Elder Care Assistive Robots Market Size, Share & Trends Analysis Report By Type (Physically Assistive Robots, Socially Assistive Robots), By Functionality (Monitoring & Surveillance, Mobility Assistance), By Region, And Segment Forecasts, 2024 - 2030

Elder Care Assistive Robots Market Trends

The global elder care assistive robots market size was estimated at USD 2.53 billion in 2023 and is projected to grow at a CAGR of 14.8% from 2024 to 2030. The increasing shortage of care givers will drive the demand for elder care-assistive robots. For instance, according to human resources expert Paul Osterman, there were nationwide shortage of 151,000 paid direct care workers and 3.8 million unpaid family caregivers in the U.S. by 2030. By 2040, the shortfall is expected to increase to 355,000 paid workers and 11 million family and friends caregivers. This growing gap is propelling the need for innovative solutions to support the elderly, thereby fostering market growth.

The growing investment by government and non-government bodies will boost market growth. In August 2023, Intuition Robotics, a company specializing in technology for seniors, raised USD 25 million to address the increasing interest in ElliQ, its conversational AI-powered robot designed for seniors. The device uses generative AI and large language models (LLMs) to facilitate ongoing conversational interactions between the robot and its user. Furthermore, increasing integration of artificial intelligence (AI) in eldercare robots are enhancing their features, thereby fostering its adoption. In March 2024, a South Korean company called Hyodol created a robot that utilizes AI to interact with elderly individuals living with dementia. This robot has advanced language-processing abilities, emotional recognition, and can talk and play music, providing companionship to lonely individuals.

The growing elderly population across the globe is bolstering market growth. According to the United Nations Population Fund’s India Ageing Report 2023, the population of individuals aged 60 and above is projected to double from 10.5% or 14.9 crore (as of July 1, 2022) to 20.8% or 34.7 crore by 2050. Additionally, the World Health Organization estimates that by 2030, 1 in 6 people in the world will be aged 60 years or older. At that time, the global population of individuals aged 60 years and older will increase from 1 billion in 2020 to 1.4 billion. By 2050, the world’s population of individuals aged 60 years and older will double, reaching 2.1 billion. Furthermore, the population of individuals 80 years and older is projected to triple by 2050, increasing to 426 million from the 2020 count. These populations are prone to various diseases that require care, thus driving market growth.

Furthermore, rising research and development activities in robotics is fueling market growth.  For instance, the SPARC program, which focuses on civil robot research and development within the European Union, dedicated USD 748.9 million for the period between 2014 and 2020. This funding was intended to advance essential technologies for robots in tackling the issues posed by an aging population. Additionally, regulatory support and policy initiatives play a crucial role in fostering market growth. Supportive policies, such as funding for research and development, subsidies for technology adoption, and regulatory frameworks that ensure safety and efficacy, are boosting market growth.

Industry Dynamics

Degree of innovation in the field of eldercare assistive robots is rapidly advancing due to the growing demand for solutions to address the needs of the aging population. These robots incorporate cutting-edge technologies such as artificial intelligence, machine learning, and advanced sensor systems to carry out a range of tasks. These tasks include monitoring vital signs, administering medications, providing companionship, and facilitating communication between caregivers and family members. Innovations also involve improvements in mobility, enabling robots to navigate complex home environments, and enhancements in natural language processing to better understand and respond to the needs and preferences of elderly users.

The elder care assistive robots market is characterized by a moderate level of merger and acquisition (M&A) activity by the leading players. This is due to several factors, including the desire to expand the business to cater to the growing demand for nanorobots. Furthermore, increasing product launches will boost market growth. In January 2023, Aeolus Robotics unveiled aeo, a dual-arm humanoid robot designed for various service tasks such as eldercare, security, kiosk operation, ultraviolet germicidal disinfection, and delivery.

Key regulatory bodies, such as the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA), are increasingly focused on creating guidelines that address the unique challenges posed by assistive robotics, including issues related to user safety, data privacy, and the reliability of autonomous systems.

Product substitutes for eldercare assistive robots include a range of traditional and emerging solutions that cater to the needs of the elderly. Traditional substitutes encompass human caregivers such as family members, professional in-home aides, and staff in nursing homes or assisted living facilities. These human caregivers provide personalized attention, emotional support, and hands-on assistance with daily activities.

Several market players are expanding their business by entering new geographical regions to strengthen their market position and expand their product portfolio. Rising collaboration will create more opportunities for elder care assistive robots. For instance, in September 2023, Robotics Venture and Donuts Robotics Inc. have signed a preliminary agreement for a business collaboration. The goal of the collaboration is to tackle issues related to senior care by creating care robots capable of holding conversations adjusted to the individual's health condition.

Type Insights

In 2023, the physically assistive robots segment dominated the elder care assistive robots market and accounted for the largest revenue share and is anticipated to register the fastest growth rate of 15.1% over the forecast period. The global increase in the elderly population and the growing prevalence of age-related disabilities are fueling market expansion. As life expectancy continues to rise, the demand for assistance with daily activities such as mobility, bathing, and feeding also increases. For instance, according to a 2020 NIH report, mobility limitations are increasingly prevalent in older individuals, affecting around 35% of those aged 70 and a majority of those over 85 years. Physically assistive robots are created to aid with these activities, improving the lives of seniors and reducing the physical burden on caregivers.

The socially assistive robots segment in the elder care assistive robots market is anticipated to witness lucrative growth over the forecast period. Growing recognition of social isolation and loneliness as critical issues among the elderly population is fostering market growth. According to the National Poll on Healthy Aging (NPHA) by the University of Michigan, 34% of adults aged 50-80 indicated experiencing isolation from others in 2023. Among them, 29% felt isolated some of the time, and 5% felt isolated often over the past year. Socially assistive robots are designed to provide companionship, cognitive stimulation, and emotional support to the geriatric population, thereby augmenting market growth.

Functionality Insights

The social interaction segment held the largest revenue share of 36.3% in 2023. The growing awareness of mental health challenges faced by the elderly population is driving the demand for social interaction robots. These robots are designed to engage seniors in conversations, games, and activities, helping to reduce feelings of loneliness and social isolation. Moreover, many seniors forget to take their medication as prescribed by their doctors, leading to increased hospital admissions. For instance[, the Department of Health and Human Services states that up to 55% of older adults do not follow their medication regimen as prescribed by their doctors. As a result, around 200,000 seniors are admitted to the hospital each year due to negative reactions to their medications. These robots can provide cognitive stimulation, remind users to take their medication, and facilitate communication with their family and friends. These factors will contribute to market growth.

The monitoring and surveillance segment in the elder care assistive robots market is anticipated to register the fastest growth over the forecast period. The rising number of falls among the elderly is contributing to the market growth. According to a 2020 report by the Centers for Disease Control and Prevention (CDC), over 14 million older adults in the U.S. experience falls each year. Monitoring and surveillance robots offer continuous observation, detecting falls, medical emergencies, and unusual activities, and alerting caregivers or medical professionals in real-time. Furthermore, advancements in sensors, cameras, and AI have significantly improved the capabilities of these robots, making them more accurate and reliable. These factors are contributing to market growth.

Regional Insights

North America dominated the elder care assistive robots market in 2023 and accounted for the largest revenue share of 40.0% owing to the advanced healthcare infrastructure, and significant investments in healthcare technology. The high rate of adopting innovative technologies and a strong focus on improving the quality of life for the elderly is accelerating regional growth. Additionally, the presence of leading tech companies and startups specializing in robotics and AI contributes to the development and commercialization of advanced elder care robots.

U.S. Elder Care Assistive Robots Market Trends

The elder care assistive robots market in the U.S. held the largest share of 83.7% in 2023 in North America. Increasing adoption of robots in the U.S. is fostering market growth. In a report published in Forbes in 2022, it was revealed that New York State is preparing to introduce a new program aimed at providing "companion robots" to its elderly population. The state has partnered with Intuition Robotics, an Israel-based company, to distribute these robots to around 800 individuals.

Elder care assistive robots market in Canada is anticipated to register the fastest growth during the forecast period. Market players are adopting various strategic initiatives to supplement market growth. In November 2022, KEENON Robotics, a leading global intelligent service robotics company, signed a strategic partnership with SGP, marking its official entry into the senior living and healthcare industries in Canada. Furthermore, increasing funding for research and development activities is bolstering market growth. In April 2023, the federal government announced research grants of USD 1.4 billion for 11 universities to conduct research on emerging technologies. The grants are intended for research in new technologies such as artificial intelligence, robotics, genetics, and for addressing climate change.

Europe Elder Care Assistive Robots Market Trends

Elder care assistive robots market in Europe is anticipated to register the fastest growth during the forecast period. The European Commission's Horizon 2020 and Horizon Europe programs have granted significant funding for projects aimed at improving the use of robotics in healthcare. In addition, public awareness campaigns and advocacy groups highlight the significance of assistive technologies, promoting widespread acceptance and use of elder care robots.

Germany elder care assistive robots market is anticipated to register a considerable growth rate during the forecast period. The number of people needing care is increasing rapidly, and it is estimated that 670,000 caregiver positions will remain unfilled in Germany by 2050. As a result, researchers are working diligently to develop robots that can assist with some of the tasks currently performed by nurses, caregivers, and doctors.

Elder care assistive robots market in the UK is anticipated to register a considerable growth rate during the forecast period. The increasing government initiatives for the adoption and production of robotics in healthcare are escalating market growth. In October 2019, the U.K. government launched a research program focusing on "making autonomous systems safe and trustworthy for public use." The project, supported by funding of USD 43.54 million over five years, aims to develop advanced "care robots" to assist the elderly.

Asia Pacific Elder Care Assistive Robots Market Trends

Elder care assistive robots market in Asia Pacific is anticipated to register the fastest growth rate during the forecast period. Economic growth in countries such as China and India is leading to increased disposable income, allowing more families to invest in assistive technologies for their elderly members. Additionally, the declining workforce and the high cost of human caregivers in these countries are driving the demand for automated solutions to support the elderly.

China elder care assistive robots market held the largest share in 2023. Collaborations with international tech firms and research institutions are facilitating market growth. In 2020, the Faculty of Applied Science & Engineering at the University of Toronto collaborated with the AGE-WELL Network of Centres of Excellence to establish a partnership with the Huazhong University of Science and Technology (HUST) in China. This collaboration aims to inaugurate a research and commercialization center focused on robotics for elder care. The center is located virtually within the U of T Robotics Institute.

Elder care assistive robots market in India is anticipated to register a considerable growth during the forecast period. The country's increasing elderly population and evolving healthcare landscape are accelerating market growth. Moreover, increasing product launches in the country will escalate market growth. In September 2021, Achala IT Solutions, a Hyderabad-based firm, developed companion robots designed to keep the elderly engaged. These robots, produced under the brand Elro, regularly monitor health vitals such as blood pressure, blood sugar, temperature, and oxygen saturation levels. They can connect with a doctor and facilitate the delivery of prescribed medicines to the home.

Asia Pacific Elder Care Assistive Robots Market Trends

Elder care assistive robots market in Latin America is anticipated to register significant growth during the forecast period owing to the rising awareness of the benefits of assistive technologies. Furthermore, government initiatives aimed at improving healthcare infrastructure and access to medical technologies are helping to drive market growth. Additionally, the increasing prevalence of chronic diseases and mobility impairments among the elderly population are escalating regional growth.

Brazil elder care assistive robots market is anticipated to positively grow during the forecast period. The growing elderly population is escalating market growth. For instance, according to a report from the Pan American Health Organization published in 2022, Brazil has over 30 million people aged 60 years and older, making up 13% of the country's population. By 2030, this age group is expected to reach around 50 million, representing 24% of the total Brazilian population.

Middle East & Africa Elder Care Assistive Robots Market Trends

Elder care assistive robots market in MEA is anticipated to grow lucratively during the forecast period. Significant investments in healthcare infrastructure and technology are propelling market growth. Countries such as the UAE and Saudi Arabia are heavily investing in smart city projects and advanced healthcare infrastructure, which includes the integration of robotic solutions in elder care.

South Africa elder care assistive robots market is anticipated to register the fastest growth during the forecast period. Increasing prevalence of dementia among geriatric population is fostering market growth. For instance , as per an article published in JAMA Network in 2022, studies conducted in South Africa suggest that the prevalence of dementia among adults aged 65 years or older ranges from 3.8% to 11.0%. Proper care for dementia patients contributes to the growth of the market.

Key Elder Care Assistive Robots Company Insights

Key participants in the elder care assistive robots market are focusing on devising innovative business growth strategies in the form of product portfolio expansions, partnerships & collaborations, mergers & acquisitions, and business footprint expansions.

Recent Developments

• In January 2024, Intuition Robotics revealed the latest enhancements to its AI companion ElliQ, designed to have a positive impact on the health and independence of seniors. With a recent USD 25 million funding round, ElliQ 3 marks a significant advancement in the integration of generative AI into daily life, aiming to enhance human-AI relationships. The updates broaden ElliQ's availability and accessibility, with the goal of improving the independence and well-being of older adults while reducing feelings of loneliness.

• In December 2023, SoftBank Robotics America (SBRA), the North American branch of the robotics solutions industry leader, partnered with Formant, the top robot management system (RMS) provider. This collaboration aimed to enhance the integration of SoftBank Robotics' range of solutions.

• In April 2022, United Robotics Group, a subsidiary of the RAG-Stiftung based in Essen, finalized a deal to acquire SoftBank Robotics Europe SAS, the French subsidiary of SoftBank Robotics Group Corp. As part of the agreement, SoftBank Robotics Group Corp. held a minority stake in United Robotics Group, and both companies continued to work together to promote various robots globally. By acquiring SoftBank Robotics Europe SAS, United Robotics Group is poised to become a major player in the service robotics sector in Europe.

• In January 2022, Labrador Systems, a startup in its early stages that creates a new type of support robots, unveiled a home assistant robot. The company secured an extra USD 3.1 million in initial funding. This round of funding was led by Amazon's Alexa Fund and iRobot Ventures, with returning investment from SOSV and new contributions from investors such as Grep VC.

Elder Care Assistive Robots Market Report Scope

Global Elder Care Assistive Robots Market Report Segmentation

This report forecasts revenue and volume growth at global, regional, and country level and provides an analysis on industry trends in each of the sub segments from 2018 to 2030. For this study, Grand View Research, Inc. has segmented the elder care assistive robots market report based on type, functionality, and region:

• Type Outlook (Revenue, USD Million, 2018 - 2030)

  • Physically Assistive Robots

  • Socially Assistive Robots

• Functionality Outlook (Revenue, USD Million, 2018 - 2030)

  • Monitoring and Surveillance

  • Mobility Assistance

  • Social Interaction

  • Household Tasks

• Regional Outlook Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • Spain

    • Italy

    • France

    • Denmark

    • Norway

    • Sweden

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • Thailand

    • South Korea

  • Latin America

    • Brazil

    • Argentina

  • MEA

    • South Africa

    • Saudi Arabia

    • UAE

    • Kuwait