Key Players
The major players operating in the global assistive robotics market are:
- Kinova Robotics (Canada)
- Intuitive Surgical (US)
- Focal Meditech (Netherlands)
- Cyberdyne (Japan)
- ReWalk Robotics (Israel)
- SoftBank Robotics (Japan)
- Ekso Bionics (US)
- Ubtech Robotics (China)
- Barrett Technology (US)
- Hyundai (South Korea)
- Stryker (US)
- Hocoma (Switzerland)
- Double Robotics (US)
- Blue Frog Robotics (France)
- DreamFace Technologies (US)
- Fourier Intelligence (China)
- CT Asia Robotics (Thailand)
- F&P Robotics (Switzerland)
- Axosuits (Romania)
- Japet Medical Devices (France)
- Motorika (US)
- Hanson Robotics (Hong Kong)
- Rex Bionics (New Zealand)
Market Dynamics
The growth of the assistive robotics market is being propelled by the rising occurrences of strokes and spinal cord injuries. Another factor contributing to the growth of the market is the increasing insurance coverage for medical exoskeletons and robotic surgeries.
Advancements in robotics and artificial intelligence are expected to speed up the integration of humans and machines. A Japanese android manufacturer has forecasted that future robots could resemble and behave like humans, possessing high levels of intelligence and awareness, being helpful around the house, and potentially even becoming friends with humans.
The growth of the Assistive Robotics market is being driven by the increasing number of elderly individuals in the population. Data from the United Nations shows that by 2050, one in six individuals worldwide will be over the age of 65 (16%), up from one in eleven in 2019 (9%). With this increase in elderly individuals, there is a higher likelihood of mild cognitive impairment (MCI) or early dementia symptoms occurring after the age of 65. This suggests that there will be a greater demand for assistive robotics in the future.
The Assistive Robotics market is being driven by the increasing adoption of robot-assisted surgery. Surgeons who utilize robotic systems have reported improved precision, flexibility, and control during surgeries compared to traditional techniques.
Additionally, the use of robotics in surgery allows for better visualization of the surgical site. A 2018 survey conducted by Accenture in the United States revealed that 46% of respondents aged 18-34 preferred robot-assisted surgery.
The United States has a high market penetration for this technology, particularly in spinal surgeries, which are a common procedure in the country. This high demand for robot-assisted surgery is expected to contribute to significant growth in the global market in the coming years.
The growth of the Assistive Robotics market is being restrained by a lack of social awareness regarding the benefits of adopting robotic systems. This challenge is particularly relevant for the elderly, who may have varying perceptions regarding robot machines that could hinder their ability to take advantage of the services provided by these systems. As a result, it is essential to educate individuals about the advantages of assistive robotics to overcome this barrier and promote market growth.
Segment Analysis
By Mobility Type
Stationary robots to hold the largest market share in the assistive robotics market during forecast period. In 2022, stationary robots were predicted to hold the largest share of the Assistive Robotics market, and this trend is projected to continue throughout the forecast period.
Stationary assistive robots refer to robotic systems that remain fixed in one position while performing their tasks, and they are commonly used in households and medical applications. Surgical robots, dynamic arm supports, meal supports, and robotic manipulators are all examples of stationary assistive robots. The increasing global demand for surgical robots is expected to drive the growth of the stationary assistive robots market in the manufacturing sector.
By Type
Market for physically assistive robots to grow at highest CAGR over the forecast period. Physically assistive robots are designed to assist individuals with medical conditions or injuries that limit their upper or lower body movements. These robots are commonly used in rehabilitation centers to aid in the recovery of individuals who have experienced neurological or spinal cord injuries.
The growing incidence of spinal cord injuries has led to an increase in the adoption of exoskeleton robots in both rehabilitation centers and by individuals with disabilities. This trend is expected to drive the growth of the physically assistive robots market throughout the forecast period.
By Application Type
The market for handicap assistance applications is projected to grow at the highest compound annual growth rate (CAGR) during the forecast period. Assistive robotic systems are designed to aid individuals with disabilities, and with the increasing incidence of stroke and spinal cord injuries worldwide, the application of these systems for handicap assistance is expected to rise significantly.
Furthermore, there has been a rise in the adoption of exoskeletons by individuals with disabilities for both personal use and rehabilitation purposes, which is anticipated to further drive the growth of the handicap assistance application market in the coming years.
Regional Analysis
During the period from 2023-2029, the assistive robotics market in Asia Pacific is expected to experience the highest compound annual growth rate (CAGR) among all regions. This growth is likely to be driven by a shortage of trained care workers, in addition to the increasing geriatric population.
As the number of elderly individuals continues to rise at an unprecedented rate, coupled with the lack of caretakers, the market for assistive robots in this region is expected to grow significantly. Japan is predicted to hold the largest market share of the assistive robotics market from 2023-2029, while China is expected to experience the highest CAGR during this forecast period.
Research Methodology
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis.
- Market Environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
- Market trend and forecast analysis.
- Market segment trend and forecast.
- Competitive landscape and dynamics: Market share, Product Portfolio, New Product Launches, etc.
- Attractive market segments and associated growth opportunities.
- Emerging trends.
- Strategic growth opportunities for the existing and new players.
- Key success factors.
Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
- Detailed profiling of additional market players (up to three players)
- SWOT analysis of key players (up to three players)
Competitive Benchmarking
- Benchmarking of key players on the following parameters: product portfolio, geographical reach, regional presence, and strategic alliances
Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@Stratviewresearch.com
Recent Developments
- In November 2022, Formant, a cloud platform provider for robotics companies, partnered with Kinova, Canadian robotics developer specifically known for creating advanced robotic arms, to support the widespread use of Kinova’s newest arm, Gen 3.
- In March 2022, the commonwealth of Massachusetts awarded $3 million to Harvard University and Boston University to support the development of new generation robotics and wearable technologies.
