NEWARK, DE / ACCESSWIRE / el: Globalism Eldercare Assistive Robotics Market It is expected to reach a valuation of $7,150.0 million by 2032, with sales growing at a strong CAGR of 12.2% from 2022 to 2032. In 2022, the target market is likely to reach an estimated $2,263.6 million American dollar. The rise in the elderly population, globally, will stimulate the demand for the elderly care assistive robots market during the forecast period.
Growing population aging, especially in developed countries, is a major growth driver for Elderly Care Assistive Robots Market during 2022-2032. Caring for these individuals can be expected to be an enormous physical, mental and emotional project. As a result, there is a significant shortage of trained medical personnel willing to perform the tasks. This aspect creates a growth opportunity for elderly care assistant robots as they have the potential to serve this demographic very well. Thus, global sales of assistive robots for elderly care are expected to increase during 2022-2032.
Factors such as the camera-powered sensors that monitor the elderly as well as the privacy, convenience and security guaranteed by these robots are spurring demand for assistive elderly care robots during the evaluation period. Again, these robots fulfill the role of a practicing physician while providing human-like companionship to the patient. These bots to assist in hospice care can improve the health and psychological well-being of the elderly in several ways including reminding them of daily tasks and other important information – which would be a huge help for dementia sufferers.
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Furthermore, these bots are equipped with the ability to carry on an informal conversation that may help keep the mind of the elderly sharp as well as reduce the likelihood of developing clinical depression or Alzheimer’s disease. These robots can also act as telepresence machines, which bridge the gap between doctors and elderly patients. All these factors are fueling the growth of the elderly care assistive robots market during the forecast period.
“Increasing elderly population coupled with growing awareness of the benefits of using assistive robots for elderly care is likely to aid in the global growth of assistive robots for elderly care over the forecast period,” says the FMI analyst.
High costs and lack of acceptance may hinder the growth of the elderly care assistive robots market.
The North American elderly assistive robot market will account for 40% of the global market share during the forecast period.
The elderly care assistive robots market in Asia Pacific is expected to be the fastest growing market.
Europe’s elderly assistive robots market will hold 23.1% of the total market share.
Startups in this market focus on product innovation and adoption of new technologies.
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Paro Robots, Aldebaran, Togo Seisakusyo Corporation, and Hasbro are among the major players in the Assistive Robots for Elderly Market which are featured in the full version of the report.
The leading players in the market focus on new and innovative marketing strategies. These companies are keen to expand their business volume and improve their market shares by adopting merger and acquisition methods.
More insights on the Eldercare Assistive Robots Market report
In its latest report, FMI provides an unbiased analysis of the global Elderly Assistance Robotics Market, providing historical data from 2017 to 2021 and forecast statistics from 2022 to 2032. To understand the potential, growth, and scope of the global market, the market is segmented on the basis of product type (Robots assistance physically, assistance robots socially), and the area.
According to the latest FMI report, based on the region, the North American elderly-assistance robots market will dominate the global market. The target market in this region will account for 40% of the total market share during the period 2022-2032. The adoption of advanced technology of elderly care assistive robots, increasing rehabilitation healthcare industry, and favorable government initiatives are driving the growth of the elderly care assistive robots market in North America.
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The Asia Pacific Elderly Care Assistive Robots Market is expected to witness the fastest growth during the evaluation period. Japan offers some of the most lucrative opportunities in this regional market. The country has a growing elderly population with very low immigration and birth rates. This factor along with the strong presence of key market players is driving the growth of the target market in Japan which in turn positively influences the growth of the overall market in the Asia Pacific region.
Besides North America and Asia Pacific, Europe will also offer significant market growth. The elderly assistive robots market in this region will account for 23.1% of the total market share. Well-established healthcare with improved technology and supporting infrastructure will drive the elderly care assistive robots market in Europe over the forecast period.
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