NEWARK, DE / ACCESSWIRE / el: The global Eldercare-Assistive Robots Market is predicted to reach a valuation of US$ 7,150.0 Mn by 2032, with sales growing at a robust CAGR of 12.2% from 2022 to 2032. In 2022, the target market will likely reach an estimated US$ 2,263.6 Mn. The rise in geriatric population, globally, will spur the demand for eldercare-assistive robots market during the forecast period.
The increasing aging population, particularly in developed countries, is the main growth driver for the eldercare-assistive robots market during 2022-2032. Caring for these individuals is expected to a tremendous physical, mental & emotional venture. As a result, there is a huge shortage of trained and willing medical personnel for task. This aspect creates growth opportunity for the eldercare-assistive robots as they have the potential to serve this demographic extremely well. Thus, the global sales of eldercare-assistive robots are expected spike during 2022-2032.
Factors like camera-enabled sensors that monitor the senior citizen as well as the privacy, comfort and security ensured by these robots spur the demand for the eldercare-assistive robots during the assessment period. Again, these robots fulfil the role of a medical practitioner while also providing human-like companionship to the patient. These eldercare-assistive robots can improve the health and psychological well-being of the elderly in numerous ways including reminding them of daily tasks and other important information- which would be a tremendous help to dementia patients.
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Moreover, these robots are equipped with the ability to make informal chit-chat which might help in keeping a senior citizen's mind sharp as well as lessening the probability of clinical depression or Alzheimer's disease. These robots can also act as telepresence machines, that bridge the gap between doctors and their elderly patients. All of these factors fuel the growth of the eldercare-assistive robots market during the forecast period.
"Increasing elderly population coupled with growing awareness of the benefits of using a eldercare-assistive robot will likely aid the global growth of the eldercare-assistive robots market over the forecast period," says an FMI analyst.
Key Takeaways:
- High costs and lack of acceptance may stymie the eldercare-assistive robots market growth.
- The eldercare-assistive robots market in North America will account for 40% of the global market share during the forecast period.
- Asia Pacific's eldercare-assistive robots market is anticipated to be the fastest growing market.
- The eldercare-assistive robots market in Europe will hold 23.1% of the overall market share.
- The start-ups in this market are focusing on product innovation and adoption of new technologies.
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Competitive Landscape
Paro Robots, Aldebaran, Togo Seisakusyo Corporation, and Hasbro among others are some of the major players in the eldercare-assistive robots market profiled in the full version of the report.
Leading market players are concentrating on new and inventive marketing strategies. These enterprises are keen on expanding their business size and improve their market shares by adopting mergers and acquisition tactics.
More Insights into Eldercare-Assistive Robots Market Report
In its latest report, FMI offers an unbiased analysis of the global eldercare-assistive robotsmarket, providing historical data from 2017 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of product type (physically assistive robots, socially assistive robots), and region.
According to the latest FMI reports, based on region, the eldercare-assistive robotsmarket in North America will dominate the global marketplace. The target market in this region will account for 40% of the overall market share during 2022-2032. Rising adoption of advanced technology of eldercare-assistive robots, increasing rehabilitation healthcare industry, and favorable government initiatives propel the growth of the eldercare-assistive robotsmarket in North America.
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The Asia Pacific's eldercare-assistive robots market is expected to observe the fastest growth during the assessment period. Japan offers some of the most lucrative opportunities in this regional market. The country has a growing geriatric population with very low immigration and birth rates. This factor along with strong presence of key market players propels the target market growth in Japan which, in turn, positively influences the overall market growth in Asia Pacific.
Besides North America and Asia Pacific, Europe will also present notable market growth. The eldercare-assistive robotsmarket in this region will account for 23.1% of the overall market share. Well established healthcare with enhanced technology, and supportive infrastructure will drive the eldercare-assistive robotsmarket in Europe during the projected period.
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