AI ROBOTS MARKET FOR DEMENTIA CARE APPLICATION
QUEST FOR SEED CAPITAL
Though the adoption of elderly care robots is still low compared with other service robots, there have been many technological advancements in elderly care robots equipped with artificial intelligence (AI). Owing to the high costs and limited availability of service robots for elderly care, they are mostly being used in rehabilitation centers. AI-integrated service robots targeted toward elderly care applications are still at an initial or rudimentary phase, i.e.; the penetration of such robots has begun in the last 2–3 years
2015–2023 (USD MILLION)
REGION |
2015 |
2016 |
2017 |
2018 |
2019 |
2021 |
2023 |
CAGR
(2018-2023) |
| North America | 33.3 |
39.4 |
47.4 |
58.3 |
72.2 |
119.7 |
229.6 |
31.5% |
| APAC | 32.1 |
38.2 |
46.2 |
59.7 |
77.8 |
142.1 |
299.6 |
38.1% |
| Europe | 12.0 |
14.5 |
17.9 |
21.7 |
26.5 |
42.6 |
79 |
29.4% |
| RoW | 6.7 |
7.5 |
8.6 |
10.3 |
12.6 |
19.9 |
36.5 |
28.7% |
TOTAL |
84.1 |
99.6 |
120.1 |
150.1 |
189.1 |
324.4 |
644.7 |
33.8% |
Though the adoption of elderly care robots is still low compared with other service robots, there have been many technological advancements in elderly care robots equipped with artificial intelligence (AI). Owing to the high costs and limited availability of service robots for elderly care, they are mostly being used in rehabilitation centers. AI-integrated service robots targeted toward elderly care applications are still at an initial or rudimentary phase, i.e.; the penetration of such robots has begun in the last 2–3 years
DEMENTIA CARE APPLICATION, BY REGION,
2015–2023 (USD MILLION)
REGION |
2015 |
North America |
33.3 |
APAC |
32.1 |
Europe |
12.0 |
RoW |
6.7 |
TOTAL |
84.1 |
REGION |
2016 |
North America |
39.4 |
APAC |
38.2 |
Europe |
14.5 |
RoW |
7.5 |
TOTAL |
99.6 |
REGION |
2017 |
North America |
47.4 |
APAC |
46.2 |
Europe |
17.9 |
RoW |
8.6 |
TOTAL |
120.1 |
REGION |
2018 |
North America |
58.3 |
APAC |
59.7 |
Europe |
21.7 |
RoW |
10.3 |
TOTAL |
150.1 |
REGION |
2019 |
North America |
72.2 |
APAC |
77.8 |
Europe |
26.5 |
RoW |
12.6 |
TOTAL |
189.1 |
REGION |
2021 |
North America |
119.7 |
APAC |
142.1 |
Europe |
42.6 |
RoW |
19.9 |
TOTAL |
324.4 |
REGION |
2023 |
North America |
229.6 |
APAC |
299.6 |
Europe |
79 |
RoW |
36.5 |
TOTAL |
644.7 |
REGION |
CAGR
(2018-2023) |
North America |
31.5% |
APAC |
38.1% |
Europe |
29.4% |
RoW |
28.7% |
TOTAL |
33.8% |
Although the US and Canada are not facing a shortfall of caretakers for elders facing dementia, these countries are investing in the development of AI-based robots. For instance, in 2017, the US toy maker Hasbro teamed up with researchers from Brown University to add AI capabilities into its Joy for All robotic pets to help assist the elderly. Pillo Health, one of the start-ups in the US, offers medicine dispensing robotsnamed Pillo. Tombot, another start-up in the US, is expected to release its AI-based robot dog for therapeutic use in few upcoming years. The service robot named JIBO has been discontinued as it did not perform up to expectations. Foreign companies including Intuition Robotics (Israel) are introducing their ElliQ service robots through pre-orders in the US
2015–2023 (USD MILLION)
COUNTRY |
2015 |
2016 |
2017 |
2018 |
2019 |
2021 |
2023 |
CAGR
(2018-2023) |
| North America | 24.6 |
29.1 |
35.5 |
44.4 |
56.9 |
99.8 |
194.2 |
27.8% |
Although the US and Canada are not facing a shortfall of caretakers for elders facing dementia, these countries are investing in the development of AI-based robots. For instance, in 2017, the US toy maker Hasbro teamed up with researchers from Brown University to add AI capabilities into its Joy for All robotic pets to help assist the elderly. Pillo Health, one of the start-ups in the US, offers medicine dispensing robotsnamed Pillo. Tombot, another start-up in the US, is expected to release its AI-based robot dog for therapeutic use in few upcoming years. The service robot named JIBO has been discontinued as it did not perform up to expectations. Foreign companies including Intuition Robotics (Israel) are introducing their ElliQ service robots through pre-orders in the US
DEMENTIA CARE APPLICATION IN US,
2015–2023 (USD MILLION)
North America |
|
2015 |
24.6 |
2016 |
29.1 |
2017 |
35.5 |
2018 |
44.4 |
2019 |
56.9 |
2021 |
99.8 |
2023 |
194.2 |
CAGR (2018-2023) |
27.8% |
Japan has a large percentage of fast-growing geriatric population. The Ministry of Economy, Trade and Industry in Japan expects the robotic service industry to grow to nearly USD 4 billion annually by 2035. Owing to a projected shortage in the number of caregivers, the Japanese government has been funding various projects for the development of elder care service robots. Robots such as the Pepper and PARO are often being used in elderly rehabilitation centers. Out of 5,000 PARO robots used globally, about 3,000 are being used in Japan. South Korea has also been recently developing service robots, such as the MyBom and SilBot from the Korea Institute of Science and Technology (KIST), for the elderly with a focus on AI.
Similar to Japan, elderly care is also becoming a fast-growing problem in Europe. It is observed that only research institutes and universities are developing elder care robots, and hence not many such robots are commercialized yet. For instance, the Fraunhofer IPA and Mojin Robotics in Germany have recently released the Care-O-Bot 4, a mobile robot, one of the most advanced assistive robots. Countries such as Denmark and Spain have also developed their own service robots for elderly care such as the MARIO and Robalz. In Denmark, about 400 PARO robots are being used in old age homes.
Several upcoming startups in this region are beginning to develop AI-based service robots. For instance, Hoo.Box Robotics from Brazil developed a robotic wheelchair that can be controlled via facial expressions, as well as using voice commands. However, such AI-based robots developed in this region are not as sophisticated as robotsdeveloped in the US, Japan, or Germany.
OUR MISSION
Our mission is to become a global leader in research and development of artificially intelligent robots for dementia care. We strive to develop semi-humanoid robots that understand emotions of people living with dementia and cognitive impairments.