Healthcare Companion Robots Market Set to Reach US$ 11.73 Million with an 18% CAGR in the 2023-2033 Forecast Period – FMI Projection

According to Future Market Insights, the healthcare companion robots market is anticipated to expand at a rate of 18% CAGR during the forecast period of 2023–2033. It is anticipated that the worldwide market for healthcare companion robots will reach a valuation of US$ 11.73 billion by 2033. The goal of companion robot creation is to provide humans with company. These robots help people, particularly the elderly population, with everyday tasks and make a positive difference in their lives.

With increasing geriatric population and rising prevalence of diseases such as Alzheimer’s; dementia, etc., the demand of companion robots is likely to increase over a forecast period. Various robots are being developed which help people suffering from such disorders to live normal life. For instance, Ryan, a companion robot outfitted with artificial intelligence technology is designed to assist the aging population, specifically those struggling with Alzheimer’s. Also, it is equipped with cognitive games to keep the brain active and helps recognize who it interacts with and carry-on conversations. In addition, the increasing incidences of depression is fueling market growth.

Furthermore, with the outbreak of COVID-19, the prevalence of loneliness raised, which positively impacted the demand for companion robot. Paro, a companion robot approved by the FDA as an insured cost for patients is used to assist people with depression, anxiety, and other conditions. These robo-seals are provided in free to licensed nursing homes and in around 28 nursing homes in Washington State have started using them since last year.

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In addition, various initiatives undertaken by market players to provide innovative solutions is anticipated to drive the growth of the market during the forecast period. Furthermore, integration of advanced technologies to improve the healthcare outcome is expected to boost the market in upcoming years.

Key Takeaways:

• In 2023, Asia Pacific is expected to dominate the healthcare companion robots market with a share of 50%.
• North America is expected to possess 41% market share for healthcare companion robots market in 2023.
• By type, the humanoid segment is expected to hold the largest share of nearly 75% in 2023.
• By age-group, the geriatric segment is expected to hold the largest share of 40% in 2023.

“Advancement in technology along with increase in dependency on robots especially by the geriatric and disabled population is favoring growth of the healthcare companion robots market.” comments a Future Market Insights analyst.

Competitive Landscape

Some prominent players in the global healthcare companion robots market include Blue Frog Robotics & Buddy ASUS, Intuition Robotics, inGen Dynamics, PARO Robots U.S., Inc, No Isolation, Luvozo, Honda Robotics, Hanson Robotics, Ubtech, Emotix and Jibo

• For instance, in March 2022, Intuition Robotics launched ElliQ, a digital care companion. It is designed to help older adults to be more physically active and socially engaged and enable them to have happier, more independent lives.
• Intuition Robotics, a key player in the healthcare companion robots market is focusing on innovating robots that help the geriatric population fight loneliness. Thus, the company is researching on required emotional intelligence and integrating the same through artificial intelligence in the robots.

Key Segments:

Type:

• Animal-like
• Humanoid

Age-Group:

• Children
• Adult
• Geriatric

Region:

• North America
• Latin America
• Europe
• South Asia
• East Asia
• Oceania
• Middle East & Africa

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About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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