The global roboticare market size was US$ 495.4 million in 2021. The global roboticare market size is forecast to grow to US$2230 million by 2030, registering a compound annual growth rate (CAGR) of 18.2% during the forecast period from 2022 to 2030.
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The global roboticare market is forecast to grow, owing to the increasing technological advancements, rising penetration of chronic diseases, and growing demand for robots in the healthcare sector.
COVID-19 Impact Analysis
During the COVID-19 pandemic, the roboticare market witnessed significant growth as robots were adopted to perform cleaning and disinfecting tasks. Due to the rapidly spreading virus, it was essential for healthcare providers to adopt convenient technology that can perform speedy tasks and prevent the staff from the risk of infection. As a result of this, the COVID-19 pandemic fueled the growth of the global roboticare market.
Factors Influencing the Market Growth
Increasing advancements in artificial intelligence (AI) and the trending use of robots in the healthcare sector are forecast to fuel market growth. InMotion ARM/HAND robotic system was introduced by Bionik Laboratories Corporation to help people suffering from mobility impairments. This robotic system is designed on the principles of motor learning and neuroplasticity. The technology is based on artificial intelligence and data analysis to provide efficient individualized therapy.
The global roboticare market is forecast to witness significant growth opportunities, owing to the increasing healthcare expenditure.
The benefits of the roboticare systems are forecast to fuel the market growth. Roboticare systems help healthcare specialists in providing emotional and rehabilitation support.
The shortage of healthcare staff is forecast to fuel the market growth. In addition, the increasing adoption of automated rehabilitation systems and the continuously decreasing cost of sensors would create ample growth opportunities for the market players.
The high cost associated with the roboticare systems may hamper the growth of the market.
The growing geriatric population and increasing prevalence of chronic diseases are forecast to escalate the market growth during the study period.
Geographic Analysis
North America is forecast to hold the largest share in the global roboticare market. The regional market will grow significantly owing to the rising geriatric population and increasing demand for efficient technology.
Growing awareness regarding specialized treatment centers, including rehabilitation, is forecast to propel market growth in North America.
Asia-Pacific is forecast to register significant CAGR owing to the rising investments in the healthcare sector. Moreover, the increasing population and growing prevalence of chronic diseases will further contribute to the market growth.
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Due to the increasing demand for efficient technology in the healthcare sector, the Asia-Pacific roboticare market is expected to gain traction during the forecast period.
Competitors in the Market
ReWalk Robotics
BIONIK
Sony Corporation
CYBERDYNE Inc.
HANSON ROBOTICS LTD.
Ekso Bionics
Rex Bionics Ltd.
SoftBank Group Corp.
Hocoma
Myomo Inc.
Other prominent players
Market Segmentation
Insight by Technology Type
Autonomous Technology
Semi-Autonomous Technology
Insight by Application
Rehabilitation Robots
Emotional Support Robots
Robotic Nurses
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Insight by End-User
Hospitals
Rehabilitation Centers
Homecare
Insight by Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
What is the goal of the report?
?The market report presents the estimated size of the ICT market at the end of the forecast period. The report also examines historical and current market sizes.
?During the forecast period, the report analyzes the growth rate, market size, and market valuation.
?The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
?The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.
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