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Nursing Robots Market Size, Share, Opportunities And Trends By End-User (Hospitals, Research Institutes, Independent Home Care), By Population Split (Geriatric Population, Disabled Population, Bariatric Population, Others) And By Geography - Forecasts From 2019 To 2024

Published: Apr 2021 | Report Code:  KSI061612601 | Pages:  120

The global nursing robots market is projected to grow at a CAGR of 21.69% to reach US$1,586.463 million by 2024, from US$488.484 million in 2018. Robotics in healthcare, with emphasis on nursing, is a lucrative market as it is attracting a lot of attention from researchers as well as investors. The nursing industry worldwide is facing some challenges with respect to the high patient-to-nurse ratios, lack of skilled and experienced staff, and insufficient time resources to monitor patients. It is these factors that have led researchers and healthcare industry experts to venture into nursing robotics as these tend to offer an innovative and efficient solution for the above-mentioned challenges faced by the nursing sector. Nursing robots or robotic nurse assistants, as sometimes they are called, also tend to enhance the working conditions of nurses and reduce their monotonous workload.

Technological advancements and growing research in the field of healthcare robotics, increasing deployment of automation and Artificial Intelligence in healthcare as well as a rapidly growing aging population are the key drivers that are expected to boost the market demand for nursing robots during the forecast period. Factors like high purchase and maintenance costs of robotic systems along with safety concerns for nurses as well as patients are restraining the market growth for nursing robots. Extensive research and innovation in healthcare, such as augmented and virtual reality, and the use of big data and AI for health monitoring, along with cost-reduction pressures on the healthcare industry are likely to provide opportunities for greater use of robotics in the nursing sector.

Geographically, Japan currently stands as the leading manufacturer in the nursing robots market due to the country’s need to compensate for a rapidly growing elderly population and a declining number of skilled workforce to provide care for them. North America, Japan, and Europe are expected to be major markets in the upcoming years as far as nursing robots are concerned, followed by the rest of Asia Pacific. It is mostly factors like customers’ willingness to pay, the aging population requiring care, and cutting-edge research in technology that are responsible for the geographical distribution of market share for nursing robots.

DRIVERS

Technological advancements and growing R&D in healthcare robotics.
Increasing deployment of AI and automation in healthcare solutions.
A rapidly aging population that needs care, especially in developed economies.

RESTRAINTS

High costs of robotics systems
Safety concerns for nurses as well as patients

RECENT DEVELOPMENTS

RIKEN-TRI (Japan) developed RIBA, the next-generation caregiving robot.
GiraffPlus, a state-of-the-art telepresence patient care robot developed in Europe
Georgia Tech Healthcare Robotics Lab developed a humanoid called Cody, a robotic nurse to assist people with disabilities.
Care-O-Bot 4, a mobile robot assistant to actively support humans in various applications including healthcare, was developed by the Fraunhofer Institute for Manufacturing Engineering and Automation.
In a pan-European strategic effort to break down barriers around collaborative robot safety, five Research and Technology Organizations across Europe have teamed up in a new initiative funded by the EU called COVR.
Bart Versluys, a real estate developer, supports the worldwide growth of Zora bots and becomes a new shareholder of the company.
A robot created by Washington State University scientists could help elderly people with dementia and other limitations live independently in their own homes.
The EU-funded project CARESSES has set out to build the first-ever culturally competent robots to care for the elderly.

Segmentation

The Nursing Robots Market has been analyzed through the following segments:

By End-User

Hospitals
Research institutes
Independent home care

By Population Split

Geriatric population
Disabled population
Bariatric population
Others

By Geography

North America
USA
Canada
South America

Europe
Germany
United Kingdom
France
Others

Middle East and Africa

Asia Pacific
Japan
China
South Korea


Frequently Asked Questions (FAQs)

Q1. What will be the nursing robots market size by 2024?
A1. The global nursing robots market is projected to reach a total market size of US$1,586.463 million by 2024.
 
Q2. What are the growth prospects for the nursing robots market?
A2. The nursing robots market is projected to grow at a CAGR of 21.69% during the forecast period.
 
Q3. What is the size of the global nursing robots market?
A3. Nursing Robots Market was valued at US$488.484 million in 2018.
 
Q4. What factors are anticipated to drive the nursing robots market growth?
A4. Technological advancements and growing research in the field of healthcare robotics, increasing deployment of automation and Artificial Intelligence in healthcare as well as a rapidly growing aging population are the key drivers that are expected to boost the nursing robots market.
 
Q5. Which region holds the largest market share in the nursing robots market?
A5. Geographically, Japan currently stands as the leading manufacturer in the nursing robots market due to the country’s need to compensate for a rapidly growing elderly population and a declining number of skilled workforce to provide care for them.

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