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Healthcare Companion Robots Market Size

Report ID: GMI10844
Published Date: Aug 2024
Report Format: PDF

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Healthcare Companion Robots Market Size

Healthcare Companion Robots Market size was valued at USD 1.9 billion in 2023 and is anticipated to witness growth at a CAGR of 15.9% from 2024 to 2032. The growing aging population seeking home assistance, technological advancements, and rising demand for automation and convenience, are driving the market growth.

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As the elderly demographic continues to grow, there is a noticeable shift toward preferring aging in place over transitioning to institutional care facilities. This trend has significantly increased the demand for home-based care solutions that support and assist individuals while preserving their independence. These advanced robots not only help mitigate the reliance on full-time human caregivers, thereby making home care more cost-effective, but also improve the quality of life for elderly individuals by reducing feelings of loneliness and isolation through engaging interactions and emotional support.

For instance, according to the United Nations Department of Economic and Social Affairs, the global population aged 65 and older was approximately 759 million in 2021. This rising number underscores the rapid growth of the elderly population worldwide and highlights the increasing need for solutions that cater to the aging demographic, including healthcare companion robots.

Healthcare companion robots are advanced robotic systems designed to assist and support individuals in various healthcare settings, primarily focusing on enhancing the quality of life and providing support for daily activities. These robots are engineered to interact with users in ways that offer both physical and emotional benefits.

Healthcare Companion Robots Market Report Attributes
Report Attribute	Details
Base Year:	2023
Healthcare Companion Robots Market Size in 2023:	USD 1.9 Billion
Forecast Period:	2024 – 2032
Forecast Period 2024 – 2032 CAGR:	15.9%
2024 – 2032 Value Projection:	USD 7.3 Billion
Historical Data for:	2021 – 2023
No. of Pages:	110
Tables, Charts & Figures:	120
Segments covered:	Robot Type, Age Group, End-use, and Region
Growth Drivers:	Growing aging population seeking home assistance Technological advancements Increasing demand for automation and convenience Government initiatives and funding
Pitfalls & Challenges:	High product cost and privacy concerns

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Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

The healthcare companion robots industry is expected to grow at a robust CAGR of more than 15.9% during the forecast period from 2024 to 2032, with advancements in artificial intelligence, an increasing elderly population, and a rising demand for personalized care solutions.

The geriatric care segment is projected to hold a significant share of the market, valued at over USD 3.2 billion by 2032, with the rising prevalence of age-related conditions, necessitating enhanced companionship and assistance in daily activities.

North America is anticipated to dominate the market with over 15 CAGR through 2024-2032, due to significant investments in healthcare technology, favorable reimbursement policies, and a high adoption rate of advanced medical robotics.

Some prominent players in the healthcare companion robots industry include Intuition Robotics, Luvozo, Blue Frog Robotics & Buddy ASUS, Paro Robots US Inc., and Andromeda. These companies are at the forefront of innovating healthcare robotics solutions and are focusing on strategic collaborations, product enhancements, and expanding their global footprint to gain a competitive edge.