LONDON--(EON: Enhanced Online News)--Technavio analysts forecast the global patient monitoring and assistance robots market to grow at a CAGR of more than 30% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global patient monitoring and assistance robots market for 2017-2021. The study considered revenue generated from handicap assistance robots, autonomous mobile transport robots, daily care robots, and telepresence robots to determine the market size.
Handicap assistance robots like robotic wheelchairs and parts are the most popular product segment in the market. It is expected to show maximum growth in developed countries in the Americas and Europe due to advances in technology and support from respective governments. Key vendors in this segment are Cyberdyne and ReWalk, who are focused majorly on robotic solutions for wheelchairs with advanced sensors and manipulators for better navigation and control.
Global patient monitoring and assistance robots market is expected to show explosive growth through the forecast period and record a USD 2,621.5 million by 2021. The Americas comprise the biggest segment of this market, occupying more than 45% of the total shares.
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Technavio analysts highlight the following four factors that are contributing to the growth of the global patient monitoring and assistance robots market:
- Shortage of workforce in the healthcare sector
- Support from governments of developed countries
- Increase in number of people with disabilities
- Miniaturization of sensors
Shortage of workforce in the healthcare sector
The shortage of a permanent workforce in the healthcare sector is one of the key driving factors of the healthcare robotics market. Individual specialty hospitals, healthcare establishments in rural and remote areas, are in critical need of nurses. Smart robots programmed with basic instructions are being increasingly utilized in place of human professionals to make up for this shortage.
“These robots can perform important activities such as comforting of patients by talking to them, motivating patients, and development plans for patients. To assure that workforce shortages do not affect the quality of services delivered to patients, it is expected that more hospitals and healthcare facilities will leverage the technological improvements in robotics to provide quality healthcare,” says Bharath Kaniappan, one of the lead analysts at Technavio for robotics research.
Support from governments of developed countries
Healthcare robots are expensive, and a single handicap robot can range anywhere from USD 20,000 to USD 98,000. Most clinics take these robots on long-term lease due to the benefits like quicker recovery times and assistance in a permanent disability that they provide. Governments in developed countries like the US and countries in EU are supporting these hospitals and clinics by providing funds and reimbursement options.
In the US, end-users of handicap assistance robots like private rehabilitation centers and teaching hospitals receive reimbursements for these devices to enhance the quality of healthcare provided in these centers. In countries like Germany, the UK, and Sweden, third-party players like insurance companies provide financial benefits to physically challenged people to help them secure the robotic assistants. These factors are expected to aid the growth of this market space significantly.
Increase in number of people with disabilities
“With the improvement in healthcare facilities and hospitals, there is an increase in investment in assistance robots that can process sensory information and help perform daily activities that help physically challenged people and older adults. With the emergence of healthcare robotics, physicians improve the efficiency of the care they deliver and restore lost mobility in patients,” says Bharath.
The changing lifestyles of individuals are resulting in higher incidences of ambulatory disabilities. This has created an increased demand for technologies that can help patients, particularly those with issues relating to mobility. These robots can help hospital staffs by relieving medical personnel from routine activities, which decrease the time available for various other responsibilities. In this scenario, the patient monitoring and human assistance robots market is expected to see high growth.
Miniaturization of sensors
Miniaturization is a trend that is sweeping the sensors market, and it is creating a direct impact on patient monitoring and assistance robotics. This miniaturization has led to a reduction in costs of sensors and in turn of robots, which has enabled innovations in mechatronic components and increased the prevalence of information and communications technology (ICT). Therefore, the growth in the sensor market and the availability of highly advanced application-specific sensors may fuel more R&D activities in autonomous mobile transport robots and is expected to improve the growth of patient monitoring and assistance robots market.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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