18.9% CAGR Healthcare Assistive Robot Market surge to hit $950mn by 2024

Sellbyville, DE -- (SBWire) -- 11/23/2018 --Global Healthcare Assistive Robot Market is forecast to exceed USD 950 million by 2024; as per a research study by Global Market Insights, Inc.
Assistive rehabilitation robot is established as a gold standard treatment for rehabilitation of stroke recovered patients due to its ability to perform repetitive set of exercises and provide measurable feedback as against physiotherapists. According to WHF, more than 15 million people suffer from stroke each year, of which nearly six million dies and remaining five million are left permanently disabled. Increasing number of stroke patients will escalate healthcare assistive robot market demand.

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Surveillance and security products were valued at USD 39 million in 2015 and are expected to grow at 18.2% CAGR from 2016 to 2024. Rising geriatric population has led to increased demand for homecare services and skilled care takers. Growing application of surveillance robots to maintain consistency and quality of service and serve as an effective replacement for staff work will stimulate healthcare assistive robot market size.
Mobile robotics market is anticipated to witness more than 19.5% CAGR from 2016 to 2024, with expectations to exceed USD 590 million by 2024. These devices are programmed to complete the assigned task and the operations can be remotely handled. These robots could be integrated with other mobile technologies such as smartphones, tablets, PCs to enhance autonomous mobile experience.

Stroke applications were valued at over USD 70 million in 2015 and may exceed USD 355 million by 2024, owing to increasing incidence of neurological disorders, growing geriatric population and technological advancements in rehabilitation robotics over the forecast period. Orthopedics was valued at USD 56.3 million in 2015 and is expected to grow at 19.4% CAGR over the forecast period. Increasing number of injuries associated with growing traffic accidents coupled with increased usage in physiotherapy will stimulate healthcare assistive robot market growth for these applications.

U.S healthcare assistive robot market size held more than 85% of business revenue in 2015, with target market size slated to exceed USD 310 million by 2024. Growing aging population, favorable government initiatives, improved awareness and growing adoption of technologically advanced devices will propel industry growth.

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Global Healthcare Assistive Robot Market By Product
- Surveillance & Security
- Humanoid
- Rehabilitation
- Socially Assistive

Global Healthcare Assistive Robot Market By Portability
- Fixed base
- Mobile

Global Healthcare Assistive Robot Market By Application
- Stroke
- Orthopedics
- Cognitive & Motor Skills
- Sports