The nursing robots market is projected to witness a compounded annual growth rate of 24.45% to grow to US$2,232.717 million by 2026, from US$482.939 million in 2019.
Robotics in healthcare is well past its early developmental stage. So much so, that robot nurses have become well-known for their contributions to the healthcare industry. Nursing robots are increasingly being used in healthcare because they can triage patients in clinics, emergency rooms, and via telehealth services to streamline care and provide standardized approaches to symptom management with far fewer resources.
They can also be used as a platform for patient education as patients will be able to access hundreds of videos outlining medication uses, side effects, disease management, support groups, and emotional support hotlines in the blink of an eye, all in any language, through the digital interfaces provided by their nursing robots.
Furthermore, nursing robots that assist with patient transfers, ambulation, and lifting will lessen physical stress on nurses and allow them to use their time more efficiently. Because robots are designed with algorithms that almost eliminate calculation errors, it will become safer to double-check prescriptions with a robot in the future, including chemotherapy and blood products.
Growing geriatric population is driving the demand for nursing robots
One of the major factors expected to contribute to the nursing robots market growth is the growing geriatric population. The use of nursing robots as a supplement to human nurses in hospitals, nursing homes, and at home is increasing rapidly. They can help with logistics and strenuous physical activities, as well as combat loneliness and idleness among the elderly. They can also be assigned mundane jobs like taking vital signs.
This aging of the global population is occurring in tandem with greater social and economic changes occurring around the world. Fertility declines, changes in marriage, cohabitation, and divorce patterns, and higher levels of education among younger generations are estimated to be the primary drivers of geriatric population growth. Moreover, according to the UN's World Population Ageing 2020 report, globally, there were 727 million persons aged 65 years or over in the world in 2020. All regions will see an increase in the size of their older population between 2020 and 2050 and the share of the global population aged 65 years or over is expected to increase from 9.3 percent in 2020 to 16.0 percent by 2050, thus, indicating a growing market for nursing robots in the upcoming years.
COVID-19 impact on the nursing robots market
The COVID-19 pandemic had a positive impact on the market demand for nursing robot. With the introduction of several COVID-19 pandemic measures, such as lockdown, travel ban, and other related social distancing measures, there has been an impact on the visitor's visit, worldwide. This has led to the surge in the demand for nursing robots, for various purposes, such as communication and interaction. Moreover, there had also been a shortage of staff in the healthcare sector in order to deal with the pandemic.
This also led to a surge in the demand for nursing robots, especially in 2020. Heavy work pressure on the nursing staff has also led to a rise in the demand for special assistants or robots. Various companies have reported an increase in the demand for nursing robots. For instance, in March 2020, Diligent Robotics, one of the major players in the market, had announced that it had raised US$10 million in Series A funding, which would help then in scaling up its production, intending to deliver to more nursing robots.