Assistive Robotics Market by Mobility (Stationary, Mobile); by Type (Physically Assistive Robots, Socially Assistive Robots, Mixed Assistive Robots); by Application (Elderly Assistance, Companionship, Handicap Assistance, Surgery Assistance, Industrial, Defense, Public Relations, Others); and by Region (North America, Europe, Asia Pacific, Latin America, MEA) - Global Forecasts 2021 to 2027

The global Assistive Robotics market gathered revenue around USD 6.5 billion in 2020 and market is set to grow USD 26.9 billion by the end of 2027 and is estimated to expand at a modest CAGR of 22.5% during the prediction period 2021 to 2027.

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.

Global Assistive Robotics Market Dynamics:

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.

The report also provides an in-depth analysis of assistive robotics market dynamics such as drivers, restraints, opportunities, and challenges:

Drivers

• Increasing prevalence of strokes and spinal cord injuries
• Rising insurance coverage for medical exoskeletons and robotic surgeries
• Increasing geriatric population

Restraints

• High cost

Opportunities

• Technological advancements such as the integration of robots with AI

Challenges

• Lack of awareness about assistive robotics

 Report Coverage

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.        

Some of the prominent players in the Assistive Robotics Market include:

• CYBERDYNE INC.
• Focal Meditech
• ReWalk Robotics
• Intuitive Surgical
• Ekso Bionics
• SoftBank Robotics
• Barrett Technology, LLC
• UBTECH Robotics, Inc.
• Hocoma
• Stryker
• Double Robotics, Inc.
• BLUE FROG ROBOTICS & BUDDY
• Mojin Robotics GmbH
• Fourier Intelligence
• F&P Robotics AG

Segments Covered in the Report

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2027 and covers subsequent region in its scope:

By Mobility

• Stationary
• Mobile

By Type

• Physically Assistive Robots
• Socially Assistive Robots
• Mixed Assistive Robots

By Application

• Elderly Assistance
• Companionship
• Handicap Assistance
• Surgery Assistance
• Industrial
• Defense
• Public Relations
• Others

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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 increasing use of rehabilitation robots in elderly care is the major trend that drives the market growth.
• The integration of advanced technologies such as artificial intelligence with physical robotics enables mobile robots to navigate their surroundings and assist the elderly population.

The report also provides an in-depth analysis of recent news developments and investments:

• In May 2021, the School of Social Work at Texas A&M University-Commerce introduced a collaborative partnership among its Robot Living Lab and Invento Research, Inc. Robot Living Lab was established in January 2020 to benefit the higher understanding of human-robot interaction. This partnership will focus on the development of empirically-based models to integrate assistive robots into human lives.
• In January 2019, Ubtech Robotics (China) introduced new versions of Walker and Cruzer, the two humanoid robots, at CES 2019. The brand new version of the Walker robotic comes with a greater capacity to comprehend and manage objects and improved self-balancing, while the Cruzr robotic comes with an advanced arm movement and powerful processor.

Key Points Covered in Assistive Robotics Market Study:

• Growth of Assistive Robotics in 2021
• Market Estimates and Forecasts (2017-2027)
•  Brand Share and Market Share Analysis
•  Key Drivers and Restraints Shaping Market Growth
•  Segment-wise, Country-wise, and Region-wise Analysis
•  Competition Mapping and Benchmarking
•  Recommendation on Key Winning Strategies
•  COVID-19 Impact on Demand for Assistive Robotics and How to Navigate
•  Key Product Innovations and Regulatory Climate
•  Assistive Robotics Consumption Analysis
•  Assistive Robotics Production Analysis
•  Assistive Robotics and Management