Companion robots offer companionship and emotional support for the children, elderly, and disabled people. The advancements in AI, sensors, and actuators over time have increased interest in companion robots.
Global Healthcare Companion Robots Market is estimated at about $3 Bn (2020), growing at a CAGR close to 20% through 2020-2025. The growing need for companion robots for the elderly care and children is driving the growth of the healthcare companion robots market.
A growing aging population, the rising cost of elder care, and shortage of caregivers
The population across the globe is aging and the number of caregivers in relation to the aging population is declining. By 2025, it is predicted that Japan will have a 1 million caregiver shortage. Additionally, the cost of elder care is also rising. Between 2019 and 2020, the cost of in-home care jumped by about 4.4%; assisted living costs surged by 6.2%; and nursing home costs increased by 3%. Instead, using robots might lower this cost.
- A monthly service contract for Stevie (a robot developed by Trinity College, Dublin) would likely run between 50-60% of the cost of hiring a human to do the same tasks, as per their claim.
“The growing disparity between healthcare workforce and aging population is a concern in many countries and we believe companion robots have a great role to play in bridging this gap” – CEO, Leading Medical Robots Company
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Healthcare Companion robots demand surged during the COVID-19 pandemic
Demand for companion robots increased during the pandemic as lockdowns intensified isolation problems. Companion robot sales of the company called Sharp increased 30% during the September quarter of 2020 compared to the same period last year. In addition, companies introduced brand-new robots to assist COVID-19 infected/isolated persons. In June 2021, Hanson Robotics unveiled Grace, a robot developed to interact with COVID-19 people who are elderly and isolated.
New product launches to drive growth in developed and emerging markets
New product launches are anticipated to increase the adoption of companion robots due to an ageing population and rising life expectancy.
- in March 2022, Intuition Robotics announced the commercial launch of its digital care companion, ElliQ in South Florida (U.S.). Further, Emotix has developed a companion robot (Miko) targeted towards children of young parents in India.
Competitive Landscape Analysis of Healthcare Companion Robots Market
Some of the key players in the global healthcare companion robots market are Blue Frog Robotics, ASUS Zenbo, Intuition Robotics, No Isolation, Luvozo, Honda Robotics, Paro (AIST), DFRobot, Hanson Robotics, among others.
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