Global Healthcare Assistive Robot Market Size, Share, Forecast Report, 2020-2027

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The healthcare assistive robot market is anticipated to grow at a significant CAGR during the forecast period. The increasing aging population that results in a large range of chronic diseases has shown a positive impact on the growth of healthcare assistive robots. Healthcare assistive robots are widely used to provide support to the patient with stroke or injuries to the orthopedic system, which includes muscles, bones, joints, tendons, and ligaments. Further, increasing insurance coverage for medical exoskeletons and rising in the number of people suffering from strokes and spinal cord injuries also leads to growth in demand for healthcare assistive robots. Therefore, the growing prevalence of strokes and spinal cord injuries are the factors fuel the growth of the healthcare assistive robot market during the forecast period. However, the necessity to accept by several standards and certifications mainly in the medical industry may hamper the growth of the healthcare assistive robot market over the forecast period.



Additionally, the factor that is expected to boost the growth of the healthcare assistive robot industry includes an increasing number of injuries that caused by traffic accidents across the globe, rising scientist focus on developing an improved point of care bedside robots for enhanced patient care and a growing number of patients being admitted in hospitals. Moreover, other factors such as increasing funding in healthcare automation and robotic research, growing awareness initiatives supported by government and non-government institutes in order to raise awareness and education related to the benefits of assistive robots is also expected to create opportunities for the market growth. The growing need for controlling post-stroke rehabilitation and different advantages provide by assistive robots joint replacement, knee surgery and post total knee replacement propel the growth of the market during the forecast period.



Segmental Outlook



The global healthcare assistive robot market is segmented on the basis of application and portability. Based on applications, the market is segmented into orthopedics, cognitive & motor skills, strokes, and sports. The orthopedics segment is expected to have a considerable growth rate in the healthcare assistive robot due to growing cases of injuries owing to traffic accidents. As per the WHO, around 20 to 50 million people each year suffer injuries and disabilities owing to road accidents. Increasing adoption of assistive robots in orthopedics owing to demand assistance after total knee replacement and joint replacement is anticipated to fuel the growth of the segment.



Regional Outlook



The global healthcare assistive robot market is further segmented based on geography including North America, Europe, Asia-Pacific and Rest of the World. North America is anticipated to have the largest market share in the healthcare assistive robot market during the forecast period.Owing to increasing healthcare infrastructure and growing awareness among people related to advanced use of robotics fuel the growth of the region. Additionally, initiatives taken by the organizations include the University of Texas at Arlington and the research institute to bridge the gap between product development and academic research in the area of biomedical technologies, improved manufacturing, and robotics that have shown a positive impact on the growth of the regional industry.



Asia-Pacific will augment with the fastest rate in the Healthcare Assistive Robot market



The market in Asia-Pacific is expected to be the fastest-growing region mainly owing to rising healthcare spending through several government organizations, growing patient awareness regarding assistive robots and favorable healthcare reforms. Moreover, the rising focus of major industry players on developing improved healthcare assistive robots is another factor fuel the industry growth.



Market Players Outlook



The key players of the healthcare assistive robot market include Barrett Technology, LLC, ReWalk Robotics Ltd., SoftBank Robotics Corp., Diligent Robotics, GaitTronics Inc., KUKA AG, Transenterix, Ekso Bionics Holdings, Inc. and HONDA Motor Co. Ltd.These players are adopting various strategies in order to expand their market share. For instance, In January 2018, Cyberdyne, a Japanese robotics company has got approval from the FDA to being developed Hybrid Assistive Limb (HAL) lower body exoskeleton suit for people in the US through licensed medical facilities along with physical disabilities.