Global Healthcare Companion Robots Market valued at about $3 billion (2020), is growing at a lucrative CAGR close to 20% through 2020-2025
Companion robots offer companionship and emotional support for the children, elderly, and disabled people. Over the years, the improvements in sensors, actuators, and AI have led to rise in interest in healthcare companion robots market. Rising aging population, the rising cost of elder care, and shortage of caregivers The population across the globe is aging and the number of caregivers in relation to the aging population is declining. In Japan, there will be an estimated shortage of 1 million caregivers by 2025. Moreover, the cost of elder care is also rising. Between 2019 and 2020, the cost of in-home care jumped by about 4.4%; assisted living costs surged by 6.2%; and nursing home costs increased by 3%. The use of robots instead could help reduce this cost. For instance, a monthly service contract for Stevie (a robot developed by Trinity College, Dublin) would likely run between 50-60% of the cost of hiring a human to do the same tasks, as per their claim. “The growing dispar...