Telepresence Robots Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Telepresence Robots Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The telepresence robots market was valued at USD 165.4 million in 2020 and is expected to reach a value of USD 184.47 million by 2026, at a CAGR of 11.53% over the forecast period (2021 - 2026). Telepresence robots are remotely monitored autonomous robots equipped with a smartphone or motorized desktop stands which are connected to a camera or a monitor. The telepresence robot is assistive technology.

• Telepresence robots are equipped with sensors, accelerators, video conferencing technologies, etc., and can be remotely monitored. The market has seen an influx of new vendors (mostly startups), which has shaped market significantly over the past few years.
• Healthcare, business, and educational institutes are expected to be the potential markets of telepresence robots worldwide. In the healthcare sector, the capability of telepresence robots to provide a virtual presence enables the doctors to assist their patients located at a different location. Similarly, in the corporate sector, a business owner can access various operations, can monitor their teams, or attend conferences and meetings by operating a telepresence robot placed in that office premises.
• One of the significant aspects that have been a decisive factor in demand generation is the flexibility of the telepresence devices. Either it is in the field of education in schools or universities, or medical, business, or security, the telepresence robots allow the user to go live according to their convenience.
• It also adds to the cost factor where business persons can collaborate with their peers without the need for traveling. Engineers, for instance, can guide the support persons and help them through the maintenance process for off-site and remotely located centers.
• Telepresence robots that are stationary are providing opportunities for certain niche applications that benefit from the advantage that they offer over mobile robots, with the major 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. As the number of people aged more than 65 grows across the world, particularly in countries, such as India and Japan, the technology is expected to gain significant traction.
• With the recent outbreak of COVID 19, these robots play a crucial role in enabling a form of telemedicine that would keep humans out of areas of contagion. The telepresence robot has begun appearing in nursing homes to help family members connect with otherwise isolated elders in the recent pandemic situation.

• Telemedicine is a rapidly growing technological advancement in the healthcare industry, which involves remote patient monitoring by using digital technologies, such as video conferencing tools, while fostering remote interaction of patients and the healthcare providers. The increasing adoption and popularity of telepresence robots in the healthcare industry is further aiding in the growth of telemedicine.
• Telepresence robotics aids in remote monitoring of patients in rural hospital settings where a medical specialist is physically unavailable, and the robot can be deployed to connect the patient with the healthcare provider. Also, in the home, a nurse can remotely connect and monitor the patient’s recovery. Such technology adoption has resulted in quality health support being available to remote location. This has been further enabled by the rapid growth and advancement in the communications technology resulting in complete ecosystem aiding the growth.
• Telepresence robotics has emerged as a crucial trend in the year 2020, due to the spread of the Covid-19. In a crisis scenario where social distancing and remote monitoring have become essential, to avoid direct contact with the Covid-19 patients, telepresence robots help the healthcare provides to move freely and independently. They can help patients at their bedsides, aid in rehab, transport supplies to nurses or ORs, disinfect rooms, and assist in lab automation, among other uses.
• According to Robohub, a telepresence medical robot is a customizable robot to monitor changes in a patient's medical bedside data and behavior and immediately send alert to nurses indicating the key changes in the patient’s condition and take actions without delay. Pepper, for instance, deployed robotics, during the pandemic, to allow patients on the intensive care ward to communicate with their family, who were not allowed to visit. The robot was able to stand next to the bed of the patient and used the tablet on its chest to deliver a video conference.

• North America is estimated to have a significant demand for such robots, considering the strong network infrastructure and acceptance of new technologies. The region is also expected to be a key contributor to the technology, as it houses prominent telepresence robot vendors.
• The telepresence robots meant for commercial applications are currently priced premium, in the region, thus requiring high initial investments. The presence of critical supporting infrastructures, such as communication and power, makes it a more favorable market for the vendors to pitch in the products in the regional market.
• The presence of the defined regulations, higher purchasing power, and the readiness of the end-user industry for upgrading the experience have been driving factors in the region.Furthermore, educational institutions, such as schools in the region, are promptly using technological products to enhance and improve the learning experience of the students. This has also helped in making the regional market enjoy the dominant share in this market.
• The region has witnessed significant competition for telepresence robots due to the cheaper rate of the robot. For instance, Beam, which is recently acquired by blue ocean caters two products, smaller robot that is priced around USD 2,000-USD 4,000 for low-end consumers, and a larger Beam Pro that sells for around USD 15,000 for high-end devices.

The telepresence robots market is competitive and consists of several players. Many companies are increasing their market presence by introducing new products or by entering into strategic mergers and acquisitions.

• August 2019 - Beam, the remote-controlled telepresence robot, was acquired by Blue Ocean Robotics of Denmark. According to Blue Ocean Robotics they have only brought the IP, staff who work on Beam robots, hardware inventory and other related assets under their control.
• July 2019 -Toyota Research Insitute developed new telepresence robots for 2020 Olympics games that are equipped with a camera atop a large near lifesize display. Also, it has multiple 3D sensing systems, including two depth cameras and lidar at the base.
• January 2019 - OhmniLabs launched its latest telepresence robot, Ohmni Supercam. The telepresence robot features the highest resolution camera available in a telepresence robot, giving users the ability to see content on whiteboards and printed documents more clearly than other systems.

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