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How has the healthcare companion robots market grown over the years?

In recent times, there has been tremendous expansion in the healthcare companion robots market. The market value which is projected to be $6.18 billion in 2024 will register a spike, leading to a valuation of $7.43 billion in 2025, recording a compound annual growth rate (CAGR) of 20.1%. The driving factors for this significant market upsurge during the historic stretch include the acceptance and incorporation of these robots, their utilization in education and therapy, enhanced interaction between humans and robots, the lack of manpower in the healthcare sector, and efforts to lessen contact among humans.

What Is the forecasted market size and growth rate for the healthcare companion robots market?

The market for healthcare companion robots is projected to experience swift expansion in the coming years, anticipated to reach $14.67 billion by 2029 with a Compound Annual Growth Rate (CAGR) of 18.5%. The growth during the predicted period is credited to the breakthroughs in robotics and artificial intelligence, personalized health services, increased consciousness about mental health, improved rehabilitation assistance, and cost-effectiveness. Noteworthy trends during this future period include incorporation of artificial intelligence, advancements in technology, product innovation and strategic partnerships.

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What are the major factors driving growth in the healthcare companion robots market?

The growth of the healthcare companion robots market is likely to be driven by the growing aging population. The increased demand for companion robots has been linked directly to an increase in the elderly population, as these robots are created to remain near home and provide care to older individuals. Several governments worldwide are encouraging the use of healthcare companion robots. For instance, a collaboration in 2022 between New York State and Intuition Robotics, a software firm from Israel, aimed to supply almost 500 individuals with these robots. The world’s elderly population is expanding rapidly and will continue to do so during the projected period. By the year 2030, one in every six individuals worldwide will be 60 years old or above. The number of people aged 60 and above is predicted to double by 2050 to 2.1 billion. Furthermore, in 2050, there will be an additional 426 million individuals aged 80 and above compared to today’s statistics. Hence, the expansion of the aging population is anticipated to propel the healthcare companion robots market’s growth throughout the forecasted period.

What key areas define the segmentation of the global healthcare companion robots Market?

The healthcare companion robots market covered in this report is segmented –

1) By Type: Animal-like Robots, Humanoid Robots

2) By Age Group: Children, Adult, Geriatric

Subsegments:

1) By Animal-Like Robots: Robotic Pets, Therapy Animals, Interactive Animal Simulators

2) By Humanoid Robots: Social Companion Robots, Assistance Robots For Elderly Care, Rehabilitation Robots

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What are the top market players propelling the growth of the healthcare companion robots industry?

Major companies operating in the healthcare companion robots market are Blue Frog Robotics SAS, Intuition Robotics Ltd., inGen Dynamics Inc., No Isolation AS, Luvozo Inc., Honda Motor Co. Ltd., Hanson Robotics Limited, Ubtech Robotics Corp. Ltd., Emotix Inc., Aeolus Robotics Inc., Catalia Health Inc., Care Coach Inc., Diligent Robotics Inc., F&P Robotics AG, Giraff Technologies AB, Hstar Technologies Company Ltd., Leka SAS, iRobot, SoftBank Robotics, Toyota, Paro Robots, Savioke, Nuro, Temi

What are the key trends shaping the future of the healthcare companion robots market?

Prominent firms in the healthcare companion robot industry are concentrating on ground-breaking technologies such as superior sensors, which boost patient tracking, augment interaction abilities and offer bespoke care solutions. These superior sensors are intricate devices that collect and examine complex data from their environment, frequently incorporating technologies like AI and IoT to improve functionality and precision. One such example is the launch of MetaCat in February 2023 by Elephant Robotics Technology Co., Ltd., a Chinese high-tech business specializing in robot research and development. MetaCat is designed with multiple touch sensors, speech recognition technology, and expressive LED lights. These attributes mimic the purrs, meows, and eye movements of a cat, enhancing its realistic qualities.

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What regions are dominating the healthcare companion robots market growth?

North America was the largest region in the healthcare companion robots market share in 2024. The regions covered in the healthcare companion robots market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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