Global Assistive Robotics Market - 2023-2030

Global Assistive Robotics Market - 2023-2030

Global Assistive Robotics Market reached US$ XX million in 2022 and is expected to reach US$ XX million by 2030, growing at a CAGR of XX% during the forecast period 2023-2030.

An assistive robot is a device that can sense, process sensory information, and perform actions that benefit people with disabilities and the elderly population. Assistive robotics is generally robots that assist people with physical disabilities through physical interaction.

Several assistive devices are being designed to address the specific needs of the individual. Assistive robotics ranges from exoskeletons and smart wheelchairs to rehabilitation machines bionic limbs and many other devices that help individuals with injuries.

Market Dynamics: Drivers & Restraints

Increasing number of individuals suffering from strokes and spinal cord injuries

Assistive Robotics Market growth is primarily driven by the worldwide increase in the number of people suffering from strokes and spinal cord injuries, coupled with rising insurance coverage for medical exoskeletons and robotic surgeries.

For instance, according to the report published by the National Institute of Health in 2022, it is estimated that globally, between 250,000 and 500,000 patients, each year suffer a spinal cord injury. Most of these cases are due to preventable causes such as violence and motor vehicle accidents.

Additionally, 17,000 new cases of SCI each year were reported in 2022 in the United States and it is estimated that there are about 282,000 persons are estimated to be living with SCI US in 2022. Based on gender, males represent the majority proportion of SCI and based on age individuals between 16-30 are more at risk of SCIs.

Furthermore, the increasing technological advancements help to deliver better robotic device solutions for people suffering from spinal cord injuries. Mainly they are helpful for elderly individuals suffering from osteoarthritis.

Restraint

Lack of awareness

Lack of awareness among individuals about the presence of advanced robotic devices that assist them in functioning is expected to hinder market growth. Lack of knowledge of the capabilities of assistive robotic devices and their applications can hinder market growth.

Segment Analysis

The global assistive robotics market is segmented based on type, mobility, application, and region.

Physically Assistive Robots segment accounted for 37.3% of the market share

Physically Assistive Robots segment holds the dominant position in the market share. This is due to the increased elderly population, increased injuries, and the individuals who lost limbs. Physically assistive devices help individuals with easier mobility. The advanced robotic devices that can help individuals with proper needs will help the growth of the segment.

For instance, In January 2022, Labrador Systems, Inc. introduced the new type of personal robot Labrador Retriever, that provides practical, physical assistance with everyday activities in the home. It is designed to reduce the load for millions of Americans who have chronic pain, injury, or other health issues that impact their daily activities.

Additionally, in March 2023, Kalamazoo, Stryker launched Mako Total Knee 2.0 as part of its Mako SmartRobotics portfolio. Thus, the above factors are expected to drive the segment growth in the forecast period.

Geographical Analysis

North America is expected to hold a significant position in the global assistive robotics market share

North America is expected to account for the largest market share in the global assistive robotics market share. The region is expected to increase rapidly owing to the increasing technological advancements, increasing number of individuals with spinal cord injuries, and increasing geriatric population.

For instance, in October 2023, Johnson & Johnson MedTech launched the VELYS Robotic-Assisted Solution from DePuy Synthes, the Orthopedics Company of Johnson & Johnson. Thus, increasing advanced technology and an increased geriatric population are expected to drive market growth.

Additionally, the University of Vermont Medical Center added another Da Vinci XI Robotic Surgical System. It helps in gynecological, urological, thoracic, and colorectal procedures. Thus, the above factors are expected to drive the market growth in the region during the forecast period.

COVID-19 Impact Analysis

COVID-19 has impacted the growth of the market moderately. The manufacturing processes of the devices have been halted due to the disruption in the supply chains and also the investments by the companies have been shifted towards the manufacturing of the COVID-19 medication. Thus, COVID-19 has impacted the assistive robotic device market moderately.

Market Segmentation

By Type
• Physically Assistive Robots
• Socially Assistive Robots
• Mixed Assistive Robots

By Mobility
• Stationary
• Mobile

By Application
• Elderly Assistance
• Companionship
• Handicap Assistance
• Surgery Assistance
• Industrial
• Defense
• Public Relations
• Others

By Region
• North America
U.S.
Canada
Mexico
• Europe
Germany
UK
France
Italy
Spain
Rest of Europe
• South America
Brazil
Argentina
Rest of South America
• Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
• Middle East and Africa

Competitive Landscape

The leading companies with a significant market share include Kinova Robotics, ReWalk Robotics, Ekso Bionics, Telefónica S.A., Fourier Intelligence, Cyberdyne, Blue Frog Robotics, Barrett Technology, Intuitive Surgical, F&P Robotics among others

Key Development
• In September 2023, Asensus Surgical entered into a collaboration with Nvidia to accelerate the development of its ISU. The partnership aims to enhance the ISU (Intelligent Surgical Unit), part of Asensus’ performance-guided surgery offerings.

Why Purchase the Report?
• To visualize the global assistive robotics market segmentation based on type, mobility, application, and region as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of assistive robotics market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global assistive robotics market report would provide approximately 61 tables, 61 figures, and 182 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies