CAREBOTS MARKET SIZE, TRENDS & ANALYSIS - FORECASTS TO 2025 By Population Split (Disabled population, Geriatric population, Bariatric population); By End-Users (Hospitals, Home care setting, Research Institutes); By Region (North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa); Vendor Landscape, and Company Market Share Analysis & Competitor Analysis - Global Market Estimates
Carebots Market Insights
The global carebots market is anticipated to grow at a high CAGR over the forecast period. The market is expected to be influenced by factors such as increasing technological innovations coupled with growing research funding in healthcare robotics, and rising trend of artificial intelligence in healthcare.
Carebots are developed by the researchers to reduce high patient to nurse ratios and streamline other factors including lack of experienced staffs and insufficient time to monitor patients. It also aids in enhancing the working condition of nurses by reducing their workload, hence eliminating the risk for self-injury and patient injury.
However, factors such as high cost of robotic systems coupled with safety concerns are likely to hinder the market growth to a certain extent. The rapid growth in the ageing population is considered to be one of major drivers of the overall carebots market.
Carebots Market: Population Split Insights
The global carebots market is divided into disabled population, geriatric population, and bariatric population, based on population split. Geriatric population segment is anticipated to hold significant share in the overall market due to high adoption of carebots by ageing population. These bots are also used in a number of other applications including gathering of patient data, intensive patient care, and assistance in routine tasks.
Carebots Market: End-Use Insights
The global carebots market is segmented into hospitals, home care setting, research institutes, based on end-users. Carebots are widely used in homecare settings wherein the elderly population can live comfortably at their respective places without the need to rely on costly hospitals and nursing homes. These bots are efficient in performing daily tasks such as monitoring blood sugar and pressure levels. Carebots or Nursebots are further anticipated to improve the efficiency and quality of care that nurses & other professional staffs offer, thereby influencing the market growth.
Carebots Market: Regional Insights
The market in Asia Pacific accounted for a substantial share in 2016 and is further anticipated to grow at a high CAGR over the coming years. Japan is considered as the major revenue contributor of the overall regional market due to its increased spending in the service robotics sector. The spending in Japan is further likely to increase exponentially over the coming years. The increasing ageing population in Japan is expected to positively influence the market growth.
Increasing geriatric population in North America is also projected to stimulate the market growth. Latest advancements in technologies are made in order to maintain the ratio of nurses to patient’s population, hence boosting the regional growth. Europe is also expected to experience a sharp rise in the revenue due to increased installations and development of robotic nurses.
Other regions including Central & South America and Middle East & Africa are also projected to grow at a considerable rate attributing to increasing elderly population, thereby stimulating the demand for carebots and other automated devices.
Carebots Market: End-Use Landscape
The end-use landscape entails a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase carebots over the coming years. Some leading consumers of this market are Fortis Memorial Research Institute, Johns Hopkins Hospital, and Palomar Medical Center among others.
Carebots Market: Vendor Landscape
The report contains a chapter dedicated to vendors operating in the market, covering raw material manufactures, equipment developers, manufacturers, and distributors. The report provides these insights on a regional level. This section of the report entails contact details, experience, products manufactured/supplied, and geographical presence of companies.
Carebots Market Share & Competitor Analysis
Some of the players operating in the global carebots market include RIKEN-TRI Collaboration Center for Human-Interactive Robot Research, GeckoSystems International Corporation, Hitachi, Hstar Technologies, JoiceCare AB, Fraunhofer IPA, and Georgia Tech among others.
Please note: This is not an exhaustive list of companies profiled in the report.
Check the Press Release on Global Carebots Market Report
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The global Carebots Market has been studied from the year 2016 till 2025. However, the CAGR provided in the report is from the year 2017 to 2025. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Carebots Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the company and customer analytics.
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