Socially interactive self-automated machine—social robot—is gradually encroaching people’s lives and helping them in various ways especially, in the space of eldercare.
The rise in greying population of the world is prominent reason to push the demand for eldercare robots across the globe. It is because such robots not just take care of these retirees on all possible aspects—social, mental and emotional—but also help governments in addressing the challenge of ballooning social security cost that is associated with increasing population of senior citizens.
Japan, for instance, is expecting nearly 30% of its population to be 65 or over by 2025.
The country is also funding to develop robotics-based nursing care equipment under the strategy called Japan Revitalization Strategy. It will help the government of Japan in meeting the estimated shortfall of 380,000 specialized caregivers which the country is likely to require by 2025.
Besides Japan, countries from Europe are also relying on eldercare robots to help an ageing population cope. According to the report by Eurostat—EU’s statistical arm, the ratio of workers to pensioners is expected to be 2:1 in European Union by 2060.
The evolving trend depicted by the mounting challenge of greying people and probably the most promising solution to address it with social robot is presenting lucrative prospect for its (social robot) market players.
According to International Federation of Robotics, the global market of elderly and handicap assistive robots is likely to witness strong growth in near term—2019. Its market value is expected to stand at US $97 million by then.
Whereas, in the long run, the global market of eldercare robot will be experiencing exponential growth as countries around the world especially European nations will be grappling with a growing population of elderly citizens.
For instance, the market of nursing care and handicap assistive robots in Japan alone is estimated to grow to US $3.8 billion by 2035 because one third of country’s population will be 65 or over by then, as per the estimation by Ministry of Economy, Trade and Industry of Japan.
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Subarna Poudel is a researcher with Frost & Sullivan. He can be reached at email@example.com
Sapan Agarwal drives content and marketing for Frost & Sullivan. Sapan is based out of Kuala Lumpur Malaysia and can be reached at firstname.lastname@example.org | +603 6204 5830