Companion robots provide companionship and emotional support to youngsters, the elderly, the crippled, and those who live alone or have lost a loved one. They are also utilised in nursing homes and assisted living institutions to provide elderly care. Sensors, actuators, and AI have improved over time, allowing people to engage with robots intuitively through facial expressions, verbal communication, and eye contact. As a result of these advancements, there has been a renewed interest in companion robots.

Driving Factors- The growing senior population worldwide, along with a scarcity of healthcare workers to care for the elderly, is expected to increase demand for companion robots, particularly in nations such as Japan. Technological advancements in medical robotics are another element driving market expansion. Various robotic products are being developed to help patients and enhance their outcomes. For example, Service Robotics, a UK-based firm, provides medical robotics as a service (RaaS). The business created the "GenieConnect" humanoid robot, which is an AI-powered speech and video robot that provides interaction and stimulation to increase cognitive retention. It also helps to alleviate loneliness. It also connects with smart home gadgets and wearables, allowing customers to receive complete and personalised care.

High cost of production: Research, design, and manufacturing costs must be heavily allocated in order to develop intelligent robots with cutting-edge sensors, AI, and ML capabilities. For these robots to carry out predetermined tasks, sophisticated hardware and software systems must be installed. Because of this, it is costly to produce these robots, which translates into high end-user prices and hinders their adoption. The broad use of healthcare companion robots will be limited in the absence of economies of scale or technological breakthroughs that sharply lower production costs.

The COVID-19 pandemic increased the prevalence of loneliness, which had a favourable effect on the market for companion robots. People with depression, anxiety, and other illnesses can receive assistance from Paro, a companion robot that has been approved by the FDA and is covered at no cost to patients. Approximately 28 assisted living facilities in Washington State have been employing these robo-seals since last year. They are given free of charge to approved assisted living facilities.

The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as Aeolus Robotics, Inc, Andromeda, ASUSTeK Computer Inc, Blue Frog Robotics & Buddy ASUS, inGen Dynamics, Intuition Robotics, Luvozo, PAL Robotics S.L, PARO Robots U.S., Inc, Ubtech.

By Robot Type: Based on the Robot Type, Global Healthcare Companion Robots Market is segmented as; Animal-Like, Humanoid.

By Age Group: Based on the Age Group, Global Healthcare Companion Robots Market is segmented as; Children, Adult, Geriatric.

By End-Use: Based on the End-Use, Global Healthcare Companion Robots Market is segmented as; Nursing Homes And Elderly Care Centers, Hospitals and Clinics, Home Healthcare.

By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe. 

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.