Sellbyville, DE -- (SBWIRE) -- 10/16/2018 -- Healthcare Assistive Robot Market size is forecast to exceed USD 950 million by 2024; as per a research study by Global Market Insights, Inc.

Growing worldwide incidence of strokes along with increasing aging population will drive global Healthcare Assistive Robot Market size. Favorable government funding and shortage of trained medical staff to take care of handicapped and elderly people will also stimulate business growth.

Advancements in robotic technology have enabled the development of accurately modeled robots that can be used in hospitals and home care facilities. Introduction of Intelligent assistive technologies have reduced the caregiver burden by compensating for specific physical and cognitive deficits in geriatric population.

Rehabilitation robot market share was over 40% of the global industry size in 2015, with revenue slated to surpass USD 400 million by 2024. The use of rehabilitation robotics has made it possible to implement efficient training safely, along with reducing the time spent on supervision by the therapist. These products are used as treatment aids and can cater to a huge number of patients under the supervision of a single therapist.

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U.S. Healthcare Assistive Robot Market size was more than USD 70 million in 2015 with expectations to grow at over 18.5% from 2016 to 2024. Hospitals are adopting these devices to improve patient outcomes and implementing strategy of using robotic technology to attract more customers. Moreover, increasing funds to encourage new research for stroke rehabilitation, assist children with Autism Spectrum Disorder, and improve guide wheelchairs will contribute towards business growth.

Germany Healthcare Assistive Robot Market size was over USD 18 million in 2015 with high growth estimation in the coming years. This can be attributed to the favorable funding scenario, increasing aging population, and awareness regarding the use of assistive robotics. Development of robot-assisted exercise devices should tremendously improve recovery of stroke patients.

China Healthcare Assistive Robot Market size was pegged at over USD 12 million in 2015, and expected to reach over USD 60 million by 2024. Increasing geriatric population, growing incidence of stroke and shortage of care givers and physiotherapists should boost technology demand in the coming years.

UK healthcare assistive robot market size by 2024 is estimated to surpass USD 55 million, growing at 17.8% CAGR over the forecast period. Favorable government policies, improved R&D funding and growing awareness about benefits of robotics technology will stimulate the Japan healthcare assistive robot market size.

South Korea healthcare assistive robot market is set to witness more than 20% growth from 2016 to 2024 to exceed USD 30 million by 2024. Favorable government initiatives such as Intelligent Robot Development and Promotion Act and increasing public and private funding's will propel regional industry growth.

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Brazil healthcare assistive robot market was more than USD 6 million in 2015 and will grow faster than the global average owing to favorable government policies and increasing number of players entering the industry. South Africa Healthcare Assistive Robot Market is forecast to grow with over 17.5% CAGR from 2016 to 2024 due to increasing technology adoption and the presence of numerous manufacturers in the region.

Entry of new players is restricted by high capital cost, long sales cycle and consumer preference for quality product at low cost. Some of the notable industry participants include KUKA, HONDA Motor, Cyberdyne, Hansen Medical, Hocoma, Kinova, Bionik, ReWalk Robotics, and GaitTronics.

Global Healthcare Assistive Robot Market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2012 to 2024, for the following segments:

Global Healthcare Assistive Robot Market By Product
- Surveillance & Security
- Humanoid
- Rehabilitation
- Socially Assistive

Global Healthcare Assistive Robot Market By Portability
- Fixed base
- Mobile

Global Healthcare Assistive Robot Market By Application
- Stroke
- Orthopedics
- Cognitive & Motor Skills
- Sports
- Others

The above information is provided on a regional and country basis for the following:

- North America
o U.S.
o Canada

- Europe
o Germany
o UK
o France
o Italy
o Spain

- Asia Pacific
o Japan
o China
o South Korea

- Latin America
o Brazil
o Mexico

- MEA
o South Africa