Global Assistive Robotics Market 2018-2019 & 2024: Focus on Elderly Assistance, Companionship, Handicap Assistance, Surgery Assistance, Industrial, Defense, Public Relations

PR Newswire

DUBLIN, Aug. 30, 2019 /PRNewswire/ -- The "Assistive Robotics Market by Mobility, Type (Physically, Socially, Mixed Assistive), Application (Elderly Assistance, Companionship, Handicap Assistance, Surgery Assistance, Industrial, Defense, Public Relations), and Geography - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The assistive robotics market was valued at USD 3.1 billion in 2018 and is expected to grow at a CAGR of 22.3% during 2019-2024 to reach USD 11.2 billion by 2024. In terms of volume, the market registered a shipment of 389 thousand units in 2018 and is expected to grow at a CAGR of 19.4% during the forecast period to reach 1,147 thousand units by 2024.

The increasing prevalence of strokes and spinal cord injuries leading to disabilities is one of the key factors driving the growth of the assistive robotics market. Also, the increasing insurance coverage for medical exoskeletons and surgeries is likely to act as a major driver for the growth of the assistive robotics market.

Assistive robots have the capability to perceive their environment and individuals with the help of sensors and intelligent algorithms, to communicate with people multimodally, to navigate autonomously, and to make decisions independently. These assistive robotic systems are used in various applications such as elderly assistance, companionship, handicap assistance, surgery assistance, industrial, defense, public relations, and others.

The increase in funding worldwide for research on assistive robotics is expected to fuel the growth of the assistive robotics market during the forecast period. The necessity to abide by various standards and certifications needed for adoption, especially in the medical industry, hinders the growth of the assistive robotics market. In addition, the lack of social awareness about the benefits of adopting assistive robotics systems and the risk of proximity accidents are the major challenges for the players in the assistive robotics market.

An assistive robot is a robotic device that performs a physical task for people with disabilities, the elderly, toddlers, and industrial workers. The aim of assistive robotics is to develop robotic aids for supporting people living independently and those who have degenerative limitations, such as elderly and people with disabilities. Assistive robots have the capability to perceive their environment and individuals with the help of sensors and intelligent algorithms, to communicate with people multimodally, to navigate autonomously, and to make decisions independently. These assistive robotic systems are used in various applications such as elderly assistance, companionship, handicap assistance, surgery assistance, industrial, defense, public relations, and others.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increasing Prevalence of Strokes and Spinal Cord Injuries
5.2.1.2 Rising Insurance Coverage for Medical Exoskeletons and Robotic Surgeries
5.2.2 Restraints
5.2.2.1 Necessity to Abide by Various Standards and Certifications, Especially in Medical Industry
5.2.3 Opportunities
5.2.3.1 Increase in Funding Worldwide for Research on Assistive Robotics
5.2.3.2 Rise in Geriatric Population Globally
5.2.4 Challenges
5.2.4.1 Lack of Social Awareness About Benefits of Adopting Assistive Robotic Systems
5.2.4.2 Risk of Injuries and Accidents Associated With Assistive Robots
5.3 Value Chain Analysis

6 Assistive Robotics Market, By Mobility
6.1 Introduction
6.2 Stationary
6.2.1 Stationary Assistive Robotic Systems are Mostly Used in Household and Medical Applications
6.3 Mobile
6.3.1 Mobile Assistive Robotic Systems are Majorly Used in Applications Such as Elderly Assistance and Companionship

7 Assistive Robotics Market, By Type
7.1 Introduction
7.2 Physically Assistive Robots
7.2.1 Increasing Cases of Spinal Cord Injuries and the Shifting Focus of Governments on Exoskeletons in the Defense Sector is Likely to Drive the Market for Exoskeleton Robots
7.3 Socially Assistive Robots
7.3.1 Rise in the Elderly Population is Expected to Act as A Key Driving Factor for Growth of Market for Companion Robots
7.3.2 Increasing Applications of Artificial Intelligence is Likely to Be Major Driving Factor Impelling Growth of Public Relation Robots
7.4 Mixed Assistive Robots
7.4.1 Elderly Care Robots are Used to Provide Comprehensive and Cost-Effective Support to Elderly
7.4.2 Surgical Robots Account for A Large Share of Assistive Robotics Market Due to Increasing Number of Laparoscopic Surgeries Globally
7.4.2.1 Laparoscopic Robotic Systems
7.4.2.2 Orthopedic Robotic Systems
7.4.2.3 Neurosurgical Robotic Systems

8 Assistive Robotics Market, By Application
8.1 Introduction
8.2 Surgery Assistance
8.2.1 People are Moving Toward Adoption of Robot-Assisted Surgeries Due to Various Advantages They Offer
8.3 Public Relation
8.3.1 Deployment of Assistive Robots for Public Relation Applications is on Rising and is Expected to Garner Significant Market Share in Coming Years
8.4 Handicap Assistance
8.4.1 With Technological Advancements and Evolution of Artificial Intelligence, Deployment of Assistive Robotic Systems in Healthcare Industry has Become Easy
8.5 Elderly Assistance
8.5.1 Demand for Assistive Robots for Elderly Care Application is Likely to Grow at Substantial Rate, Enhancing Opportunity of Mobility and Promoting Independence
8.6 Industrial
8.6.1 Due to Their Numerous Advantages, Various Manufacturing Companies have Started Adopting Assistive Technologies on Large Scale
8.7 Companionship
8.7.1 With People Across World Living Longer, and Most of Them Staying Alone, Assistive Robots Can Be Deployed as Companions to Help Senior Citizens Stay Mentally and Socially Engaged
8.8 Defense
8.8.1 Use of Exoskeletons has Helped Reduce Metabolic Cost and Helped Soldiers Carry Heavy Armors
8.9 Others