Healthcare Companion Robots Market Size, Share & Trends Analysis Report By Type (Animal-like, Humanoid), By Age-Group (Children, Adult, Geriatric), By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global healthcare companion robots market size was valued at USD 1.5 billion in 2022 and is expected to attain a compound annual growth rate (CAGR) of 17.8% from 2023 to 2030. Rising geriatric population is one of the major factors driving the growth of market. Other factors such as increasing disposable income, improving healthcare infrastructure, etc. is expected to impel the market growth over a forecast period.

Companion robot helps to enhance well-being and quality of life by its assistance features. It mainly provides cognitive support, mobility support and relaxation. Also, it helps in monitoring health and provides self-care support through interaction. The rising geriatric population across the globe and limited number of healthcare professionals to care for older population, particularly in countries like Japan is likely to raise the demand for companion robot. Furthermore, various initiatives undertaken by the government is supporting the market growth. For instance, the New York state, which is home to nearly 4.3 million older adults planned a partnership with Intuition Robotics, Israel to deliver companion robots to approximately 800 people in the state.

Technological advancement in the field of medical robotics is another factor driving the market growth. Various robotic products are developed to assist patients and improve the outcome. For instance, Service Robotics, a UK-based startup offers medical care robotics as a service (RaaS). The company developed a humanoid robot “GenieConnect”, an AI-based voice and video robot that provides engagement and stimuli to promote cognitive retention. Also, it helps in alleviating loneliness. In addition, it integrates with smart home devices and wearables to provide comprehensive and personalized care for users.

Furthermore, the rising rate of people suffering from disabilities is another factor driving the companion robots market. As per the World Health Organization, 1 in 7 people experience some kind of disability. Companion robot helps to improve the life of such people by assisting them.As per the International Robotics Federation, about 34,000 assistance robots were mainstreamed during the period between 2019 and 2021 so as to facilitate the people suffering from disabilities.

In addition, the development of innovative products by key players is impelling the market growth. For instance, in June 2021,Hanson Robotics launched a robot “Grace”. It is designed to interact with the elderly people and isolated COVID-19 patients. Similarly, Kaspar robot developed by the University of Hertfordshire is a humanoid robot which acts as a companion to improve the lives of children with autism and other communication difficulties.  Such initiatives are expected to impel the market growth in forecast period.

The outbreak of COVID-19 positively impacted the market growth. The lockdown and social distancing imposed by government resulted in social isolation and feeling of loneliness. This raised the acceptance of companion robots as it helped to fill in the gaps and reduce the loneliness, especially in elderly population. Also, they were used to assist the therapies in order to improve the mental condition of people and help them to overcome the anxiety issues. Moreover, they are also used for monitoring the health remotely and managing medication.

Type Insights

By type, the humanoid segment held the largest share of 75.4% in 2022 due to the benefits offered by these robots such as perfection and minimum human errors. These robots are used for implementation of techno-psychological distraction for children during a medical procedure as it helps to reduce the pain resulting from anxiety and stress. Furthermore, rise in demand for robotics due to the increasing disabled and aging population to tackle problems that arise from their inabilities to relate effectively with their environment has contributed to the market share of humanoid robot. In addition, humanoid robots are also implemented in “Autism Special Education” where they can engage children with applications designed for special education.

However, the animal-like segment is anticipated to expand at the fastest rate over a forecast period. “Paro”, an animal-like robot companion is increasingly used in dementia care due to the positive effects that interaction with these robots can have on the well-being of these patients. Also, these pet/animal designed robots with animal aesthetics and behaviors have particular potential in aged care. They also help inalleviating loneliness in older adults, which is positively impacting the segment growth.

Age-Group Insights

By age-group, the geriatric segment held the largest share of 43.0% in 2022. The use of companion robots has shown a significant improvement in the lives of the elderly population. The integration of technologies has enabled home healthcare and it supports aging at home thereby reducing the risk of falls.As per a study conducted and published by Bold in December 2021, the use of companion robots has reduced the falls and associated hospitalizations by 46.0%. Furthermore, the companion robots are in demand to assist people suffering from dementia and may help to reduce the depression and agitation.

However, the children segment is anticipated to expand at a faster rate in a forecast period owing to rising demand of companion robots to support the emotional and cognitive development in children. Also, these robots are increasingly used to assist a therapy for children diagnosed with disabilities such as autism. “Buddy the Robot” developed by Blue Frog Robotics, is one such robot which help to assist children with autism. In addition, various innovative product developed by key companies targeting children population is impelling the segment growth. For instance, in 2020, Embodied Inc. launched “Moxie”, with an intent to help children between age of 5 years to 10 years to develop social, cognitive and emotional skills.

Regional Insights

In 2022, Asia pacific dominated the healthcare companion robots market with a share of 52.8%. The increasing geriatric population in the region and various initiatives undertaken by government for the development of companion robot to support elderly population are the major factors contributing to the dominance. For instance, in September 2022,Myongji Hospital, a healthcare institution in South Korea is working on the development of an AI-driven care robot to assist patients with dementia.Also, the local governments in South Korea have provided companion robot to single persons and those who are living with mental health issues to support their well-being. In addition, the declining rate of healthcare providers in countries like japan have raised the demand of robots in healthcare facilities.

North America is expected to witness the fastest growth rate owing to increasing demand of humanoid robots in healthcare facilities, presence of well-developed healthcare infrastructure and increasing investment by key companies to develop innovative products. Also, the initiatives undertaken by the government for the deployment of companion robots to support the lives of elderly population is expected to impel the market over a forecast period.

Key Companies & Market Share Insights

Various strategies such as product development, partnerships, etc. adopted by key players is driving the healthcare companion robots market.  For instance, in May 2018, Remi AI entered into a partnership with Ikkiworks with an intent to develop the AI language component of the world’s first companion robot for sick children.Some prominent players in the global healthcare companion robots market include:

• Blue Frog Robotics & Buddy ASUS

• Intuition Robotics

• inGen Dynamics

• PARO Robots U.S., Inc.

• No Isolation

• Luvozo

• Honda Robotics

• Hanson Robotics

• Ubtech

• Emotix

• Jibo.

Healthcare Companion Robots Market Report Scope

Global Healthcare Companion Robots Market Segmentation

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global healthcare companion robots market report based on type, age-group and region:

• Type Outlook (Revenue, USD Million, 2017 - 2030)

  • Animal-like

  • Humanoid

• Age-Group Outlook (Revenue, USD Million, 2017 - 2030)

  • Children

  • Adult

  • Geriatric

• Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

    • Spain

  • Asia Pacific

    • Japan

    • China

    • India

    • South Korea

    • Australia

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • MEA

    • South Africa

    • Saudi Arabia

    • UAE