Market Size of Telepresence Robots Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 11.53 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Telepresence Robot Market Analysis
The telepresence robots market is expected to grow at a CAGR of 11.53% over the forecast period. The rapidly growing demand for consumer and professional telepresence robots in different areas, such as education, home healthcare, and others is likely to fuel market expansion.
- Telepresence robots are anticipated to find a home in healthcare, business, and educational institutions throughout the world. The capacity of telepresence robots to create a virtual appearance in the healthcare industry allows clinicians to assist patients located in various areas. Similarly, in the professional sector, business leaders may access different activities, monitor their teams, and attend meetings and conferences using a telepresence robot installed in their workplace.
- Stationary telepresence robots provide opportunities for specific niche applications that benefit from the advantage they offer over mobile robots, with the significant advantage being the consistency in network connectivity (WiFi, etc.) without interruption. Such technology platforms are paving the way for applications, such as remote health monitoring, to be possible. The technology is expected to gain significant traction as the number of people aged more than 65 grows across the world, particularly in countries, such as India and Japan.
- The increasing use of robotics in healthcare settings and the advancement of communication capabilities, including 4G and 5G, are drawing additional expenditures in the business. The swiftly evolving technology and variable demand for products and services are prompting market players to spend more on study and innovation operations in order to create novel solutions. Furthermore, the growing number of companies offering cutting-edge goods and services with upgraded capabilities is moving the industry for healthcare telepresence robotics forward.
- The outbreak of the COVID-19 virus also raised the demand for telepresence robots, notably in healthcare facilities. Major corporations are raising their R&D investment in order to meet rising demand and ensure the introduction of telepresence robots with advanced medical capabilities. Furthermore, increasing developments by technology companies are expected to contribute to market growth. For instance, in May 2021, the Integrated Technologies Engineering Group at the University of Malaga created a telepresence robot enabling COVID-19 patients to connect with their dear ones.
