April 24, 2024

The Global Robotic Nurse Assistant Market Trends Towards More Affordable Patient Care Solutions

Robotic nurse assistants help perform routine tasks like turning & lifting patients in hospitals and nursing homes to reduce workload for nurses. Powered by artificial intelligence and equipped with sensors, these robots can serve as telepresence devices to check on patients remotely and communicate with caregivers efficiently.

The global robotic nurse assistant market is estimated to be valued at US$ 1,015.2 MN in 2024 and is expected to exhibit a CAGR of 19% over the forecast period between 2024 to 2031.

Need for reduced workload of nurses as well as affordable patient care are major factors driving the adoption of robotic assistants.

Key Takeaways
Key players operating in the global robotic nurse assistant Market size are Hstar Technologies Diligent Robotics, Toyota Motor Corporation, RIKEN, Aldebaran, Panasonic Holdings Corporation, Fraunhofer IPA, ST Engineering Aethon, Inc., and Triage Staffing.

Growing demand for elder care and nursing care caused by the rising aging population globally is boosting adoption of robotic nurse assistants. According to UN estimates, over 16% of the world’s population will be aged over 65 years by 2050. This is expected to generate a huge demand for healthcare services.

Robotic nurse assistants can facilitate global healthcare delivery by serving as remote healthcare help for underserved populations through telepresence. Several companies are pilot testing mobile robotic assistants to perform basic patient monitoring and communication duties in remote communities. This could help address shortage of healthcare workers worldwide, especially in rural areas.

Market Key Trends
More affordable patient care solutions is a key trend in the global robotic nurse assistant market. Various startups are developing low-cost robotic assistants with basic caregiving capabilities focused on routine patient tasks. This could facilitate adoption in budget-constrained healthcare settings and fast growing elderly homecare markets of developing nations.

Porter’s Analysis

Threat of new entrants: Robotics is an advanced technological field requiring substantial R&D investment, so barriers to entry are high.

Bargaining power of buyers: Individual customers have limited bargaining power for medical robotic assistants due to high costs of development, though group buyers such as hospitals could negotiate on volume.

Bargaining power of suppliers: A small number of companies dominate key components for robotics like actuators, sensors and programming, giving them strong influence over producers.

Threat of new substitutes: Advancements in artificial intelligence and other related technologies continue expanding possibilities for substitute products in healthcare assistance domains.

Competitive rivalry: Major developers are well established with large R&D budgets, creating intense competition to gain first-mover advantage in adopting new Robotic Nurse Assistant functionality and applications.

Geographical Regions

North America currently accounts for the largest share of the global robotic nurse assistant market, driven by advanced healthcare systems and early technology adoption in countries like the US. Asia Pacific is poised to become the fastest growing regional market, with rising healthcare investments and an aging population creating strong demand particularly in China, Japan and South Korea.

Europe also constitutes a major regional market, though growth rates are projected to be higher in developing Asian economies. Government initiatives and privatization programs supporting digitization of care delivery are helping to stimulate robotic nurse assistant procurement across Europe.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it