The global roboticare market is expected to witness a CAGR of 19.2% during the forecast period. Robots are significantly being adopted globally and are used in different industrial verticals including healthcare.
The global roboticare market helps to provide care to patients and healthcare professionals in the form of emotional and rehabilitation support. Factors driving the growth of the global roboticare market are the increasing geriatric population, growing incidences of physical disabilities.
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There are rapid innovations in artificial intelligence (AI), rising demand for assistance in rehabilitation, and lack of nurses for personal care will accelerate the demand for roboticare products. However, the market is facing certain restraints like ethical concerns i.e., fear of emotional intelligent robots that replaces humans for companionships. Nevertheless, the industry players are entering into collaborations, joint ventures, agreements, product launches to sustain themselves in the roboticare market.
ReWalk Robotics Ltd., a maker of robotic medical equipment, attained CE mark clearance to sell Restore Exo-Suit devices to rehabilitation clinics in Europe. This device is used in rehabilitation treatment for patients to walk and recover from stroke. Thus, ReWalk Robotics, Ltd. will have a strong foothold in Europe.
During the COVID-19 pandemic, autonomous robots in the roboticare market can perform tasks like cleaning and disinfecting, navigating in infectious disease wards, operating rooms (OS), laboratories, and public hospital areas, resulting in the growth of the roboticare market.
Based on application, the global roboticare market is divided into rehabilitation robots, emotional support robots, and robotic nurses. The robotic nurses are anticipated to have a high CAGR owing to the rising old age population, increasing funds and grants for the development of robotic nurses that can perform day to day operations of a nurse, high patient to nurse ratio, lack of skilled staff, the rising deployment of automation and AI in the healthcare sector will attribute to the growth in the roboticare market.
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North America is anticipated to hold the largest market share during the forecast period 2021-2027 owing to the increasing adoption of developed technologies, high per capita healthcare expenditure, and adequate reimbursement policies.
Some of the major players in the global roboticare market include ReWalk Robotics, BIONIK, Sony Corporation, CYBERDYNE Inc., HANSON ROBOTICS LTD., Ekso Bionics, Rex Bionics Ltd., SoftBank Group Corp., Hocoma, and Myomo Inc.