Handicap assistive robots are gaining popularity among elderly and disabled people in the recent years. This is mainly due to the growing needs to support independent life among them. Owing to this, there are several types of assistive robots launched, some of the commonly used assistive robots are wheelchair robots, walking assist robots, upper-limb assist robots, and communication robots.
However, despite several launches very few of handicap assistive robots are commercially available at present. One possible reason behind this could be high cost-benefit ratio. This means the value of the product is high than the number of benefits delivered by it.
The players in the handicap assistive robots market are adopting several strategies to deal the gap. Adoption of advanced technology, collaboration, and acquisitions and mergers are the some of them. All these developments are expected to offer a significant impact on the growth of the handicap assistive robots market.
Likewise, there are several other factors which are expected to drive the growth of the handicap assistive robots market. We have mentioned a few of them below, have a look-
- In the year 2016, European National Institute of Health announced $2.2 million funding for research and development of advanced co-robots that will help elderly and physically disabled people to improve their mobility. Such initiatives by government is expected to fuel the growth of the handicap assistive robots market in the coming few years.
- Along with this, factors such as rise in adoption of microprocessor controlled prosthetics, handicap assistive robots, and health care exoskeleton systems coupled with increase in the number of accidents leading to disabilities are the two primary factors projected to bolster growth in the handicap assistive robots market.
- In addition to this, rise in health care spending and rise in economic growth of countries such as India and China are some other key drivers in the handicap assistive robots market.
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