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At what pace is the elder care assistive robots market growing, and what is its estimated value?
The elder care assistive robots market size has grown rapidly in recent years. It will grow from $2.98 billion in 2024 to $3.49 billion in 2025 at a compound annual growth rate (CAGR) of 16.9%. The growth in the historic period can be attributed to increasing labor shortages in caregiving, increasing consumer awareness and acceptance, social and cultural acceptance, increasing emphasis on personalized care solutions, and increasing research and development.
The elder care assistive robots market size is expected to see rapid growth in the next few years. It will grow to $6.43 billion in 2029 at a compound annual growth rate (CAGR) of 16.5%. The growth in the forecast period can be attributed to government initiatives and funding, globalization of healthcare solutions, establishment of regulations and standards, enhanced user interface design and development of educational and training programs. Major trends in the forecast period include advances in emotional recognition technology, robotic process automation (RPA), health monitoring and diagnostics, human-robot interaction (HRI) and wearable technology integration.
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What are the top drivers to the rising demand in the elder care assistive robots market?
The increasing elderly population is expected to propel the growth of the programmable elder care assistive robot market going forward. The elderly population includes people aged 65 or older, representing those in the later phase of life. Improved healthcare has extended life expectancy, causing the elderly population to grow. Assistive robots support elderly individuals by aiding with daily tasks, health monitoring, and enhancing their well-being. For instance, in July 2022, according to the United Nations Department of Economic and Social Affairs, a US-based international affairs agency, the proportion of the world’s population aged 65 and older is expected to increase from 10% in 2022 to 16% by 2050. Therefore, the increasing elderly population is driving the growth of the elder care assistive robot market.
How is the elder care assistive robots market segmented?
The elder care assistive robots market covered in this report is segmented –
1) By Type: Physically Assistive Robots; Socially Assistive Robots
2) By Mobility: Stationary; Mobile
3) By Functionality: Monitoring And Surveillance; Mobility Assistance; Social Interaction; Household Tasks
Subsegments:
1) By Physically Assistive Robots: Mobility Assistance Robots; Lifting and Transfer Robots; Rehabilitation Robots; Medication Delivery Robots; Home Care Robots
2) By Socially Assistive Robots: Companionship Robots; Cognitive Support Robots; Communication Robots; Entertainment Robots; Monitoring And Surveillance Robots
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Who are the top competitors in the elder care assistive robots market?
Major companies operating in the elder care assistive robots market are Toyota Motor Corporation, Samsung Group, Honda Motor Co Ltd., Panasonic Holdings Corporation, Hasbro Inc., Fraunhofer IPA, SoftBank Robotics Corp., Robosoft Technologies, PAL Robotics S.L., Fourier Intelligence Co Ltd., Cyberdyne Inc., Aeolus Robotics Inc., Intuition Robotics Ltd., Aldebaran Robotics, Blue Frog Robotics S.A., Giraff Technologies AB, Focal Meditech B.V., Furhat Robotics AB, Labrador Systems Inc., Robohub Foundation Inc., DreamFace Technologies LLC.
What significant trends should we anticipate in the elder care assistive robots market over the forecast period?
Major companies operating in the elder care assistive robot market are focused on developing advanced solutions, such as AI companion robots, to enhance the quality of care for the aging population. An AI companion robot is a robotic system that uses artificial intelligence to interact with, support, and assist people in various ways. For instance, in January 2024, Intuition Robotics, an Israel-based developer of digital companion technology, launched ElliQ 3. It offers unique features such as advanced generative AI for natural conversations, contextual memory for personalized interactions, enhanced hardware for improved performance, safety mechanisms for monitored conversations, and creative activities to foster cognitive wellness and social connections to improve the lives of older adults. The ElliQ 3 hardware is built for scalability, enabling Intuition Robotics to expand manufacturing and address increasing demand. Its groundbreaking use of generative AI, powered by cutting-edge Large Language Model (LLM) technology, enhances and deepens ElliQ’s interactions with older adults.
Which regional trends are influencing the elder care assistive robots market, and which area dominates the industry?
North America was the dominated region in the elder care assistive robots’ market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the elder care assistive robots market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Elder Care Assistive Robots Market Report 2025 Offer?
The elder care assistive robots market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Elder care assistive robots are robotic systems designed to help older adults with daily living, health management, and personal safety. These robots utilize advanced sensors and artificial intelligence (AI) technology to monitor an older adult’s health, assist with daily tasks, and provide companionship, enhancing their independence and quality of life.
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