The assistive robotics market size is expected to grow from USD 4.1 billion in 2019 to USD 11.2 billion by 2024, at a CAGR of 22.3% during the forecast period. The increasing incidences of strokes and spinal cord injuries are one of the key factors driving the growth of assistive robotics market. The rising insurance coverage for medical exoskeletons and robotic surgeries is another factor driving market growth.
The assistive robotics market was valued at USD 4.1 billion in 2019 and is expected to grow at a CAGR of 22.3% during 2019–2024, to reach USD 11.2 billion by 2024. The increasing prevalence of strokes and spinal cord injuries is one of the key factors driving the growth of the assistive robotics market. Also, the rising insurance coverage for medical exoskeletons and robotic surgeries is likely to act as a major driver for the growth of the assistive robotics market.
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The assistive robotics market is moderately competitive owing to the presence of several regional and global players. Key strategies adopted by these players to enhance their product portfolios, increase their market share, and expand their presence in the market include product launches, partnerships, and collaborations.
- Many market players adopted product launches as a key business strategy. For instance, in May 2018, Intuitive Surgical announced the launch of the da Vinci surgical system for urological surgical procedures, which provides surgeons with robot-assisted technology for deep and narrow access to tissues in the body. The product is compact and embedded with 3D HD wrist cameras to enable high-quality vision, precision, and control.
- Apart from this, players have also adopted partnerships and collaborations to grow their businesses. For instance, in October 2018, Ekso Bionics collaborated with Willmott Dixon (UK), a construction company, to provide EksoVest, an upper-body exoskeleton that supports the arms during lifting.
Intuitive Surgical develops medical robots that are used in surgical procedures. The company mainly focuses on gaining regulatory approvals for its systems and accessories to enter different regional markets, such as Europe and Asia, to expand its global presence. Intuitive Surgical also aims to penetrate new markets by entering into joint ventures with regional companies. For instance, in September 2016, the company entered into a joint venture with the Shanghai Fosun Pharmaceutical Group to conduct R&D activities, manufacture, and sell robot-assisted catheter-based medical devices. This enabled the company to strengthen its base in the APAC market. The strong focus on getting approvals and entering into new markets is expected to enhance the company’s position as a market leader.
Assistive Robotics Market, by Type:
- Physically Assistive Robots
- Socially Assistive Robots
- Mixed Assistive Robots
Cyberdyne is one of the leading players in the assistive robotics market. The company’s product portfolio includes the HAL, along with the cleaning robot and the transportation robot. The company has been running in loss for the last three consecutive years. The total loss of the company for FY 2018 stood at USD 6.1 million. This has significantly affected the growth prospects of the company. The company invests considerably in R&D activities. For instance, in FY 2018, the company invested nearly 48% of its revenue in R&D activities. This huge investment in R&D is explicitly carried out for designing innovative products to fulfill the changing requirements of the customers and for exploring new opportunities in the market to drive its growth and profitability. The company proactively focuses on collaborations to enhance its existing products. For instance, in November 2018, it collaborated with Centro San Girolamo, an Italian rehabilitation institute, to treat patients with diseases and injuries related to the brain nerve system. Such initiatives are likely to help the company maintain a competitive presence in the rehabilitation market.
Related Reports:
Assistive Robotics Market by Mobility, Type (Physically, Socially, Mixed Assistive), Application (Elderly Assistance, Companionship, Handicap Assistance, Surgery Assistance, Industrial, Defense, Public Relations), and Geography - Global Forecast to 2024
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