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Eldercare Assistive Robots Market

Eldercare-Assistive Robots Market Size, Share & Trends Analysis Report By Type (Physically Assistive Robots, Socially Assistive Robots), By Region, And By Segment Forecasts, 2024-2031.

Report ID : 2469 | Published : 2024-05-15 | Pages: 180 | Format: PDF/EXCEL

Eldercare-Assistive Robots Market Size is valued at USD 2.51 Bn in 2023 and is predicted to reach USD 5.98 Bn by the year 2031 at a 11.70% CAGR during the forecast period for 2024-2031.

Eldercare Assistive Robots Market info

Eldercare assistive robots are specifically engineered machines created to aid senior individuals in performing daily activities and enhance their overall well-being. These robots can enhance the ability of elderly individuals to maintain their independence for a longer duration by providing aid and alleviating the workload of caregivers. Integrating these robots into the daily routines of elderly folks not only enhances their health and safety but also alleviates the workload of caregivers and enhances the overall effectiveness of eldercare. With the progression of technology, these robots are anticipated to acquire more advanced capabilities, augmenting their potential to assist the elderly population.

These robots are equipped with various features such as mobility assistance, companionship, medication reminders, and remote monitoring capabilities, catering to the diverse needs of elderly individuals and their caregivers. The increased utilization of assistive robotics in eldercare facilities can be attributed to the COVID-19 pandemic, which has increased demand for these devices by providing solutions for social distancing and minimizing human interaction.

These robots assist with tasks such as monitoring vital signs, medication reminders, and companionship, addressing the challenges of staff shortages and isolation among the elderly. The pandemic highlighted the importance of remote caregiving solutions, prompting increased investment and innovation in this sector. Post-pandemic, the market for assistive robots is expected to continue growing as societies seek efficient and safe ways to provide care for ageing populations, enhancing the quality of life for seniors. 

Competitive Landscape

Some Major Key Players In The Eldercare-Assistive Robots Market:

  • Paro Robots
  • SoftBank Robotics
  • Togo Seisakusyo Corporation
  • Taylor & Francis Group
  • Robohub
  • Aldebaran
  • Hasbro
  • Toyota Motor Corporation,
  • Panasonic Corporation,
  • Honda Motor Co., Ltd.,
  • Cyberdyne Inc
  • Kinova
  • Omron Corporation
  • Teradyne
  • Ateago Technology
  • Labrador Systems
  • Other Market Players

Market Segmentation:

The Eldercare-Assistive Robots Market is segmented mainly by Type into Physically Assistive Robots, and Socially Assistive Robots. 

Based On Type, The Physically Assistive Robots Segment Accounts For A Major Contributor To The Eldercare-Assistive Robots Market.

Physically assistive robots are essential companions for older adults, namely in improving their ability to move and promoting self-reliance. These robots have state-of-the-art technologies, including sensors, actuators, and artificial intelligence algorithms. As a result, they can offer personalized assistance in a wide range of everyday tasks.

In The Region, The North American Eldercare-Assistive Robots Market Holds A Significant Revenue Share.

North America is expected to register the highest market share of revenue in the Eldercare-Assistive robot market, driven by the high adoption of several advanced technologies as well as the presence of key market players. The region's ageing population and the need for innovative caregiving solutions contribute to market growth: the increase in the burden of the elderly population and the rising demand for cost-effective caregiving options. The region's emphasis on healthcare advancements and supportive government initiatives further propel market expansion. The region's technological expertise, investment in research and development, and increasing awareness of eldercare-assistive robots drive market opportunities.

Recent Developments:

  • In November 2022, Labrador Systems announced its intention to begin implementing its innovative assistive robots, specifically developed to offer assistance to elderly folks and those in need of daily life care. This technology possesses the capacity to revolutionize the domain of senior care in its entirety. The Labrador Retriever personal robot is designed to streamline the daily activities of elderly individuals.

Eldercare-Assistive Robots Market Report Scope

Report Attribute

Specifications

Market Size Value In 2023

USD 2.51 Bn

Revenue Forecast In 2031

USD 5.98 Bn

Growth Rate CAGR

CAGR of 11.7 % from 2024 to 2031

Quantitative Units

Representation of revenue in US$ Bn and CAGR from 2024 to 2031

Historic Year

2019 to 2023

Forecast Year

2024-2031

Report Coverage

The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends

Segments Covered

By Type

Regional Scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

Country Scope

U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; Southeast Asia; South Korea

Competitive Landscape

Paro Robots, SoftBank Robotics, Togo Seisakusyo Corporation, Taylor & Francis Group, Robohub, Aldebaran, Hasbro, Toyota Motor Corporation, Panasonic Corporation, Honda Motor Co., Ltd., Cyberdyne Inc., Kinova, Omron Corporation, Teradyne, Ateago Technology, Labrador Systems and other market players.

Customization Scope

Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape.

Pricing And Available Payment Methods

Explore pricing alternatives that are customized to your particular study requirements.

Chapter 1. Methodology and Scope

1.1. Research Methodology

1.2. Research Scope & Assumptions

Chapter 2. Executive Summary

Chapter 3. Global Eldercare Assistive Robots Market Snapshot

Chapter 4. Global Eldercare Assistive Robots Market Variables, Trends & Scope

4.1. Market Segmentation & Scope

4.2. Drivers

4.3. Challenges

4.4. Trends

4.5. Investment and Funding Analysis

4.6. Industry Analysis – Porter’s Five Forces Analysis

4.7. Competitive Landscape & Market Share Analysis

4.8. Impact of Covid-19 Analysis

Chapter 5. Market Segmentation 1: by Types Estimates & Trend Analysis

5.1. by Types & Market Share, 2019 & 2031

5.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Types:

5.2.1. Physically Assistive Robots

5.2.2. Socially Assistive Robots

Chapter 6. Eldercare Assistive Robots Market Segmentation 2: Regional Estimates & Trend Analysis

6.1. North America

6.1.1. North America Eldercare Assistive Robots Market Revenue (US$ Million) Estimates and Forecasts by Types, 2019-2031

6.1.2. North America Eldercare Assistive Robots Market Revenue (US$ Million) Estimates and Forecasts by country, 2019-2031

6.2. Europe

6.2.1. Europe Eldercare Assistive Robots Market Revenue (US$ Million) Estimates and Forecasts by Types, 2019-2031

6.2.2. Europe Eldercare Assistive Robots Market Revenue (US$ Million) Estimates and Forecasts by country, 2019-2031

6.3. Asia Pacific

6.3.1. Asia Pacific Eldercare Assistive Robots Market Revenue (US$ Million) Estimates and Forecasts by Types, 2019-2031

6.3.2. Asia Pacific Eldercare Assistive Robots Market Revenue (US$ Million) Estimates and Forecasts by country, 2019-2031

6.4. Latin America

6.4.1. Latin America Eldercare Assistive Robots Market Revenue (US$ Million) Estimates and Forecasts by Types, 2019-2031

6.4.2. Latin America Eldercare Assistive Robots Market Revenue (US$ Million) Estimates and Forecasts by country, 2019-2031

6.5. Middle East & Africa

6.5.1. Middle East & Africa Eldercare Assistive Robots Market Revenue (US$ Million) Estimates and Forecasts by Types, 2019-2031

6.5.2. Middle East & Africa Eldercare Assistive Robots Market Revenue (US$ Million) Estimates and Forecasts by country, 2019-2031

Chapter 7. Competitive Landscape

7.1. Major Mergers and Acquisitions/Strategic Alliances

7.2. Company Profiles

7.2.1. Paro Robots

7.2.2. SoftBank Robotics

7.2.3. Togo Seisakusyo Corporation

7.2.4. Taylor & Francis Group

7.2.5. Robohub

7.2.6. Aldebaran

7.2.7. Hasbro

7.2.8. Toyota Motor Corporation,

7.2.9. Panasonic Corporation,

7.2.10. Honda Motor Co., Ltd.,

7.2.11. Cyberdyne Inc

7.2.12. Kinova

7.2.13. Omron Corporation

7.2.14. Teradyne

7.2.15. Ateago Technology

7.2.16. Labrador Systems

7.2.17. Other Market Players

Segmentation of Eldercare-Assistive Robots Market -

Eldercare-Assistive Robots Market By Type-

  • Physically Assistive Robots
  • Socially Assistive Robots

Eldercare Assistive Robots Market seg

Eldercare-Assistive Robots Market By Region-

North America-

  • The US
  • Canada
  • Mexico

Europe-

  • Germany
  • The UK
  • France
  • Italy
  • Spain
  • Rest of Europe

Asia-Pacific-

  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific

Latin America-

  • Brazil
  • Argentina
  • The rest of Latin America

 Middle East & Africa-

  • GCC Countries
  • South Africa
  • Rest of Middle East and Africa

InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.

Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.

Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.

Secondary research

The secondary research sources that are typically mentioned to include, but are not limited to:

  • Company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings.
  • External and internal proprietary databases, regulatory databases, and relevant patent analysis
  • Statistical databases, National government documents, and market reports
  • Press releases, news articles, and webcasts specific to the companies operating in the market

The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista

Primary Research:

Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies

The contributors who typically take part in such a course include, but are not limited to: 

  • Industry participants: CEOs, CBO, CMO, VPs, marketing/ type managers, corporate strategy managers, and national sales managers, technical personnel, purchasing managers, resellers, and distributors.
  • Outside experts: Valuation experts, Investment bankers, research analysts specializing in specific markets
  • Key opinion leaders (KOLs) specializing in unique areas corresponding to various industry verticals
  • End-users: Vary mainly depending upon the market

Data Modeling and Analysis:

In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.

The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.

To know more about the research methodology used for this study, kindly contact us/click here.

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Frequently Asked Questions

How big is the Eldercare Assistive Robots Market Size?

Eldercare Assistive Robots Market is expected to grow at a 11.70% CAGR during the forecast period for 2024-2031.

Hasbro, Toyota Motor Corporation, Panasonic Corporation, Honda Motor Co., Ltd., Cyberdyne Inc., Kinova, Omron Corporation, Teradyne, Ateago Technology

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