Caring Patient Robot Market Size, Share, Growth, and Industry Growth, By Type (Patient Assist Robot, Nursing Support Robot), By Application (Hospital, Nursing Home, and Others), Regional Forecast To 2031

Updated On: 08 April 2024

Caring Patient Robot Market REPORT OVERVIEW

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The global caring patient robot market size was USD 114.4 million in 2022 and is projected to touch USD 448.68 million by 2031, exhibiting a CAGR of 16.4% during the forecast period.

Caring patient robots are robots designed to substitute for caregivers in hospitals and have a heightened sense of sight, smell, and hearing. They are used chiefly in technologically advanced countries for older populations as they can lift, move, conduct experiments and take care of patients efficiently. As technology advances with innovations in the market, the demand growth for these robots has increased primarily over the last two years. These robots are used in hospitals and nursing homes.

A caring patient robot has several benefits, such as lifting the burden of healthcare workers and administrators during a disease outbreak, making procedures highly efficient and time-saving, and reducing the scope for human error during experimentation. These uses have attracted companies and investors alike; hence, the market will grow at an unprecedented level as demand spurs across developed regions. There are mainly two types of robots in this market: nursing support and patient assistance. Nursing robots can substitute for healthcare workers, whereas assist robots help elderly patients lead productive lives.

COVID-19 Impact: Pandemic Outbreak Propelled Market Growth and Demand

The demand for caring for patient robots shot up massively due to the pandemic outbreak. With the sudden rise of COVID-19 worldwide and the collapse of the healthcare systems, caring patient robots came to researchers' rescue during the pandemic. Developed nations such as Japan and America propelled the market share of the robots, as the healthcare systems were over-burdened with several cases in these regions. The pandemic not only increased the product demand but also helped ease the situation for researchers as they have found innovative solutions to deal with future obstacles with the help of these robots.

LATEST TRENDS

"Development of Post-Pandemic Trends to Augment Market Growth"

Despite research and development in nursing and service robotics, the robotics community was unprepared to deploy effective solutions following the pandemic; however, an upgraded role for nursing robots has emerged regarding their capability to reduce physical contact and exposure. Various robot applications have been identified, such as autonomous robots deployed to disinfect hospital wards using ultraviolet (UV) surface disinfection, deliver food trays and medical supplies, or handle contaminated waste in a hospital. A benefit is that robots help reduce personal protective equipment usage and avoid contamination during removal.

Caring Patient Robot Market SEGMENTATION

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• By Type

Based on the types, the market is subcategorized into patient assist and nursing support robots.

• By Application

Based on applications, the market is subcategorized into hospitals, nursing homes, and others.

DRIVING FACTORS

"Automatic Navigation and Functions to Boost Market Growth"

Electromechanical caregivers have unique benefits over their human counterparts, as they have the potential to work continuously throughout the day. Robots can personalize care and adapt to the varying needs of patients being programmable. Robots can be integrated with other hospital technologies, such as cloud-based EHR systems, facilitating access to a patient's complete medical history and thus ensuring care continuously. Endowing robots with autonomous navigation capabilities and functionalities is an attractive feature, relieving operators' need to navigate robots until a specific patient is located manually. Thus, these advancements will lead the caring patient robot market growth.

"Social Functions and Therapy Solutions to Attract Investors"

Regular physical exercise is crucial for older adults to maintain and improve health status, support mental and physical well-being, and reduce the likelihood of anxiety and loneliness. Robotic wheelchairs provide users with efficient mobility and safety. In control, a motorized robotic wheelchair may hierarchically combine low-level functions (obstacle/collision avoidance) and high-level functions (directing the wheelchair). Appropriately-designed assistive automated systems can support people with motor impairments such as limited hand and arm movements, high-level spinal injuries, or tremors. Thus, socially assistive robots will stir market growth.

RESTRAINING FACTORS

"Technological Challenges in Functioning to Impede Market Growth"

Realistically, employment in nursing and assistive robotics involves numerous technological, clinical, financial, insurance, psychological, social, ethical, and legal challenges. From a technical perspective, challenges include indoor navigation, safety, telecommunications, and integration of robots with existing in-hospital technologies. Socially assistive robots have two challenges when being implemented for providing therapy to the elderly. The first challenge is the automatic analysis of the robot's gestures being adequately reproduced, and the second is the different physical embodiment of a robot compared to an actual coach.

Caring Patient Robot Market REGIONAL INSIGHTS

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"Asia Pacific to Lead Market Share Owing to the Aging Population"

Asia Pacific, the world's most populated region, will lead the caring patient robot market share as the young population gets replaced by the aging population. Japan, the leading country in producing caring patient robots, houses most of the industry giants and will also see a growth in consumers. According to the demographic dividend, it has one of the oldest populations in the world. Asia Pacific will lead the market share with 52% suppliers. The region will exponentially increase in demand as technology advances and researchers devise ways to deliver the same efficiently.

KEY INDUSTRY PLAYERS

The report analyzes different market players in the industry, and the information is published after proper research, analysis of trends, key developments, new initiatives, and technological developments and innovations. Other aspects of the report include research on companies, regions, technical and environmental outcomes, and newly emerging industries' impact and risks. The facts in the information may be subject to change, given the situation of market players from time to time. Japan will lead the industry with the largest market share.

List of Market Players Profiled

• RIKEN (Japan)
• TOYOTA (Japan)
• Yaskawa (Japan)
• Fraunhofer (Germany)
• iRobot (U.S.)
• Cyberoye

INDUSTRY DEVELOPMENT

July 2022: Japan-based RIKEN Center for Biosystems Dynamics Research developed an AI-powered robotic system that can perform laboratory experiments in medicine and analyze the results and experiments to achieve the aims and objectives. The full-proof technology developed by researchers will help find the minutest details in cell therapy and regenerative medicine. The AI-backed process will enable researchers to make the procedure more efficient and quick, as robots work much faster.

REPORT COVERAGE

The report examines elements that affect the demand and supply and estimates dynamic market forces for the forecast period. The report offers drivers, restraints, the latest trends, and industrial developments. After evaluating financial and technical market factors, the report provides an exhaustive SWOT analysis. The research is subject to alteration if crucial players and analysis of market dynamics change. The information is an approximate estimate of the factors mentioned, taken into consideration after thorough research.