The eldercare assistive robots market is anticipated to secure a CAGR of 12.4% during the forecast period. As of 2023, the market holds a valuation of USD 2,508.1 million, with projections indicating a potential increase to USD 8,096.3 million by 2033.
The demand for eldercare assistive robots is rising due to the increasing geriatric population in various regions. As per the UN report, 1 out of 6 people aged 65 and above is likely to face a demographic disaster shortly in the coming years. On the other hand, a survey conducted in Japan in 2012 states that the segment of the population aged 65 and above constituted around 22% in 2012, with projections foreseeing an impressive surge to about 40% by 2060.
Hence, the eldercare assistive robots market share is likely to increase considerably during the forecast period.
| Report Attribute | Details |
|---|---|
| Eldercare Assistive Robots Market Value (2023) | USD 2,508.1 million |
| Eldercare Assistive Robots Market Anticipated Value (2033) | USD 8,096.3 million |
| Eldercare Assistive Robots Projected Growth Rate (2023 to 2033) | 12.4% |
The market is poised for robust expansion, projected to achieve a significant 12.4% CAGR over the forecast period. This anticipated growth rate stands in stark contrast to the historical CAGR of 10.4% witnessed between 2018 and 2022. Furthermore, in 2010, Japan grappled with a situation wherein 30 million elderly individuals resided in nursing homes, yet faced a critical shortage of caregivers to provide essential assistance.
This data proves that the eldercare assistive robots market is expected to grow significantly during the forecast period.
Over the past few years, the cost associated with research and development of eldercare assistive robots have considerably decreased. This reduction has empowered these devices with enhanced functionality while maintaining affordability. It has also gained wider acceptance throughout the world.
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The market is primarily propelled by the aging population in developed countries, a trend set to persist throughout the forecast period. Providing care for this demographic is anticipated to necessitate significant physical, mental, and emotional efforts. Consequently, a substantial scarcity of qualified and available medical personnel for this task has arisen.
Therefore, the eldercare assistive robots have the potential to serve this demographic exceptionally well. This is expected to surge the sales of eldercare assistive robots during the forecast period.
These robots utilize camera sensors to monitor senior citizens, ensuring the timely consumption of their prescribed medications and averting the possibility of falls and injuries. People prefer to live on their own as much as possible, even as they age. The desire for privacy, comfort, and security within their own homes often takes precedence over opting for institutional care facilities such as nursing homes.
To address these requirements, eldercare assistive robots can come in handy. These factors collectively contribute to a potential upsurge in the demand for eldercare assistive robots throughout the forecast period.
Eldercare assistive robots serve not only as medical aids to fulfill the role of a medical practitioner, but they also provide human-like companionship to the patient. Their presence can significantly contribute to the overall health and psychological well-being of the elderly. Through tasks such as reminding patients of daily routines and important information, these robots can provide valuable assistance, particularly for individuals dealing with conditions like dementia.
With an informal chit-chat, these robots can help maintain a senior citizen's cognitive sharpness, potentially lowering clinical depression or Alzheimer’s disease. Additionally, these robots can serve as telepresence tools, facilitating communication between doctors and elderly patients, propelling the sales of eldercare assistive robots.
Moreover, the inability of these individuals to frequently travel to hospitals for treatment and the high costs associated with frequent nurse visits further highlight the market's potential growth during the projected period.
Designing eldercare assistive robots presents a distinctive challenge compared to industrial robots due to their need to navigate and adapt to less predictable environments. This complexity poses a unique hurdle in developing robots that are both safe and compliant with certification standards.
A potential concern could also arise from human resistance. It's possible that either the elderly individual, their family, or both might feel uneasy about the concept of a robot taking on a caregiver role. This apprehension could pose a challenge to the adoption and sales of eldercare assistive robots throughout the projected forecast period.
Cost can also emerge as a significant constraint. Despite a decrease in the price of these assistive robots over the past decade, they still entail a substantial investment, often amounting to thousands of dollars. This pricing structure might render eldercare assistive robots inaccessible to individuals from lower-income or middle-class families, even if there is a desire to integrate them into their care routines
North America dominates the market and is expected to have a significant share of 40% during the forecast period. Due to the adoption of high technology of eldercare assistive robots and the rising rehabilitation healthcare sector in the region, the market is expected to surge further.
The United States government initiatives, along with National Science Foundations, are collecting funds for eldercare assistive robots and developing various service robots to help elder patients in recent years.
| Country | United States |
|---|---|
| 2022 Value Share in Global Market | 26.5% |
Eldercare assistive robots have gained attention in the United States as a potential solution to address various challenges faced by seniors and caregivers. The development and adoption of such robots are influenced by advances in artificial intelligence, robotics, and sensors, as well as the growing acceptance of technology among older generations.
Similar to the United States, Canada has also been focusing on addressing the needs of its aging population through technological solutions. The government and healthcare organizations have shown interest in integrating assistive robots into the care continuum for seniors.
Several players are focusing on the market to improve its growth. However, a new generation early-stage company named Labrador Systems has developed innovative eldercare-assisted robots in partnership with Centric Hive in 2019. The company helps senior citizens to live independently & provide a better platform for home health services in the region.
The Asia Pacific is the fastest growing region for eldercare assistive robots in the market during the forecast period. Japan is the leading eldercare assistive robots industry since it has the most rapidly aging population along with very low immigration & birth rates. It also has several domestic players involved in making assistive robots which are likely to increase the eldercare assistive robots market share in recent years.
| Countries | Value CAGR (2023 to 2033) |
|---|---|
| China | 12.1% |
| India | 11.3% |
China and India have large aging populations due to increasing life expectancies and declining birth rates. As a result, there has been growing interest in using technology, including assistive robots, to address the challenges of caring for the elderly. Both countries have recognized the potential of robotics to improve the quality of life for senior citizens and alleviate the burden on healthcare systems and caregivers.
China has been investing heavily in robotics and artificial intelligence technologies. The Chinese government has identified eldercare as a priority area for development, given the demographic shifts in the country. On the other hand, in India, the eldercare robot market has been growing gradually but has not been as advanced as in other countries. Nonetheless, the potential is recognized, and there are efforts to develop and adopt eldercare robots.
The government's Make in India initiative and advancements in AI and robotics have led to certain companies exploring the development of robots for eldercare purposes.
Europe has a supportive infrastructure for the eldercare assistive robots industry. Europe is expected to have 23.1% of the market share during the forecast period. The United Kingdom is the leading market in the region because of providing a better healthcare system with high-technology robots in recent years.
| Country | United Kingdom |
|---|---|
| Value CAGR (2023 to 2033) | 3.2% |
In the United Kingdom, as in many other developed countries, the aging population has been a growing concern. The demographic shift toward an older population has led to an increased interest in technologies that can assist and support the elderly in their daily lives. The government has shown interest in promoting the use of technology, including robotics, to support healthcare and eldercare. These are likely to take the market to different heights in the coming period.
Principal Consultant
| Category | Types |
|---|---|
| Leading Segment | Physically Assistive Robots |
| Market Share | 72.3% |
Physically assistive robots have emerged as the prevailing force in the market, primarily due to their unmatched capacity to meet the escalating requirements for physical support among the aging population.
With an increasing number of elderly individuals requiring physical assistance, these robots cater to mobility challenges, lifting, and transfer needs. Population aging, labor shortages in caregiving, technological advancements, and the promise of improved autonomy and independence have further fueled the adoption of these robots.
By providing reliable and cost-effective aid, physically assistive robots alleviate the strain on caregivers and offer a safer, more efficient way to enhance the well-being of seniors. While other segments like socially assistive robots also contribute, the prevalence of physically assistive robots underscores their pivotal role in shaping the future of eldercare.
Emerging Start-ups are Revolutionizing the Landscape of Eldercare Assistive Robots
CaringWire start-up is a caregiver company for the elders. The company uses integrated technology to support senior patients in their daily activities. The company manages to guide and find the strength to enrich the lives of elderly people with tech-enabled human interaction.
Zeppi is a Canadian-based start-up founded in 2019 which provides elders care and combats elders' loneliness through video call visits. The company uses advanced technology to assist them with visual check-ups and consultations. The company gives autonomous navigation with a self-positioning camera for a quick check and consultancy with minimum effort.
Goodfellow's is a recently launched start-up invested in by Ratan Tata. The main motto is to provide companionship to the elders and care for them.
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Key players are the leading soldiers who are promising to expand the market size by adopting several marketing tactics. These tactics are pushing the market upward in growth by acquiring a maximum share in the coming years.
Recent Developments in the Eldercare Assistive Robots Market
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 12.4% from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD Million and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Types, Region |
| Regions Covered | North America; Latin America; Europe; Asia Pacific; Middle East and Africa |
| Key Countries Profiled | USA, Canada, Brazil, Argentina, Germany, UK, France, Spain, Italy, Nordics, BENELUX, Australia & New Zealand, China, India, GCC, South Africa |
| Key Companies Profiled | Paro Robots; Aldebaran; Togo Seisakusyo Corporation; Hasbro |
| Customization | Available Upon Request |
North America leads the market and is expected to have a 40% share.
Through 2033, the market is to develop at a CAGR of 12.4%.
By 2033, the market is to have expanded to USD 8,096.3 million.
In 2023, the market is anticipated to reach a worth of USD 2,508.1 million.
The United States governs the market, with a substantial 26.5% share.
With a market share of 72.3%, physically assistive robots dominate the eldercare landscape.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Types 5.1. Physically Assistive Robots 5.2. Socially Assistive Robots 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 6.1. North America 6.2. Latin America 6.3. Western Europe 6.4. Eastern Europe 6.5. South Asia and Pacific 6.6. East Asia 6.7. Middle East and Africa 7. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 8. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Key Countries Market Analysis 15. Market Structure Analysis 16. Competition Analysis 16.1. Paro Robots 16.2. Aldebaran 16.3. Togo Seisakusyo Corporation 16.4. Hasbro 16.5. Kinova 16.6. Paro Robots 16.7. SoftBank Robotics 16.8. Taylor & Francis Group 16.9. Robohub 16.10. Aldebaran 17. Assumptions & Acronyms Used 18. Research Methodology
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Eldercare Assistive Robots Market
