Assistive robotics market expected to grow at a CAGR of 22.3%
NEW YORK, Oct. 21, 2019 /CNW/ - Assistive robotics market expected to grow at a CAGR of 22.3% during 2019–2024
The assistive robotics market is expected to grow from USD 4.1 billion in 2019 to USD 11.2 billion by 2024, at a CAGR of 22.3% during the forecast period. One of the major driving factors for the assistive robotics market is the rising insurance coverage for medical exoskeletons and robotic surgeries. Also, the worldwide increase in the number of people suffering from strokes and spinal cord injuries has resulted in an increasing demand for assistive robots such as exoskeletons. Hence, increasing prevalence of strokes and spinal cord injuries is another key factor driving the growth of the assistive robotics market. However, the necessity to abide by various standards and certifications, especially in the medical industry acts as a key restraining factor for the market growth.
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Assistive robotics market for mobile robots to grow at higher CAGR during forecast period
Mobile assistive robots are usually controlled by software and use sensors to identify their surroundings.A few of these systems are embedded with artificial intelligence technology, which allows them to navigate their surroundings.
These systems are mainly used in applications such as elderly assistance, companionship, and public relations.As the geriatric population is on the rise worldwide, the demand for elderly assistance and companionship robots is likely to increase.
Also, companies are now increasingly employing public relation robots in office spaces. These factors are expected to drive the market for mobile assistive robots in the coming years.
Market for physically assistive robots to grow at highest CAGR from 2019 to 2024
The market for physically assistive robots is expected to grow at the highest CAGR during the forecast period.Physically assistive robots are used to improve the independence and quality of life of individuals with disabilities.
These assistive systems are also used for rehabilitation purposes in clinics and defense applications in the form of exoskeletons. The increasing cases of spinal cord injuries and various governments' focus on using exoskeleton technology in the defense application is expected to drive the market for physically assistive robots in the coming years.
Market in APAC to grow at a significant CAGR during forecast period
The market in APAC is expected to grow at the highest CAGR during the forecast period.APAC, being a major market, contains a diverse range of economies with varying levels of development and the presence of various manufacturers.
This region has become a global fulcrum for large investments and business expansion opportunities, owing to the fast-growing adoption of assistive robots for elderly assistance and public relations applications. Also, the shortage of care attendants, coupled with the rising geriatric population, is expected to propel the demand for assistive robots in APAC.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key industry experts in the assistive robotics market space. The break-up of primary participants for the report has been shown below:
• By Company Type: Tier 1 – 40%, Tier 2 – 40%, and Tier 3 – 20%
• By Designation: C-level Executives – 35%, Directors – 25%, and Others – 40%
• By Region: North America – 50%, Europe – 30%, APAC – 15%, and RoW – 5%
The report profiles key players in the assistive robotics market with their respective market ranking analysis. Prominent players profiled in this report are Kinova Robotics (Canada), Focal Meditech (Netherlands), Cyberdyne (Japan), Intuitive Surgical (US), ReWalk Robotics (Israel), SoftBank Robotics (Japan), Ekso Bionics (US), Ubtech Robotics (China), Barrett Technology (US), Hyundai (South Korea), Stryker (US), Hocoma (Switzerland), Blue Frog Robotics (France), DreamFace Technologies (US), Double Robotics (US), Fourier Intelligence (China), CT Asia Robotics (Thailand), Intuition Robotics (Israel), Mojin Robotics (Germany), F&P Robotics (Switzerland), Axosuits (Romania), Japet Medical Devices (France), Hanson Robotics (Hong Kong), Motorika (US), and Rex Bionics (New Zealand).
Research Coverage:
This research report categorizes the global assistive robotics market on the basis of mobility, type, application, and geography.The report describes the major drivers, restraints, challenges, and opportunities pertaining to the assistive robotics market and forecasts the same till 2024.
Apart from these, the report also consists of information about the various standards and certifications required to comply with in the assistive robotics market. Further, the report consists of our proprietary platform called Micro-Quadrant wherein we have analysed top 25 companies in the assistive robotics market, based on their business strategies and product offerings and have placed them into four different quadrants, namely, visionary leaders, innovators, dynamic differentiators, and emerging companies.
Key Benefits of Buying the Report
The report would help leaders/new entrants in this market in the following ways:
1. This report segments the assistive robotics market comprehensively and provides the closest market size projection for all subsegments across different regions.
2. The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for market growth.
3. This report would help stakeholders understand their competitors better and gain more insights to improve their position in the business. The competitive landscape section includes competitor ecosystem, product developments and launches, partnerships, and mergers and acquisitions.
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