Market Size of Assistive Robotics Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 21.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Assistive Robotics Market Analysis
The assistive robotics market is expected to register a CAGR of 21% over the forecast period of (2021 - 2026). Recent breakthroughs in robotics and artificial intelligence will accelerate the synthesis of man and machine. Japanese android maker predicts that highly intelligent, self-aware and helpful around the house, the robots of the future could look and act just like humans and even become their friends.
- A rise in the geriatric population drives the Assistive Robotics market. According to United Nations, data from the world population says that by 2050, one in six people in the world will be over age 65 (16%), up from one in 11 in 2019 (9%). Considering this data, at the age of 65 or above, it shows higher symptoms of mild cognitive impairment (MCI) or early dementia. This says that the demand for assistive robotics will increase in the future.
- The adoption of robot-assisted surgery is driving the Assistive Robotics market. Surgeons who use the robotic system find that for many procedures it enhances precision, flexibility and control during the operation and allows them to better see the site, compared with traditional techniques. According to the Accenture survey in the United States in 2018, the random base surveys for more than 2000 respondents say that 46% of those aged 18-34 prefer robot-assisted surgery and the market penetration is high in the United States, where Spinal surgery is a common symptom. This enhances the demand for robot-assisted surgery and will show high growth in coming years globally.
- Lack of social awareness about the benefits of adopting assistive robotic systems is restraining the market to grow. This can challenge the Assistive Robotics market especially for elderly assistance where their uneven perceptions regarding robot machines may hinder them to take its service advantages.
Assistive Robotics Industry Segmentation
The assistive robotics engage individuals in social human-robot interactions (HRI) in order to maintain or even improve residual social, cognitive and affective functioning. The market has largely referred to robots that assisted people with physical disabilities through physical interaction along with increasing use of socially assistive robots for elderly people.
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| Socially Assistive Robots | |
| Physically Assistive Robots | |
| Other Types |
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Assistive Robotics Market Size Summary
The assistive robotics market is poised for significant growth, driven by advancements in robotics and artificial intelligence that facilitate the integration of man and machine. The increasing geriatric population, coupled with the rising prevalence of mild cognitive impairment and early dementia, is a key factor propelling the demand for assistive robotics. Additionally, the adoption of robot-assisted surgery is enhancing precision and control in medical procedures, further boosting market expansion. Despite these positive trends, the market faces challenges due to a lack of social awareness regarding the benefits of assistive robotic systems, particularly among the elderly, which may hinder widespread adoption.
North America holds a substantial share of the assistive robotics market, supported by a robust healthcare sector and favorable funding for research in assistive technologies. Government initiatives, such as those by the National Science Foundation, are investing in eldercare robotics to enhance mobility for elderly patients. The market is characterized by intense competition, with major players like Kinova, Ekso Bionics Holdings Inc., and Cyberdyne Inc. leading the charge. These companies are focusing on expanding their global presence and leveraging recent technological advancements, such as AI-controlled prosthetics, to drive innovation and growth in the sector.
Assistive Robotics Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Rise in the Geriatric Population
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1.2.2 Adoption of Robot-Assisted Surgery
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1.3 Market Restraints
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1.3.1 Lack of Social Awareness About the Benefits of Adopting Assistive Robotic Systems
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1.4 Value Chain Analysis
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1.5 Industry Attractiveness - Porter's Five Force Analysis
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1.5.1 Threat of New Entrants
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1.5.2 Bargaining Power of Buyers/Consumers
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1.5.3 Bargaining Power of Suppliers
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1.5.4 Threat of Substitute Products
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1.5.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Types
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2.1.1 Socially Assistive Robots
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2.1.2 Physically Assistive Robots
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2.1.3 Other Types
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2.2 Geography
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2.2.1 North America
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2.2.1.1 United States
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2.2.1.2 Canada
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2.2.2 Europe
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2.2.2.1 United Kingdom
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2.2.2.2 Germany
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2.2.2.3 France
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2.2.2.4 Italy
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2.2.2.5 Rest of Europe
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2.2.3 Asia-Pacific
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2.2.3.1 Japan
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2.2.3.2 China
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2.2.3.3 South Korea
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2.2.3.4 Rest of Asia-Pacific
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2.2.4 Rest of the World
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2.2.4.1 Latin America
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2.2.4.2 Middle-East & Africa
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Assistive Robotics Market Size FAQs
What is the current Assistive Robotics Market size?
The Assistive Robotics Market is projected to register a CAGR of 21% during the forecast period (2024-2029)
Who are the key players in Assistive Robotics Market?
Kinova, Ekso Bionics Holdings Inc., Cyberdyne Inc., ReWalk Robotics, Inc. and Focal Meditech BV are the major companies operating in the Assistive Robotics Market.
