K., France, China, Japan, India, and Rest of the World)

Industry Overview

Roboticare Market Highlights

The global roboticare market was valued at USD 420.4 million in 2020 and is anticipated to grow at a considerable rate with a CAGR of 19.2% during the forecast period 2021-2027. Roboticare is an intermediate among care beneficiaries (consumers), caregivers, and manufacturers of assistive technology. Thus, roboticare robots are being adopted for medical treatment. The growth of the global roboticare market is attributed to the technological development, increasing ethical concerns for the surge in demand for robots in healthcare, increasing adoption of strategies by the industry players, and removing the dependency of human beings in the social system. Moreover, the roboticare market is optimistic owing to favorable demographic factors like the rising need for low care facilities and nursing professionals for physical and emotional care for the rising geriatric population.

 

During the COVID-19 pandemic, autonomous robots in the roboticare market can perform tasks like cleaning and disinfecting, navigating in infectious disease wards, operating rooms (OS), laboratories, and public hospital areas, resulting in the growth of the roboticare market.

Market Segmentation

Insight by Technology Type

Based on technology type, the global roboticare market is divided into autonomous technology and semi-autonomous technology. Among these technology types, semi-autonomous technology is growing significantly owing to the adoption of robotic assistance in minimally invasive surgeries as they help surgeons to perform complex micro-procedures without making large incisions. Service robots can reduce the burden of healthcare workers as they can autonomously handle routine logistical tasks and can send a report after completing the task.

Insight by Application

Based on application, the global roboticare market is divided into rehabilitation robots, emotional support robots, and robotic nurses. Rehabilitation robot dominates the market owing to the growing geriatric population, increasing cases of stroke-making people immobile, growing prevalence of diseases like cerebral palsy, multiple sclerosis, Parkinson’s disease, and spinal cord injuries, and robot-assisted training in rehabilitation therapy will propel the growth in the market.

Insight by End-User

Based on end-user, the global roboticare market is divided into hospitals, rehabilitation centers, and homecare. Hospitals are emerging as a dominant market owing to the lack of skilled nurses in many countries, rising adoption of medical robots in hospitals, and growing robotic-assisted surgeries and procedures.

Industry Dynamics

Industry Trends

The rapid advancement in artificial intelligence (AI), the rising demand to assist in rehabilitation, and the lack of nurses for personal care are the trends that led to the growth of the global roboticare market.  

Growth Drivers

The roboticare market is growing at a steady pace as it assists patients and healthcare specialists to provide care in form of emotional and rehabilitation support. Moreover, decreasing nurse to the patient population, growing old age population, innovation in the concept of robots and their adoption in the healthcare sector, rising adoption of automated rehabilitation systems, a reduced price of sensors will accelerate the growth in the roboticare market.

Challenges

The ethical limitation over the adoption of care robots, the high price of robotic systems, and replacing humans in social settings are the challenges faced by the global roboticare market.

Opportunities

The innovation in telemedicine, nanorobots, and development in AI are the opportunities in the roboticare market. Social robots are used as a means of telemedicine and remote therapy for monitoring health and providing psychosocial support to high-risk populations, especially the old age population who needs companionship.

Geographic Overview

North America dominates the roboticare market owing to the rising geriatric population, awareness about specialized treatment centers for rehabilitation, increasing patient acceptance due to superior healthcare outcomes. Asia-Pacific is anticipated to have a high CAGR during the forecast period owing to the rise in spending on healthcare infrastructure.

Competitive Insight

The key players are adopting strategies such as R&D, M&A, agreements, collaborations, product launch, partnership, joint ventures, and regional growth to have a competitive edge in the global roboticare market.

Bionik Laboratories Corporation launched InMotion ARM/HAND robotic system for clinical rehabilitation of stroke survivors and for people with mobility impairments due to neurological conditions. The improved robotic system is developed as per the principles of motor learning and neuro-plasticity and utilizes artificial intelligence and data analysis to offer individualized therapy to patients.

ReWalk Robotics Ltd., a maker of robotic medical equipment, attained CE mark clearance to sell Restore Exo-Suit device to rehabilitation clinics in Europe. This device is used in rehabilitation treatment for patients to walk and recover from stroke. Thus, ReWalk Robotics, Ltd. will have a strong foothold in Europe.

Some of the key players operating in the roboticare market: ReWalk Robotics, BIONIK, Sony Corporation, CYBERDYNE Inc., HANSON ROBOTICS LTD., Ekso Bionics, Rex Bionics Ltd., SoftBank Group Corp., Hocoma, and Myomo Inc.

Roboticare Market Size and Market Analysis

Source: VynZResearch

Frequently Asked Questions

The global roboticare market was valued at USD 420.4 million in 2020 and is anticipated to grow at a considerable rate with a CAGR of 19.2% during the forecast period 2021-2027.
The rapid advancement in artificial intelligence (AI), the rising demand to assist in rehabilitation are the trends that led to the growth of the global roboticare market.
The innovation in telemedicine, nanorobots, and development in AI are the opportunities in the roboticare market.
North America is anticipated to hold the largest market share in the global roboticare market.
Some of the key players operating in the roboticare market: ReWalk Robotics, BIONIK, Sony Corporation, CYBERDYNE Inc., HANSON ROBOTICS LTD., Ekso Bionics, Rex Bionics Ltd., SoftBank Group Corp., Hocoma, and Myomo Inc.

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Research Methodology

  •  Desk Research / Pilot Interviews
  •  Build Market Size Model
  •  Research and Analysis
  •  Final Deliverabvle
Roboticare Market