Global Healthcare Assistive Robot Market 2023-2030

Global Healthcare Assistive Robot Market 2023-2030

Global healthcare assistive robot market is anticipated to grow at a significant CAGR of 16.4% during the forecast period. Healthcare assistive robots are widely used to provide support to the patient with stroke or injuries to the orthopedic system, which includes muscles, bones, joints, tendons, and ligaments. Further, increasing insurance coverage for medical exoskeletons and rising in the number of people suffering from strokes and spinal cord injuries also lead to the healthcare assistive robots market growth. Therefore, the growing prevalence of strokes and spinal cord injuries are the factors fueling the growth of the healthcare assistive robot market during the forecast period. However, the necessity to accept several standards and certifications mainly in the medical industry may hamper the growth of the healthcare assistive robot market over the forecast period.

Additionally, the factor that is expected to boost the growth of the healthcare assistive robot industry includes an increasing number of injuries caused by traffic accidents across the globe, rising scientist focus on developing improved point-of-care bedside robots for enhanced patient care, and a growing number of patients being admitted in hospitals. Moreover, increasing funding in healthcare automation and robotic research, and growing awareness initiatives supported by government and non-government institutes to raise awareness and education related to the benefits of assistive robots is also expected to create opportunities for market growth. The growing need for controlling post-stroke rehabilitation and the different advantages provided by assistive robots for joint replacement, knee surgery, and post-total knee replacement propels the growth of the market during the forecast period.

Segmental Outlook

The global healthcare assistive robot market is segmented based on application and portability. Based on applications, the market is segmented into orthopedics, cognitive & motor skills, strokes, and sports. Based on portability, the market is segmented into fixed base, and mobile. Among the application segment, the orthopedics sub-segment is anticipated to register significant growth for the forecast period. The growth of the orthopedics sub-segment is attributed to growing cases of injuries owing to traffic accidents. As per the WHO, around 20 to 50 million people each year suffer injuries and disabilities owing to road accidents. Increasing adoption of assistive robots in orthopedics owing to the demand for assistance after total knee replacement and joint replacement is anticipated to fuel the growth of the segment.

Regional Outlooks

The global healthcare assistive robot market is further segmented based on geography including North America, Europe, Asia-Pacific, and the Rest of the World. North America is anticipated to have the largest market share in the healthcare assistive robot market during the forecast period. Owing to increasing healthcare infrastructure and growing awareness among people related to the advanced use of robotics fuel the growth of the region. Additionally, initiatives taken by the organizations include the University of Texas at Arlington and the research institute to bridge the gap between product development and academic research in the area of biomedical technologies, improved manufacturing, and robotics which have shown a positive impact on the growth of the regional industry.

Asia-Pacific will Augment with the Fastest Rate in the Healthcare Assistive Robot Market

The market in Asia-Pacific is expected to be the fastest-growing region mainly owing to rising healthcare spending through several government organizations, growing patient awareness regarding assistive robots, and favorable healthcare reforms. Moreover, the rising focus of major industry players on developing improved healthcare assistive robots is another factor fueling the industry's growth.

Market Players Outlook

The key players in the healthcare assistive robot market include Barrett Technology, LLC, ReWalk Robotics Ltd., SoftBank Robotics Corp., Diligent Robotics, GaitTronics Inc., KUKA AG, Transenterix, Ekso Bionics Holdings, Inc., and HONDA Motor Co. Ltd. These players are adopting various strategies to expand their market share. For instance, in January 2018, Cyberdyne, a Japanese robotics company got approval from the FDA to being developed Hybrid Assistive Limb (HAL) lower body exoskeleton suit for people in the US through licensed medical facilities along with physical disabilities.