$1.2 Bn by 2024| Healthcare Assistive Robot Market to depict a notable upsurge
Sellbyville, DE -- (SBWIRE) -- 05/06/2019 -- Global Healthcare Assistive Robot Market is set to exceed USD 1.2 billion by 2024; according to a new research report by Global Market Insights. Increase in funding for research on robotics technology will stimulate healthcare assistive robot industry growth over the analysis timeline. For instance, the National Institutes of Health (NIH) is focusing on R&D pertaining to robotic technology to ensure better healthcare outcome and increasing life span of patients. Moreover, growing focus of industry players on development of technologically advanced robots will further spur the market size. However, high costs of robots and social stigma pertaining to robots may impede healthcare assistive robot market growth during the forthcoming years.
Increasing incidence of stroke coupled with rising geriatric population worldwide is the key factor that will escalate the demand for healthcare assistive robots during the forecast period. According to the CROI, each year, 15 million people worldwide suffer a stroke of which around 6 million cases lead to mortality whereas about 5 million remain permanently disabled. Adoption of assistive rehabilitation robots as an innovative treatment for therapy of stroke recovered patient is increasing in recent years. Ability of these robots to perform repetitive sets of exercises and provision of measurable feedback will render positive impact on the healthcare assistive robot industry growth.
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Healthcare assistive robot industry is mainly divided into socially assistive, rehabilitation, humanoid, and surveillance & security. Surveillance & security product segment was worth USD 39 million in 2015 and will register a CAGR of 18.2% over the coming years of 2016 to 2024, owing to the surging requirement of skilled caretakers and homecare services for the aging generation.
Rehabilitation accounted for over 42% of the global revenue share in the product landscape of healthcare assistive robot industry in 2015 and is predicted to witness an annual growth rate of more than 19% over the coming seven years. Driven by the ongoing research activities and technological developments pertaining to the robotics sector, healthcare assistive robots market from rehabilitation will witness a remarkable surge. These robots are mainly used to assist the stroke patients, the number of which is rising significantly across the globe.
Considering the regional landscape, Japan healthcare assistive robot market will surpass a revenue generation of USD 97 million by 2024 with an annual growth rate of more than 22% over the period of 2016 to 2024. Promising government support and initiations to innovate new artificial intelligence technologies along with favorable regulation norms enforced by prominent governmental organization such as the Robot Revolution Realization Council will favor the regional growth.
U.S. healthcare assistive robot market dominated North America region with more than 85% revenue share in 2017. High healthcare expenditure, rising awareness levels regarding innovative and advanced use of robotics as well as growing prevalence of stroke and neurological disorders are some of the factors enhancing the growth of assistive robot's market in the U.S. Furthermore, significant rise in the research studies related to robotics will further serve to be a contributing factor in the U.S. healthcare assistive robot market growth.
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Germany healthcare assistive robot market acquired more than 28% of the regional industry share in 2015 and will create notable growth avenue over the coming seven years, owing to the growing investment in research activities. In addition to this, many of the reputed companies have established their R&D base in Germany to develop robot-assisted technologies, which will favorably influence product demand.
Chapter 1. Methodology
1.2. Market definitions
1.3. Forecast parameters
1.4. Data sources
126.96.36.199. Paid sources
188.8.131.52. Unpaid sources
Chapter 2. Executive Summary
2.1. Healthcare assistive robot industry 3600 synopsis, 2013 – 2024
2.1.1. Business trends
2.1.2. Product trends
2.1.3. Portability trends
2.1.4. Application trends
2.1.5. Regional trends
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Chapter 3. Healthcare Assistive Robot Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2013 - 2024
3.3. Industry impact forces
3.3.1. Growth drivers
184.108.40.206. Rapidly growing geriatric population
220.127.116.11. Growing incidence of stroke worldwide
18.104.22.168. Increasing funding for research on robotics technology
3.3.2. Industry pitfalls & challenges
22.214.171.124. Functional limitations and high costs to restrict the assistive robots market
126.96.36.199. Dearth of skilled healthcare professionals in developing economies
188.8.131.52. Social stigma