The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Healthcare Companion Robots Global Market Report 2024, the healthcare companion robots market is expected to show significant growth in the forecast period.

The healthcare companion robots market has experienced exponential growth, soaring from $5.17 billion in 2023 to $6.23 billion in 2024, boasting a compound annual growth rate (CAGR) of 20.4%. This remarkable expansion is attributed to several key factors:

• Acceptance and integration of companion robots in healthcare settings
• Educational and therapeutic applications enhancing patient care
• Improved human-robot interaction fostering trust and usability
• Addressing labor shortages in healthcare facilities
• Reducing human-to-human contact amid health concerns

Anticipated Rapid Growth
Forecasts project continued rapid growth in the healthcare companion robots market, with expectations reaching $12.46 billion by 2028, sustaining a robust CAGR of 18.9%. The surge in the forecast period is fueled by various advancements and trends:

• Advancements in robotics and AI technologies
• Personalized healthcare services tailored to individual needs
• Growing awareness and prioritization of mental health support
• Enhanced rehabilitation assistance for improved patient outcomes
• Cost-efficient solutions catering to diverse healthcare needs

Silver Wave Surge: Impact of Ageing Population
The rise in the ageing population emerges as a pivotal driver of growth in the healthcare companion robots market. With an increasing elderly population, the demand for companion robots designed for ageing individuals is on the rise:

• Governments worldwide are initiating programs to promote the adoption of healthcare companion robots, facilitating access to innovative solutions.
• By 2030, an estimated 1 out of 6 people globally will be aged 60 years or older, with projections indicating a doubling of the population aged 60 and above by 2050.
• Initiatives like New York State’s partnership with Intuition Robotics underscore the significance of leveraging technology to support the elderly population.

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Innovative Horizons: Intuition Robotics’ ElliQ
Major companies are spearheading innovation in the healthcare companion robots market, introducing groundbreaking products like ElliQ to redefine caregiving and support:

• Intuition Robotics launched ElliQ, a digital care companion optimized for empathy, in March 2022.
• ElliQ offers a range of health, communication, and entertainment features, empowering older adults to lead happier, more independent lives.
• Its AI-driven capabilities enable physical activity promotion, social engagement, and cognitive stimulation, addressing key aspects of elderly care.

Furhat Robotics Acquires Misty Robotics
In a strategic move to fuel global growth, Furhat Robotics acquired Misty Robotics in January 2022:

• The acquisition strengthens Furhat Robotics’ presence in the USA and facilitates expansion and development opportunities.
• Misty Robotics specializes in building personal robots for offices and homes, complementing Furhat Robotics’ portfolio of innovative solutions.

Market Segmentation and Regional Dynamics
The healthcare companion robots market is segmented based on various criteria:

1. Type: Encompassing animal-like robots and humanoid robots.
2. Age Group: Catering to children, adults, and geriatric populations.

Conclusion
The healthcare companion robots market is poised for significant growth, driven by technological advancements, demographic shifts, and evolving healthcare needs. As companion robots continue to integrate into healthcare ecosystems, they offer transformative solutions for patient care, rehabilitation, and mental health support. The convergence of AI, robotics, and empathy-driven design heralds a new era of caregiving, empowering individuals to lead healthier, more fulfilling lives. With strategic acquisitions, product innovations, and global collaborations, industry leaders are poised to shape the future of healthcare companion robotics, addressing the diverse needs of ageing populations and healthcare ecosystems worldwide.

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