What Has Been the Growth Trajectory of the Elder Care Assistive Robots Market?
The elder care assistive robots market has seen considerable growth due to a variety of factors.
• The market for elder care assistive robots has experienced significant growth in the past few years. Its valuation is anticipated to rise from $2.98 billion in 2024 to $3.49 billion in 2025, with a compound annual growth rate (CAGR) of 16.9%.
This rapid growth during the historic period is a result of several factors, including increased labor shortages in caregiving, improved consumer knowledge and acceptance, societal and cultural approval, a heightened focus on tailored care solutions, and a surge in research and development.
How Does the Forecast Look for the Elder Care Assistive Robots Market?
The elder care assistive robots market is expected to maintain its strong growth trajectory in upcoming years.
• Anticipated to experience swift expansion in the forthcoming years, the elder care assistive robots market is projected to reach $6.43 billion by 2029, escalating at a compound annual growth rate (CAGR) of 16.5%.
This anticipated growth in the forecast period can be linked to government interventions and financing, global adaptation of healthcare services, creation of regulations and norms, betterment of user interface designs and the inception of educational and training platforms. The forecast period will likely witness emerging trends such as advancements in emotional recognition technology, robotic process automation (RPA), health tracking and diagnostic tools, human-robot interaction (HRI), and the melding of wearable technology.
What Main Forces Are Fueling Expansion In The Elder Care Assistive Robots Market?
The rise in the number of older individuals is anticipated to spur the expansion of the programmable elder care assistive robot market. This segment includes people who are 65 years old or above, signifying the later stage of life. Enhanced medical care has led to an increased lifespan, leading to a surge in the elderly population. Assistive robots aid senior citizens, assisting with daily chores, health checks, and improving their quality of life. For instance, a report by the United Nations Department of Economic and Social Affairs, a US-based global affairs department, in July 2022 suggests that the percentage of people aged 65 and above globally is projected to rise from 10% in 2022 to 16% by 2050. Hence, the escalating elderly population is a significant factor in driving the expansion of the elder care assistive robot market.
How Are The Segments Defined Within The Global Elder Care Assistive Robots Market?
The elder care assistive robots market covered in this report is segmented –
1) By Type: Physically Assistive Robots, Socially Assistive Robots
2) By Mobility: Stationary, Mobile
3) By Functionality: Monitoring And Surveillance, Mobility Assistance, Social Interaction, Household Tasks
Subsegments:
1) By Physically Assistive Robots: Mobility Assistance Robots, Lifting and Transfer Robots, Rehabilitation Robots, Medication Delivery Robots, Home Care Robots
2) By Socially Assistive Robots: Companionship Robots, Cognitive Support Robots, Communication Robots, Entertainment Robots, Monitoring And Surveillance Robots
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How Are New Trends Expected To Influence The Growth Of The Elder Care Assistive Robots Market?
Leading businesses in the elder care assistive robot market are concentrating on innovation, like AI companion robots, to improve the care quality for the elderly. AI companion robots are mechanical structures which leverage artificial intelligence for human interaction, contribution, and assistance in a variety of ways. For example, in January 2024, Intuition Robotics, a company based in Israel specializing in digital companion technology, introduced ElliQ 3. This device brings forth unique capabilities such as superior generative AI for natural communication, contextual memory for personalized engagement, improved equipment for enhanced efficiency, safety systems for supervised conversations, and imaginative activities for cognitive health and social relationship development to better the lives of older people. The ElliQ 3 equipment is designed for expandability, allowing Intuition Robotics to broaden production and respond to growing demand. Its innovative utilization of generative AI, supported by the state-of-the-art Large Language Model (LLM) technology, augments and enriches ElliQ's communications with the elderly.
Who Are the Key Players in the Elder Care Assistive Robots Market?
Major companies operating in the elder care assistive robots market are include:
• Toyota Motor Corporation
• Samsung Group
• Honda Motor Co Ltd.
• Panasonic Holdings Corporation
• Hasbro Inc.
• Fraunhofer IPA
• SoftBank Robotics Corp.
• Robosoft Technologies
• PAL Robotics S.L.
• Fourier Intelligence Co Ltd.
• Cyberdyne Inc.
• Aeolus Robotics Inc.
• Intuition Robotics Ltd.
• Aldebaran Robotics
• Blue Frog Robotics S.A.
• Giraff Technologies AB
• Focal Meditech B.V.
• Furhat Robotics AB
• Labrador Systems Inc.
• Robohub Foundation Inc.
• DreamFace Technologies LLC.
What Is The Most Dominant Region In The Elder Care Assistive Robots Market?
North America was the dominated region in the elder care assistive robots’ market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the elder care assistive robots market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
