The healthcare companion robots market size is estimated to be USD 1,652.4 million in 2022 and is expected to witness a CAGR of 17.88% during the forecast period 2023-2033. Rising elderly populations, rising disposable income, and improved healthcare infrastructure are projected to drive the market growth in near future. Furthermore, growing number of disabled people and technological development in the field of medical robots are other supporting the market growth. However, increasing initial investment cost is predicted to limit market growth.

Technological development in the field of medical robots is predicted to fuel the market growth during the forecast period. To help patients and enhance outcomes, several robotic products are developed. For instance, the UK-based start-up Service Robotics provides medical care robotics as a service (RaaS). In order to promote cognitive memory, the company created the humanoid robot “GenieConnect,” a voice and video robot powered by AI. Additionally, it helps to decrease loneliness. Additionally, it interfaces with wearables and smart home devices to offer users comprehensive and personalized treatment.

Growing number of disabled people is expected to propel the market growth during the projected period. According to the World Health Organization, one in seven people have a disability. By supporting them, companion robots enable such people live better lives. According to the International Robotics Federation, 34,000 support robots were adopted into society between 2019 and 2021 to help those with disabilities.

Segmentation

By Type

The market is categorized into humanoid and animal-like. In 2022, the humanoid segment accounted for the highest revenue share due to the advantages these robots provide, such as perfection and a low incidence of human error. These robots are employed to apply techno-psychological diversion for kids undergoing medical procedures as it decreases the pain caused by anxiety and fear. The market share of humanoid robots has also increased as a result of the surge in demand for robotics due to growing and ageing disabled population and need to address issues brought on by their inability to interact effectively with their surroundings. Humanoid robots are also used in “Autism Special Education,” where they can interact with kids using software made specifically for special education. The segment animal-like is expected to grow at the fastest rate over a predicted time. “Paro,” an animal-like robot companion is being employed frequently in dementia care due to the beneficial effects that engagement with these robots can have on the well-being of elderly patients. These robots with pet or animal designs and behaviors have specific potential for the aged care sector. They also aid in reducing older individuals’ feelings of loneliness, which is helping the segment grow.

By Age-group

The market is segmented into geriatric, children, and adult. In the global market, the geriatric segment accounted for the largest revenue share in 2022 owing to the deployment of companion robots. Technology integration has made home healthcare possible and supports ageing at home, lowering the risk of falls. According to a study conducted and released by Bold in December 2021, using companion robots has significantly decreased hospitalizations due to falls by 46.0%. Additionally, companion robots are in demand to assist dementia patients and may help to minimize agitation and depression. The children’s segment is predicted to grow faster over the course of the projection period due to the increasing demand for companion robots to support children’s emotional and cognitive development. Additionally, these robots are rapidly being used to support rehabilitation for children with disabilities including autism. One such robot that helps children with autism is “Buddy the Robot,” created by Blue Frog Robotics. Furthermore, a variety of cutting-edge products created by top companies and targeted towards children are driving the segment’s expansion. For instance, Embodied Inc. introduced “Moxie” in 2020 with the objective of assisting children between the ages of 5 and 10 in the development of their social, cognitive, and emotional skills.

Regional Markets

In 2022, Asia Pacific region accounted for the highest revenue in the healthcare companion robots market and is expected to maintain its dominance during the forecast period. This is attributed to region’s growing geriatric population and different government measures to assist the development of companion robots for the older population. For instance, Myongji Hospital, a healthcare facility in South Korea, is developing an AI-driven care robot to help dementia patients as of September 2022. Additionally, South Korean municipal governments have given companion robots to single people and those with mental health concerns in order to support their wellbeing. Furthermore, the shortage of healthcare professionals in countries such as Japan has increased demand for robots in medical facilities. North America is predicted to have the fastest growth rate due to rising demand for humanoid robots in healthcare institutions, the existence of a well-developed healthcare infrastructure, and growing investments by major companies in the development of cutting-edge technologies. Additionally, throughout the course of the forecast period, the government’s efforts to deploy companion robots to improve the lives of the older population are anticipated to drive the market.

Competitor Insights

Some of the key players operating in the healthcare companion robots market are inGen Dynamics, Emotix, Luvozo, Ubtech, Blue Frog Robotics & Buddy, Intuition Robotics, Hanson Robotics, No Isolation, PARO Robots U.S., Inc., Honda Robotics, ASUS, and Jibo.

To achieve a competitive edge, these companies are implementing a variety of growth strategies. Strategic partnerships, alliances, and agreements with different businesses and research institutions are seen to be the main strategies used by companies in this sector.

• For instance, Intuition Robotics declared the South Florida commercial launch of ElliQ, its digital care companion, in March 2022. (U.S.). Additionally, Emotix has created the companion robot Miko with young Indian parents in mind.

This comprehensive research report focuses on the global and regional market size and forecasts of diverse segments including type and age-group from 2022 to 2033.

Report Scope:

Segmentation: Healthcare Companion Robots Market Report 2022 – 2033

Type (Revenue, USD Million), 2022 – 2033

• Humanoid
• Animal-like

Age-group (Revenue, USD Million), 2022 – 2033

• Geriatric
• Children
• Adult

By Region (Revenue, USD Million), 2022 – 2033

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of LATAM
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • Rest of MEA