Market Size of Assistive Robotics Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 21.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Assistive Robotics Market Analysis
The assistive robotics market is expected to register a CAGR of 21% over the forecast period of (2021 - 2026). Recent breakthroughs in robotics and artificial intelligence will accelerate the synthesis of man and machine. Japanese android maker predicts that highly intelligent, self-aware and helpful around the house, the robots of the future could look and act just like humans and even become their friends.
- A rise in the geriatric population drives the Assistive Robotics market. According to United Nations, data from the world population says that by 2050, one in six people in the world will be over age 65 (16%), up from one in 11 in 2019 (9%). Considering this data, at the age of 65 or above, it shows higher symptoms of mild cognitive impairment (MCI) or early dementia. This says that the demand for assistive robotics will increase in the future.
- The adoption of robot-assisted surgery is driving the Assistive Robotics market. Surgeons who use the robotic system find that for many procedures it enhances precision, flexibility and control during the operation and allows them to better see the site, compared with traditional techniques. According to the Accenture survey in the United States in 2018, the random base surveys for more than 2000 respondents say that 46% of those aged 18-34 prefer robot-assisted surgery and the market penetration is high in the United States, where Spinal surgery is a common symptom. This enhances the demand for robot-assisted surgery and will show high growth in coming years globally.
- Lack of social awareness about the benefits of adopting assistive robotic systems is restraining the market to grow. This can challenge the Assistive Robotics market especially for elderly assistance where their uneven perceptions regarding robot machines may hinder them to take its service advantages.
