Healthcare Companion Robots Market Size, Growth, and Industry

Global Healthcare Companion Robots Market is expected to grow at a rate of around 20% over 2024-2029. The Healthcare Companion Robots market growth is driven by the rising elderly population, the growing demands for robots to accompany to aid in elderly and children’s care and rising healthcare costs and advances in AI and robotics, making these robots more advanced and user-friendly. Growing acceptance by society, incorporation with smart home devices and an emphasis on remote healthcare post-pandemic and substantial investments are driving market growth.

Companion robots provide emotional and companionship for children, elderly disabled, those who live on their own or have lost loved ones. They are also utilized in nursing facilities and assisted living homes to provide elderly care. Through the years, advancements in the use of sensors, actuators and AI have enabled people to interact naturally with robots via facial expressions, eye contact and verbal communication. In the wake of these advances there has been a surge in the interest in robots with companions.

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The aging population is growing and the increasing cost of senior care, and the dearth of caregivers

The world’s population is aging, and caregivers’ number relative to the aging population is decreasing. In Japan there is a projected deficit of one million caregivers by 2025. The U.S. is facing a similar issue, because the percentage of people who are 65 or over is expected to increase to around 26 percent by 2050. Additionally the cost of senior care is also increasing. According Genworth’s Cost of Care Survey, the costs of elder care in the U.S. are rising. Between the years 2019 and 2020 the cost of in-home care jumped by 4.4 percent, assisted living costs soared by 6.2 percent; and nursing home costs grew by 3percent. Robots could reduce the cost. For instance, a monthly agreement for Stevie (a robot created by Trinity College, Dublin) is likely to cost between 50 and 60 percent of the expense of employing a human to perform the same task according to their claims.

“The growing disparity between healthcare workforce and aging population is a concern in many countries and we believe companion robots have a great role to play in bridging this gap” CEO of Leading Medical Robots Company

Healthcare Companion robots ‘ demand soared during the COVID-19 pandemic.

The COVID-19 virus caused an increase in the demand for healthcare companion robots as healthcare facilities all over the world sought out alternative ways to provide care in the midst of social isolation measures. These robots, which provide support and companionship that does not require physical contact, address the increasing loneliness and isolation that patients experience, especially those who are elderly and who reside in facilities for long-term care. With remote monitoring and telepresence capabilities that allowed remote monitoring of patients as well as communication, assisting healthcare providers in their care, while minimizing risks of exposure. In addition, companion robots eased some of the burdens on healthcare workers by helping with tasks and increasing efficiency.

According to the International Federation of Robotics (IFR) the demand for social robots grew as these units were put in use within nursing homes, as an instance in order to let residents remain in touch with their family members even when disconnecting. The sales of companion robots from Sharp Sharp rose by 30% in the month of September in 2020, compared to the same time the previous year. Further, companies also launched new robots to cater to COVID-19-infected/isolated people. Hanson Robotics, one of the leading players in the market of companion robots introduced a robot called Grace in June 2021 that was designed to connect with the elderly and people who are isolated from the COVID-19 epidemic. This pandemic-driven introduction highlighted the revolutionary potential of robots that can assist in healthcare and is paving the way for their continued integration into health care practices.

Revolutionizing Healthcare: Emerging Trends in Companion Robots

The field of companion healthcare robots is going through radical changes, characterized by the advancements in personalization emotional intelligence and mobility. They are evolving to meet the individual needs of users through advanced AI algorithms that enable adaptable behaviors. By integrating emotional intelligence they are now able to empathize with and react to human emotion. Moreover, improved mobility capabilities make it possible to work in various environments. Additionally integration with intelligent home devices as well as multimodal interfaces improves connectivity and functionality and caters to a variety of preferences of users. The inclusion of telepresence capabilities allows remote monitoring, as well as virtual consultations which can overcome the geographical barriers to accessing healthcare. In spite of these advances ethics concerns regarding transparency consent, security of data are essential to maintaining the trust of users and the confidentiality of their data.

The growing longevity of life expectancies and the an aging population, both emerging and developed markets, are driving the growth of robots that can be used as companions. In recognition of this potential growth companies are launching new products specifically targeted to these markets. For example in March 2022, Intuition Robotics announced the commercial launch of its digital companion for care, ElliQ in South Florida (U.S.). ElliQ is a proactive and compassionate care companion robot that is used by older adults for wellness and health support. Furthermore, Emotix has developed a companion robot (Miko) specifically for children of parents who are young in India and has begun selling via its channel partners. It currently, it is sold in more than 100 stores offline in India. It is also readily available on the e-commerce market such as Amazon as well as Flipkart.

Product Segment Outlook

The global healthcare robot market is divided into two major kinds: humanoid and animal-like robots. Animal-like robots like the well-known Paro created by Paro, are designed to imitate the appearance and behavior of animals, offering emotional support as well as companionship to patients with a chronic illness or who suffer from mental health issues. They are particularly effective in therapeutic settings where their calming presence can reduce anxiety and stress. However, on the other hand humanoid robots, as demonstrated by models such as ElliQ designed to communicate more actively with users, and offer an array of functions like medication reminders, telepresence and even cognitive training. Humanoid robots are growing in popularity in both institutional and home care settings due to their plethora of application and sophisticated AI capabilities. Both sectors are seeing significant growth due to the increasing demands for new and innovative solutions to help the aging population and improve the quality of healthcare across the globe.

Application Outlook

The global healthcare robot market is classified by age into adult, geriatric and child categories. The geriatric segment has the most market share due to the increasing older population and the increasing demand for assistance with routine tasks, emotional support and management of healthcare. Companion robots designed for these age groups, like ElliQ focus on encouraging independence and alleviating loneliness among senior citizens. The adult market, while smaller, is growing as well, especially in applications for people who suffer from chronic illness or disabilities who require constant monitoring and assistance. Robots designed for adults typically have features such as health monitoring, medication reminders and telehealth features. The children’s market is growing rapidly, driven by the increasing demand for therapeutic and educational robots such as Miko which aid in the development of cognition and offer the necessary companionship for young users. Each one of these categories is growing due to the various and changing needs of various age groups, which has led to an increase in the overall use of robots that assist in healthcare.

Regional Adoption: Healthcare Companion Robots Market

A comprehensive regional analysis of the global market for healthcare robots which includes the U.S., Europe, Asia-Pacific as well as RoW shows that the U.S. is currently the largest market for medical robots which is followed by Europe, APAC, and RoW. The main reasons for the high portion of the U.S. market are the large demand and high acceptance of companion robots and the aging population that is growing and the higher purchasing capability of the U.S. population, and the large number of home-care and hospitals establishments that utilize robots for companion care.

Competitive Landscape Analysis: Healthcare Companion Robots Market

Some of the most important and well-established firms operating on the world health companion robots market include Blue Frog Robotics, ASUS Zenbo, Intuition Robotics, No Isolation, Luvozo, Honda Robotics, Hanson Robotics, Ubtech, Emotix, Jibo and Aeolus Robotics among others

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Organic and Inorganic Growth Strategies Adopted by Players to Establish Their Foothold in the Market

Companies operating in this market are implementing both organic and inorganic growth strategies, such as acquisitions, collaborations and the launch of new products to increase market share. For instance,

In September of 2023, UBTECH Robotics announced a strategic partnership with the University of Hong Kong to collaborate on research and testing visually-based algorithms that resemble human vision as well as technologies for service robots, with the aim to improve their use and accuracy in the robotics field.

In August 2023, Intuition Robotics announced securing $25 million in funding under the direction of Woven Capital and including several other investors, in order to meet the increasing need for its AI ElliQ, its companion to care ElliQ and further integrate into the healthcare system and enhance access to services and connectivity for people who are aging.

In March 2021, Immervision Inc. announced an alliance with Hanson Robotics Limited, creators of Sophia the Robot, to work together to improve machine vision and human-like visual in JOYCE the world’s first humanoid robotic designed to connect the computer vision community.

The global market for companions to healthcare is growing and is expected to grow in momentum in the next few years because of technological advances and new product launches as well as the aggressive organic and nonorganic growth strategies adopted by players.

Key Strategic Questions Addressed

What is the size and forecast for Global Healthcare Companion Robots Market?

What are the historical, current and projected market shares and growth rates of different segments and sub-segments in the Global Healthcare Companion Robots Market?

How has COVID-19 affected the Global Healthcare Companion Robots Market?

What are the major growth drivers, restraints/challenges impacting the market?

What are the potential opportunities on the market?

What is the investment landscape?

Which area has the largest market share in the world? Which region is predicted to experience the fastest growth rate over the next five years?

Who are the key players operating on the market? What is the competition position of the major players?

What are the latest players who are entering the market?

What are the main strategies that players employ?

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Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have completed 100+ projects in Digital Health, Healthcare IT, Medical Technology, Medical Devices & Pharma Services in the areas of market assessments, due diligence, competitive intelligence, market sizing and forecasting, pricing analysis & go-to-market strategy. Our methodology includes rigorous secondary research combined with deep-dive interviews with industry-leading CXO, VPs, and key demand/supply side decision-makers.

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