The assistive robotics market is expected to grow from USD 4.1 billion in 2019 to USD 11.2 billion by 2024, at a CAGR of 22.3% during the forecast period. The increasing prevalence of strokes and spinal cord injuries is one of the key factors driving the growth of the assistive robotics market. Apart from this, rising insurance coverage for medical exoskeletons and robotic surgeries is also a key factor fueling market growth.
• Download Informational PDF Brochure :-
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=37247851
One of the most popular applications of Artificial Intelligence (AI) currently is in robotics. In recent times, the market has seen the integration of assistive robots and AI to help individuals overcome various disabilities. In the coming years, this integration will continue to produce new and improved ways to help create a better standard of living for people with disabilities.
This integration of AI and assistive robotics is expected to find major applications in companion robots serving children suffering from autism and learning disabilities as it will enhance the learning process. Also, elderly care robots will see an increase in the usage of AI, as these robots are developed to help the aged, particularly in performing arduous tasks and during emergencies. AI is the driving force that will innovate assistive robotics to provide ease of living for people with disabilities.
The assistive robotics market for physically assistive robots is expected to grow at a significant CAGR from 2019 to 2024. Applications such as handicap assistance, industrial, defense, and construction have witnessed an increasing adoption of robotic exoskeletons in the past three years, and this trend is expected to continue further during the forecast period. Hence, players operating in the assistive robotics market may consider catering to these applications for gathering high revenues and strengthening their position in the assistive robotics market.
The assistive robotics market for the handicap assistance application is expected to grow at the highest CAGR during the forecast period. Major assistive robotic systems used for handicap assistance include dynamic arm supports, robotic manipulators, and exoskeletons. With an increase in the number of people suffering from stroke and spinal cord injuries across the world, the application of these robotic systems for handicap assistance is likely to rise at a significant rate in the coming years. Hence, by investing in the development of dynamic arm supports, robotic manipulators, and exoskeletons, specifically for the handicap assistance application, market players can broaden their revenue stream during the forecast period.
• Sample Pages of Report :-
https://www.marketsandmarkets.com/requestsampleNew.asp?id=37247851
The market in APAC is expected to grow at the highest CAGR during 2019–2024. This growth can be attributed to the increasing demand for assistive robots in China, Japan, and South Korea, mainly for applications such as elderly assistance and companionship. Because of the rise in geriatric population, and the lack of caretakers, the overall demand for assistive robots is expected to increase across the countries mentioned above. Furthermore, government initiatives to strengthen the robotics industry in China and Japan are expected to fuel the growth of the assistive robotics market in APAC during the forecast period. Players in the assistive robotics market may gather more revenue from the APAC region if they start partnering with nursing homes, hospitals, and autism centers in the region.
