The global healthcare companion robots market is expected to witness growth in the coming years owing to the introduction of advanced technology, growing disposable income and increasing healthcare infrastructure. In the past few decades, there have been massive improvement in sensors, actuators, and processing abilities to detect human behavior through facial expression, eye contact and conversation. Due to such improvements, there has been a significant rise in the deployment of robots for daily use. Major manufacturers are also focusing on enhancing their products to meet the demand of the patients. For instance, in September 2020, KT signed a MOU with Nuwa Robotics, Ashoka Korea and Stage Five to create and commercialize next-gen AI companion robots for kids and geriatric population.
Furthermore, the growing concern of providing best care facilities to older adults and specially-abled population have further propelled the market growth. COVID-19 has also impacted the market positively, as these robotic solutions are capable of filling in gaps to reduce depression, loneliness and other negative impact of isolation especially among geriatric population. These robots are also used for managing medication and monitor health remotely. For instance, in October 2019, Pria was launched by Pillo Health and Stanley Black & Decker that simultaneously update patient’s health to healthcare provider. The robot can schedule dosages of upto 28 medicines, dispense medication at the scheduled time and provide medicine reminders. Thus, the growth in geriatric population and an increase in penetration of chronic disease is propelling the market growth. However, the high cost of installation and maintenance charges may hamper the market growth in coming future.
On the basis of type, the market is segmented into animal-like robots and humanoid robots. Humanoid robots are in human form that are to interact and communicate to humans. Growing technological advancement in areas of AI, material handling systems, sensors and others are expected to open new opportunities for the market. A Russian company, Promobot is focusing on developing artificial silicone skin and authentic eyes for their next generation companion robots. The robot will be equipped with artificial hair and various kind of facial micro-expressions for authentication.
On the basis of age group, the market is divided into children, adult and geriatric. The growth of this segment can be attributed to growing geriatric population, increasing prevalence of chronic disease among them and urging need for quality care of older adults. As per the stats of NIH, about 85% of geriatric population suffers from at least one chronic conditions whereas, 60% have at least two chronic diseases. Companion robots thus help older adults to remotely access healthcare providers. Along with helping in getting medication on time and also providing mental support.
On the basis of region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and MEA. Rapid adoption of advanced technology, and digitalization across the globe is propelling the market growth. Furthermore, increasing disposable income, rising healthcare infrastructure further drives the market growth. For instance, as per the statistics provided by UN, globally about 1.5 billion populations will age 65 and above by 2050.
Some of the major players in the market are Blue Frog Robotics & Buddy, ASUS, intuition robotics, inGen Dynamics, PARO, Black+Decker (Pilo Robots) and others. Mergers & acquisitions, and launch of technologically advanced products, are the key strategies adopted by the major companies for gaining larger share and competitive edge in the market. For instance, in March 2022, Intuition Robotics introduced ElliQ in US market for older adults. ElliQ Robot has wide range of knowledge about trivia, entertainment news, news events, sports references, health information, Bible quotes - and jokes.
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