FREMONT, California, Dec. 18, 2019 /PRNewswire/ -- According to a new market intelligence report by BIS Research, titled "Global Roboticare Market – Analysis and Forecast, 2019-2029", the global roboticare market was valued at $408.6 million in 2018 and is estimated to reach $2,574 million by 2029 at a CAGR of 18.27% from 2019 to 2029. The future growth of the global roboticare market is expected to be driven by factors such as growing aging population and rising incidences of physical disabilities. However, the market's growth is subject to several challenges including ethical concerns, for instance the fear of emotionally intelligent robots replacing human beings for companionship for those using such robots.
Globally, the roboticare products are aimed at assisting the patients and healthcare professionals for care in form of emotional and rehabilitation support. The demand for robots has been on a rise worldwide since the evolution of the concept of robots, and their usage has also increased in multiple sectors including healthcare. The rapid pace of innovations in artificial intelligence, increasing demand for assistance in rehabilitation, and a global dearth of nurses for personal care are factors that have also led to an increased demand of the roboticare products.
According to Abdul Wahid Khan at BIS Research, "In 2018, North America held the largest market share and constituted over 38.1% of the global revenue, owing to the increasing geriatric population and awareness regarding specialized treatment centers for rehabilitation. However, Asia-Pacific is projected to grow at a significant CAGR during the forecast period from 2019 to 2029."
The industry witnessed 30 product approvals and launches, 18 agreements and collaborations, four joint ventures and partnerships, and five funding instances in past four years i.e. from 2016 to 2019.
As of 2018, Sony Corporation dominates the global roboticare market by holding a major share of the market.
The global roboticare market (by application) is dominated by the rehabilitation robots segment with a market share of 66.9% in 2018.
The global roboticare market (by region) is currently dominated by North America, as a large number of rehabilitation robotics companies are centered to the region.
The purpose of this study is to gain a holistic view of the global roboticare market in terms of various influencing factors such as regional adoption trends and key developments. The scope of this report constitutes an in-depth study of the market, including a thorough analysis of the products across different regions. The report presents the reader with an opportunity to unlock comprehensive insights with respect to the market and helps in forming well-informed strategic decisions. Moreover, the research uncovers some of the substantial parameters that must be taken into consideration before entering the market.
The report on global roboticare market tracks trends and industry participants as well as quantifies technologies that facilitates advanced product development. This report also discusses the targeted technology and applications of the market.
The analysis within the report is conducted at a regional level, and are studied taking into consideration the impact of various underlying trends influencing them. Major industry participants and their products have been thoroughly analyzed, and forecasts of their performance, market share, and growth rates have been provided in the report.
Furthermore, the competitive landscape chapter in the report explicates the competitive nature of the global market and enables the reader to get acquainted with the recent market activities such as product launches, partnerships, collaborations, business expansions, as well as mergers and acquisitions.
This report is a meticulous compilation of research on more than 35 players in the market ecosystem and draws upon insights from in-depth interviews with the key opinion leaders of several leading companies, market participants, and vendors. The report also profiles leading players such as Sony Corporation, Soft Bank Group, and Samsung Electronics.
Key Questions Answered in the Report:
How has the global roboticare market evolved, and what are the prominent upcoming trends of the market?
What are the drivers, restraints, and opportunities present in the global roboticare market?
Which key developmental strategies are implemented by the key players to stand out in this market?
How is each segment of the global roboticare market expected to grow during the forecast period, and what is the expected revenue to be generated by each of the segments by the end of 2029, on the basis of:
type, including autonomous type and semi-autonomous type
application type, including rehabilitation robot, emotional support robot, and robotic nurses
end user, including hospitals, rehabilitation center, and homecare
region, North America, Europe, Asia-Pacific, and Rest-of-the-World (ROW)
Which are the major companies operating in the market and how is each company contributing to the growth of the market?
BIS Research Inc. (Business Intelligence and Strategy Research) is a global B2B market intelligence and advisory firm focusing on those emerging technological trends which are likely to disrupt the dynamics of the market.
With over 150 market research reports published annually, BIS Research focuses on high technology verticals such as 3D Printing, Advanced Materials and Chemicals, Aerospace and Defense, Automotive, Healthcare, Electronics and Semiconductors, Robotics and UAV, and other emerging technologies.
Our in-depth market intelligence reports focus on the market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.
What distinguishes BIS Research from the rest of the players is that we don't simply provide data but also complement it with valuable insights and actionable inputs for the success of our clients.