Artificial Intelligence (AI) In Geriatric Robotics Market Size, Share, Opportunities, And Trends 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), And By Geography - Forecasts From 2024 To 2029

Artificial Intelligence (AI) in the geriatric robotics market is expected to grow at a CAGR of 21.60%, reaching a market size of US$2,231.707 million in 2029 from US$839.271 million in 2024.

The progress in Artificial Intelligence (AI) for geriatric robotics marks a milestone in providing comprehensive elderly care because it incorporates cognitive capabilities in machines to solve the problems brought about by the increase in the aging population. The continuous global orientation on older populations compels the need to enhance the mobility, well-being, and independence of elderly patients in new ways. These AI-powered geriatric robots, however, are more advanced than just companionship or social interaction and can help with everything from the performance of the activities of daily living to health care and monitoring activities. Hence, these machines are equipped with enhanced intelligent systems that allow them to provide specific and customized care to individual patients, thus increasing senior citizens' overall quality of life. AI in the geriatric robotics market is very promising since it can transform geriatric care, facilitate aging in place, and ease the burden on caregivers and the healthcare infrastructure.

Artificial Intelligence (AI) in Geriatric Robotics Market Drivers:

• Integration of robotics in healthcare settings enhances AI in the 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. Surgical methods using robotic technologies allow a surgeon to perform with higher precision and less invasive techniques, leading to less time for recovery and better patient outcomes. In the context of aging populations, these robots significantly impact performing routine tasks, providing maintenance, and encouraging independence. Furthermore, these robots in health systems alleviate the workload of healthcare workers, allowing them to concentrate on more complicated and crucial patient care components. As advancements in robotics are still being reported, so is the use of the technology in various healthcare settings, enhancing healthcare provision and patient satisfaction.

• Growing adoption of AI-powered assistive devices is boosting AI in the geriatric robotics market growth.

In the modern world, the wave of assistive devices powered by AI has solved the problem of how impaired and old people seek help and regain their independence. The deployed assistive technologies built on AI offer unique and flexible options that meet specific needs and settings. AI creates more network possibilities with any system, from home devices that assist in performing regular chores to health and safety wearables. These technologies increase individuals' independence, reducing the level of care needed by professionals. As the improvement of AI algorithms enhances the precision and speed of these devices, they become essential for people with mobility impairments, and sensory or cognitive challenges. The expanding use of assistive technologies and devices driven by AI technology promotes inclusiveness and enhances individuals' living standards worldwide.

• Collaborations between geriatric robotics companies and healthcare institutions boost AI in the geriatric robotics market.

Strategic partnerships between geriatric robotics companies and healthcare facilities have become a key factor in propelling AI in the geriatric robotics market’s growth. These collaborations make integrating cutting-edge robotic technology into healthcare settings easier, allowing for real-world testing, feedback, and validation. Access to cutting-edge robotics benefits healthcare organizations by improving patient care and operational efficiency. On the other hand, geriatric robotics companies gain important insights into the unique needs and problems faced by elderly patients, which enables them to create more successful and customized solutions. Partnerships facilitate faster, more efficient creation and market entry of assistive technologies powered by AI that are available to meet the shifting requirements of the elderly consumer and alter old person care.

• Supportive government policies and initiatives are increasing the AI in the geriatric market size

The motivation and regulation imposed by the state aimed at fast-tracking the geriatric robots industry’s expansion have been useful. It is a known fact that all governments are keen on improving technological advancements in aged care and enhancing independent living for the elderly. Governments contribute to R&D in geriatric robotics by funding, providing grants, and facilitating regulation, leading to product innovation and market growth. In addition, policy structures provide for implementing AI-based assistive devices in the healthcare sector, making it even more accessible for the older population. Additionally, government initiatives support the application of AI in geriatric care to address challenges brought on by an aging population, such as the shortage of caregivers and rising healthcare costs.

Artificial Intelligence (AI) in Geriatric Robotics Market Restraints:

• High costs and human resistance are anticipated to impede market growth

Cost may be a major obstacle. Even with a decline in cost over the past ten years, these assistive robots still require a sizable investment—often thousands of dollars. Even if middle-class or lower-class families want to include eldercare assistive robots in their care routines, they may be unable to afford them due to the pricing structure.

Moreover, human resistance may also be a cause for concern. The concept of a robot working as a caregiver can create feelings of worry for an older adult, their family, or both. As a result, this risk factor may hinder the acceptance and marketability of eldercare robots during the predicted years.

Artificial Intelligence (AI) in Geriatric Robotics Market Geographical Outlook

• North America is witnessing exponential growth during the forecast period

North America leads the world regarding AI in the geriatric robotics market. The region's leadership can be attributed to several factors, including a developed healthcare system, an aging population, and significant investments in cutting-edge technologies like artificial intelligence and robots. Numerous notable companies and research institutions in North America are developing AI-powered geriatric robotics solutions, propelling product innovation and market expansion. The region's prominence in the AI in geriatric robotics market has also been aided by rising awareness of the potential advantages of AI-driven robots in aged care and a growing demand for efficient and customized senior care.

Artificial Intelligence (AI) in Geriatric Robotics Market Key Launches

• In March 2023, SoftBank Robotics UK (SBRUK), the EMEA arm of the global leader in collaborative robotics (cobotics), partnered with Bunzl Distribution Spain, a leading supplier of janitorial services, tissue paper, chemicals, PPE & Safety workwear, cleaning machinery, personal care, catering disposables, and professional tableware. This partnership facilitated the real-world testing, feedback, and validation of state-of-the-art robotic technology in healthcare settings.
• In July 2023, Honda Motor Co., Ltd. agreed to a software development relationship with SCSK Corporation (SCSK), a Japanese IT solution and service provider.

The Artificial Intelligence (AI) in geriatric robotics market is segmented and analyzed as follows:

• 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

1. INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base and Forecast Years Timeline

1.8. Key Benefits to the Stakeholder

2. RESEARCH METHODOLOGY

2.1. Research Design

2.2. Research Processes

3. EXECUTIVE SUMMARY

3.1. Key Findings

3.2. CXO Perspective

4. MARKET DYNAMICS

4.1. Market Drivers

4.2. Market Restraints

4.3. Porter’s Five Forces Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

4.5. Analyst View

5. ARTIFICIAL INTELLIGENCE (AI) IN GERIATRIC ROBOTICS MARKET BY TECHNOLOGY

5.1. Introduction

5.2. Machine Learning

5.3. Deep Learning

5.4. Natural Language Processing (NLP)

5.5. Computer Vision

5.6. Others 

6. ARTIFICIAL INTELLIGENCE (AI) IN GERIATRIC ROBOTICS MARKET BY ROBOT TYPE

6.1. Introduction

6.2. Assistive Robots

6.3. Companion Robots

6.4. Socially Assistive Robots

6.5. Telepresence Robots

6.6. Others

7. ARTIFICIAL INTELLIGENCE (AI) IN GERIATRIC ROBOTICS MARKET BY APPLICATION

7.1. Introduction

7.2. Healthcare And Medical Assistance

7.3. Social And Emotional Support

7.4. Monitoring And Safety

7.5. Rehabilitation And Physical Therapy

7.6. Others

8. ARTIFICIAL INTELLIGENCE (AI) IN GERIATRIC ROBOTICS MARKET BY END-USER

8.1. Introduction

8.2. Nursing Homes And Assisted Living Facilities

8.3. Hospitals And Clinics

8.4. Home Care Settings

8.5. Research Institutes

8.6. Others

9. ARTIFICIAL INTELLIGENCE (AI) IN GERIATRIC ROBOTICS MARKET BY GEOGRAPHY

9.1. Introduction

9.2. North America

9.2.1. By Technology

9.2.2. By Robot Type

9.2.3. By Application

9.2.4. BY End-User 

9.2.5. By Country

9.2.5.1. United States

9.2.5.2. Canada

9.2.5.3. Mexico

9.3. South America

9.3.1. By Technology

9.3.2. By Robot Type

9.3.3. By Application

9.3.4. BY End-User 

9.3.5. By Country

9.3.5.1. Brazil

9.3.5.2. Argentina

9.3.5.3. Others

9.4. Europe

9.4.1. By Technology

9.4.2. By Robot Type

9.4.3. By Application

9.4.4. BY End-User 

9.4.5. By Country

9.4.5.1. United Kingdom

9.4.5.2. Germany

9.4.5.3. France

9.4.5.4. Italy

9.4.5.5. Spain    

9.4.5.6. Others

9.5. Middle East and Africa

9.5.1. By Technology

9.5.2. By Robot Type

9.5.3. By Application

9.5.4. BY End-User 

9.5.5. By Country

9.5.5.1. Saudi Arabia

9.5.5.2. UAE

9.5.5.3. Others

9.6. Asia Pacific

9.6.1. By Technology

9.6.2. By Robot Type

9.6.3. By Application

9.6.4. BY End-User 

9.6.5. By Country

9.6.5.1. Japan

9.6.5.2. China

9.6.5.3. India

9.6.5.4. South Korea

9.6.5.5. Indonesia

9.6.5.6. Taiwan

9.6.5.7. Others

10. COMPETITIVE ENVIRONMENT AND ANALYSIS

10.1. Major Players and Strategy Analysis

10.2. Market Share Analysis

10.3. Mergers, Acquisitions, Agreements, and Collaborations

10.4. Competitive Dashboard

11. COMPANY PROFILES

11.1. Softbank Robotics Group Corp. (Pepper Robot)

11.2. Pal Robotics S.L. (Tiago Robot)

11.3. Robot Care Systems B.V. (Lea Robot)

11.4. Intuition Robotics Ltd. (Elliq Robot)

11.5. Paro Robots Us, Inc. (Paro Robot)

11.6. Careclever Sas (Cutii Robot)

11.7. Robokind, Inc. (Milo Robot)

11.8. Hasbro, Inc. (Joy for All Companion Pets)

11.9. Luxai S.A. (Qtrobot)

11.10. Catalia Health, Inc. (Mabu Robot)  

Softbank Robotics Group Corp. (Pepper Robot)

Pal Robotics S.L. (Tiago Robot)

Robot Care Systems B.V. (Lea Robot)

Intuition Robotics Ltd. (Elliq Robot)

Paro Robots Us, Inc. (Paro Robot)

Careclever Sas (Cutii Robot)

Robokind, Inc. (Milo Robot)

Hasbro, Inc. (Joy for All Companion Pets)

Luxai S.A. (Qtrobot)

Catalia Health, Inc. (Mabu Robot)