Artificial Intelligence (AI) in Geriatric Robotics Market - Forecasts from 2023 to 2028

The AI in geriatric robotics market is expected to grow at a CAGR of 18.06% over the forecast period.

The AI in geriatric robotics market represents a paradigm shift in elder care, combining cutting-edge artificial intelligence (AI) technology with robots to meet the issues that the ageing population faces. As the world's older population grows, so does the need for new solutions to assist their well-being, mobility, and independence. Geriatric robots powered by AI provide personalized help ranging from companionship and social interaction to aiding with daily routines and health monitoring. These robots use powerful AI algorithms to learn and adapt to individual requirements, guaranteeing personalized care and improving seniors' quality of life. The AI in geriatric robotics market has enormous potential for revolutionizing geriatric care, encouraging ageing in place, and relieving carers and healthcare systems.

Integration of Robotics in Healthcare Settings Enhances the AI in Geriatric Robotics Market.

Robotics integration in healthcare settings has improved both patient care and operational efficiency. The improved capabilities of robotics allow for accurate and repeated activities, decreasing human error and expediting medical processes. In surgery, robotic technologies provide more accuracy and less intrusive techniques, resulting in shorter recovery periods and better patient results. Robots in geriatric care provide critical support by aiding with everyday duties, monitoring vital signs, and encouraging independent living. Robotics integration also reduces the stress on healthcare workers, allowing them to concentrate on more difficult and crucial areas of patient care. With continued robotics breakthroughs, its incorporation in healthcare settings is expanding, revolutionizing healthcare delivery, and improving patient experiences.

Growing Adoption of AI-Powered Assistive Devices in AI in Geriatric Robotics Market Growth.

The increasing use of AI-powered assistive devices has transformed how people with impairments and elders get help and reclaim their freedom. Assistive technologies powered by AI provide personalized and adaptable solutions that suit unique requirements and preferences. AI allows seamless integration and increased functionality in anything from smart home gadgets that help with everyday activities to wearable devices that monitor health and safety. These technologies allow people more control over their lives and lessen their need for carers. AI algorithm developments continuously improve the precision and responsiveness of these devices, making them vital supports for those with mobility, sensory, or cognitive limitations. As the usage of AI-powered assistive devices grows, it promotes inclusion and improves the quality of life for people all over the world.

Collaborations between Geriatric Robotics Companies and Healthcare Institutions Boosts the AI in Geriatric Robotics Market.

Collaborations between geriatric robotics businesses and healthcare institutions have emerged as an important driver in driving the AI in geriatric robotics market forward. These collaborations make it easier to integrate cutting-edge robotic technology into healthcare settings, allowing for real-world testing, feedback, and validation. Access to cutting-edge robotics benefits healthcare organisations by improving patient care and operational efficiency. Geriatric robotics firms, on the other hand, receive significant insights into the special demands and issues experienced by senior patients, allowing them to design more tailored and successful solutions. These collaborations speed up the development and commercialization of AI-powered assistive devices, ensuring that they suit the changing needs of the ageing population and change geriatric care.

North America is the Market Leader in the AI in Geriatric Robotics Market.

North America is the market leader in AI in geriatric robotics market. Several reasons contribute to the region's leadership, including a well-established healthcare infrastructure, a growing ageing population, and considerable expenditures in innovative technology such as AI and robots. Numerous significant firms and research institutes in North America are working on AI-powered geriatric robotics solutions, driving product innovation and market growth. Furthermore, the region's growing awareness of the potential benefits of AI-driven robots in aged care, as well as a growing desire for personalised and efficient senior care, have contributed to the region's prominence in the AI in geriatric robotics market.

Supportive Government Policies and Initiatives in AI in Geriatric Robotics Market.

Government regulations and initiatives that encourage the advancement of AI in the geriatric robotics sector have been critical. Governments all across the world recognise the value of enhancing aged care and independent living via technological advancements. Governments assist research and development in geriatric robotics through financing, grants, and regulatory support, resulting in product innovation and market expansion. Policy frameworks also encourage the use of AI-powered assistive technologies in healthcare settings, resulting in greater accessibility for the elderly. Furthermore, government programmes promote the use of AI in geriatric care to meet the issues provided by an ageing population, such as carer shortages and healthcare expenses. These supporting actions are critical in creating a favourable climate for market expansion.

Key Developments:

• In December 2022, Intuition Robotics announced in its press release, the launch of ElliQ 2.0; the updated software and hardware platform version of the previously released AI-enabled digital care companion ElliQ; aiding the betterment of living of the elderly people. The new hardware design has a significantly larger size with an improved user experience than its predecessor model.
• In March 2023, SoftBank Robotics UK (SBRUK), the EMEA arm of the global leader in collaborative robotics (cobotics), announced today a strategic alliance with Bunzl Distribution Spain, a leading supplier of janitorial services, tissue paper, chemicals, PPE & Safety workwear, cleaning machinery, personal care, catering disposable, and professional tableware. The collaborative cooperation will hasten the implementation of robotics solutions in a variety of industries throughout the Spanish area, including lodging, facility care, healthcare, food service, catering, industrial, and retail.
• In July 2023, Honda Motor Co., Ltd. announced a basic agreement for a software development relationship with SCSK Corporation (SCSK), a Japanese IT solution and service provider. 

Company Products:

• ASIMO Humanoid Robot: ASIMO is a sophisticated humanoid robot with AI capabilities and superior sensors that allow it to sense its surroundings and communicate with humans. ASIMO can work as a companion in the context of geriatric care, offering emotional support and engaging in exchanges with the elderly.
• HAL Exoskeleton: The Hybrid Assistive Limb (HAL) is a cutting-edge exoskeleton meant to aid and augment the motions of people with lower limb limitations. HAL employs AI algorithms to detect neural signals from the user's muscles and respond by delivering supporting motions, increasing mobility, and minimizing the strain on the user's muscles.
• Welwalk: Welwalk is a cutting-edge robotic exoskeleton meant to help people with lower-limb limitations caused by stroke or other mobility concerns. The exoskeleton has AI algorithms that analyse the user's motions and give personalised assistance for walking and rehabilitation.
• Pepper Robot: Pepper is a sophisticated humanoid robot with AI capabilities and sensors that allow it to comprehend and interact with its surroundings and people. Pepper acts as a pleasant companion in the context of geriatric care, offering emotional support and participating in talks with the elderly.

Segmentation:

By Technology

• Machine Learning
• Deep Learning
• Natural Language Processing (Nlp)
• Computer Vision
• Others                           
• By Robot Type
• Assistive Robots
• Companion Robots
• Socially Assistive Robots
• Telepresence Robots
• Others    
• By Application
• Healthcare And Medical Assistance
• Social And Emotional Support
• Monitoring And Safety
• Rehabilitation And Physical Therapy
• Others               

By End-User

• Nursing Homes And Assisted Living Facilities
• Hospitals And Clinics
• Home Care Settings
• Research Institutes
• Others          
• By Geography
• North America
• United States
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• United Kingdom
• Germany
• France
• Italy
• Spain    
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Others
• Asia Pacific
• Japan
• China
• India
• South Korea
• Indonesia
• Taiwan
• Others