Socially Assistive Robots Market Business Opportunity 2030

According to the Market Statsville Group (MSG), the global socially assistive robots (SARs) market size is expected to grow at a CAGR of 13.6% from 2023 to 2033.

The demand for Socially Assistive Robots (SARs) is increasing rapidly due to the increasing aging population globally. As people age, they often require assistance with daily living activities and healthcare, and SARs can assist in these areas. Elderly assistance robots can help seniors with mobility, medication management, and social engagement, making it easier for them to maintain their independence and quality of life. Another driver of the SARs market is the shortage of healthcare workers in many countries. With SARs, healthcare providers can supplement their workforce by using robots to provide patient care and support. This can help alleviate the burden on healthcare workers, especially during times of crisis such as a pandemic. Advancements in technology and AI are also driving the SARs market. As technology continues to evolve, SARs are becoming more advanced, with the ability to perform complex tasks and adapt to changing environments. This is opening up new opportunities for SARs in areas such as mental health, where robots can provide cognitive and behavioral therapy.

Global Socially Assistive Robots (SARs) Market Dynamics

Drivers: Growing Demand for Remote Care and Monitoring

Remote care and monitoring have become increasingly important, particularly in the wake of the COVID-19 pandemic, as it provides a safe and efficient way for healthcare providers to monitor and care for patients without physical contact. The U.S. Department of Health and Human Services (HHS) reports that telehealth usage in the Medicare program increased by 13,000% in just a month during the COVID-19 pandemic. Remote care and monitoring robots, including SARs, can provide personalized care and support to patients in their homes. This is particularly important for elderly or disabled patients who may require regular monitoring or assistance with daily living activities. Further, it can provide remote care and monitoring services more efficiently and cost-effectively than traditional care models. European Commission launched the initiative to support deploying robotics technologies in healthcare in 2018. The initiative is part of the Commission's broader strategy for AI, which aims to promote developing and using AI technologies in Europe. This can lead to cost savings for healthcare providers and better patient outcomes. Remote care and monitoring robots can help to improve patient outcomes by providing real-time monitoring and intervention when needed. This can help to prevent adverse events and improve patient satisfaction.

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Restraints: High Cost and Technical challenges

Despite the numerous driving factors that increase the demand for Socially Assistive Robots (SARs), some restraining factors limit the market demand for these robots. SARs are relatively expensive compared to traditional care models, which can limit their adoption and use in certain markets. This is particularly true for individuals and families who may not have the financial resources to afford these robots. These robots require advanced technical capabilities, including artificial intelligence, natural language processing, and machine learning. Developing these capabilities can be time-consuming, expensive, and require significant expertise, limiting the availability of SARs and their ability to function effectively. Moreover, technical challenges can lead to reliability, accuracy, and safety issues, which can be critical in healthcare settings.

Opportunities: Surging Technological Advancements

As robotics and artificial intelligence continue to advance, SARs are becoming more sophisticated, capable, and versatile. For instance, recent natural language processing and machine learning developments allow SARs to understand and respond to human speech more effectively. This has important implications for healthcare, where SARs can be used to provide remote care and monitoring to patients, including those with mobility or communication challenges. Further, technological advancements are also improving the safety and efficacy of SARs, which is important for ensuring they can be used effectively in healthcare settings. For instance, advances in sensor technology are allowing SARs to detect and respond to environmental changes and potential safety hazards. As SARs become safer and more effective, they will likely become an increasingly important tool for healthcare providers and patients.

Scope of the Global Socially Assistive Robots (SARs) Market

The study categorizes the socially assistive robots (SARs) market based on application and end-use area at the regional and global levels.

By Application Outlook (Sales, USD Million, 2019-2033)

Elderly Assistance

Pediatric Robots

Mental Health

Rehabilitation and Therapy

By End-Use Outlook (Sales, USD Million, 2019-2033)

Healthcare

Education

Personal Assistance

Research and Development

By Region Outlook (Sales, USD Million, 2019-2033)

North America

US

Canada

Mexico

Europe

Germany

Italy

France

UK

Spain

Poland

Russia

The Netherlands

Norway

Czech Republic

Rest of Europe

Asia Pacific

China

Japan

India

South Korea

Indonesia

Malaysia

Thailand

Singapore

Australia & New Zealand

Rest of Asia Pacific

South America

Brazil

Argentina

Colombia

Rest of South America

The Middle East & Africa

Saudi Arabia

UAE

South Africa

Northern Africa

Rest of MEA

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Healthcare segment accounts for the largest market share by End-User

Based on the end-user, the market is divided into healthcare, education, personal assistance, research, and development. This is due to the increasing demand for remote care and monitoring solutions, which can help to improve patient outcomes and reduce healthcare costs. SARs can provide a wide range of services in healthcare settings, including medication reminders, vital sign monitoring, and patient engagement and education. They can also assist and support healthcare providers, helping reduce their workload and improve the overall quality of care. Moreover, government initiatives and funding programs also contribute to the growth of the SARs market in healthcare. For instance, in January 2021, the US, the Centers for Medicare & Medicaid Services (CMS) announced that it covers certain SARs under Medicare, likely increasing their adoption and use in healthcare settings.

North America accounted for the largest market share by Region

Based on the regions, the global socially assistive robots (SARs) market has been segmented across Europe, North America, the Middle East & Africa, Asia-Pacific, and South America. North America dominated the global SARs market in 2022, owing to the growing demand for remote care and monitoring solutions in the healthcare industry and the presence of leading SARs manufacturers in the region. The US is the largest market for SARs in North America, with a significant number of healthcare providers adopting SARs to improve patient care and reduce healthcare costs. In addition, government initiatives and funding programs in the US are also contributing to the growth of the SARs market.

Competitive Landscape: Global Socially Assistive Robots (SARs) Market

The global Socially Assistive Robots (SARs) market is highly competitive, with several key players competing for market share. Companies are focusing on product innovation, partnerships with market providers and organizations, and investing in research and development to improve the capabilities and functionality of their products and solutions.

Major key players in the global socially assistive robots (SARs) market are:

SoftBank Robotics

Blue Frog Robotics

Toyota Motor Corporation

Honda Motor Co., Ltd.

ABB Ltd.

Hanson Robotics

Samsung Electronics Co., Ltd.

Sony Corporationv

iRobot Corporation

Boston Dynamics

Pal Robotics

Robot Care Systems

Care-O-bot

Fraunhofer IPA

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Recent Development

In November 2022, SoftBank Robotics America (SBRA) and Gausium agreed to a partnership specializing in autonomous cleaning and service robots. The collaboration aims to bring indoor automated robotic solutions to the US market. By joining forces, the two companies hope to assist other organizations in successfully adopting, integrating, and expanding the use of robotic solutions within their operations.

In October 2022, ABB entered into a strategic partnership with Scalable Robotics to enhance its portfolio of user-friendly robotic welding systems. The technology developed by Scalable Robotics leverages 3D vision and process understanding, enabling customers to program welding robots without requiring coding expertise. The partnership is expected to help ABB improve the efficiency of its welding systems and offer customers a more intuitive and streamlined user experience.

In July 2020, SNC-Lavalin and Kinova agreed to collaborate for two years to introduce robotic solutions within the nuclear sector. This new agreement is an extension of the ongoing partnership between the two companies. In 2019, SNC-Lavalin engineers demonstrated using the Kinova Gen 3 collaborative robot arm in an inactive glovebox to facilitate nuclear decommissioning. The success of this initial demonstration has paved the way for further collaboration between the two companies. The new partnership is expected to leverage Kinova's expertise in developing advanced robotic technology and SNC-Lavalin's extensive experience in the nuclear industry.

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