Telepresence medical robot market set to reach $159.5 million by 2028
Increasing adoption of robots in health care settings and product innovations are contributing to the market's growth
Published by Grand View Research, the report said the market is projected to expand at a compound annual growth rate (CAGR) of 18.5% from 2021 to 2028. The growing adoption of telepresence robots in the health care sector and product innovations catering to the increasing demand have contributed to this growth.
The report also said that with an increasingly elderly population with chronic illnesses requiring regular monitoring, demand for such robots in home situations will only grow.
The telepresence robot market experienced solid growth during the COVID-19 pandemic because of increasing deployments of such devices in hospitals worldwide.
The report cited one example in the Yatharth Hospital in Noida, which deployed Mitra robots to help health care providers deliver care with telepresence technology.
In another example, the Providence Regional Medical Center in Everett, Washington used the InTouch Health Robot Vici to aid the virtual presence and communication between doctors and patients.
The report added that features enabling two-way communication and connecting from any location to monitor patients remotely further boost the demand for medical telepresence robots.
The report said several companies are breaking into the market, offering technologically advanced robots, introducing new features catering to the current demand, and bolstering R&D efforts. These factors also boost the adoption of medical telepresence robots.
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The report added that most governments worldwide were taking initiatives to support artificial intelligence and robotics, attracting new entrants to enter the market.
In 2020, North America dominated the market with a revenue share of over 40%, thanks to the higher adoption of artificial intelligence and robotics in the health care sector and the increasing number of players in the region. In addition, the rise in disposable income, the growing geriatric population, and the increasing prevalence of chronic illnesses are expected to support the demand for medical telepresence robots.
The report found that last year, hospitals and assisted living facilities held the largest share of the medical telepresence robots market at over 70%. However, the home use telepresence robot segment is set to increase at the highest CAGR of 19.5% over the forecast period due to the increase in the geriatric population, rise in the number of patients with chronic illnesses needing regular monitoring, and the availability of some affordable telepresence robots in the market.
Mobile robots dominated the market with a revenue share of over 65% in 2020 and are expected to witness the fastest growth over the forecast period.
Analysts said this growth was because of features such as autonomous navigation, adjustable height, head motion, and obstacle avoidance that enable smooth and efficient delivery of services and virtual monitoring, thereby facilitating effective teleconsultation.
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