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Assistive Robotics Market to Reach $11.2 Billion by 2024
August 16, 2019 | PRNewswireEstimated reading time: 2 minutes
The assistive robotics market is expected to grow from $4.1 billion in 2019 to $11.2 billion by 2024, at a CAGR of 22.3% during the forecast period. Due to the increasing number of people suffering from strokes and spinal cord injuries across the world, demand for assistive robots such as exoskeletons is increasing. Hence, the increasing prevalence of strokes and spinal cord injuries is one of the key factors driving the growth of the assistive robotics market. Another driver for the assistive robotics market includes rising insurance coverage for medical exoskeletons and robotic surgeries.
Mixed Assistive Robots to Hold Largest Share of Assistive Robotics Market by 2019
Surgical robots and elderly care robots are covered under the category of mixed assistive robots. In recent times, there has been an upsurge in the adoption of robot-assisted surgeries due to the various advantages they offer. Also, the demand for elderly care robots has risen steadily over the years, owing to the rise in the elderly population coupled with the lack of attendants. Hence, the increasing adoption of robot-assisted surgeries across the world and the rising geriatric population are expected to propel the demand for mixed assistive robots during the forecast period.
Surgery Assistance Application to Dominate Assistive Robotics Market During Forecast Period
Surgery assistance application is expected to hold the largest share of the assistive robotics market in 2019 and is projected to dominate the market during the forecast period. In recent times, people are moving toward the adoption of robot-assisted surgeries due to the various advantages they offer, such as smaller incisions, decreased blood loss, less pain, and quick recovery. With a large number of people opting for minimally invasive surgeries due to their numerous advantages, the assistive robotic systems in the surgery assistance application are expected to hold the largest share during the forecast period.
North America to Hold Largest Share of Assistive Robotics Market by 2019
North America is expected to hold the largest share of the assistive robotics market in 2019 and is projected to dominate the market during the forecast period. Growing demand from the healthcare sector for rehabilitation and a favorable funding scenario for research on assistive technologies are the key factors driving the market growth of assistive robots in North America.
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