The Longevity

Strong Growth Predicted in Eldercare Robotics Market as Caregiving Cliff Approaches

As the American population continues to age and qualified healthcare workers are in short supply, the approach of a “caregiving cliff”, where the number of available caregivers are unable to meet the national demand for caregiving services, seems more and more inevitable. As the caregiver shortage grows more acute, some caregivers, assisted living homes, and medical professionals are looking to technology as a way to scale their impact on patients. At the same time, AI technology is rapidly improving and robots are getting smarter and more reliable. A new market analysis published this morning predicts that these factors will combine to lead to a sharp increase in growth in the eldercare robotics market leading up to 2026.

Several countries across the world are either already facing or will face a demographic disaster in the near future…These countries are the mean reason that the eldercare-assistive robot market has come into existence. Over the past few years, eldercare-assistive robot R&D has become much cheaper, giving rise to helpers with more functionality & a cheaper price…

The ageing population in developed countries is the main driver for the eldercare-assistive robot market. According to U.N data, the global over-65 population will grow by 181% and they will account for nearly 16% of the population by 2050. Caring for these individuals will be an enormous physical, mental & emotional undertaking. There will be a tremendous shortage of qualified & willing medical personnel for this. Eldercare-assistive robots have the potential to serve this demographic exceptionally well. They can use camera sensors to supervise the senior citizen, ensure that they take their prescribed medication at the right time & also prevent them from falling & injuring themselves. 

In addition, the report argues that robots can help older patients age in place and can even improve quality of life by incorporating wellness and telehealth into their programming.

Even in old age, they [people] prefer the privacy, comfort & security of their own homes over that of an institutional caregiver like an old-age home. To address these requirements, eldercare-assistive robots can come in handy. Not only will they fulfil the role of medical practitioner, but they can also provide human-like companionship to the patient. They will be able to enhance the health & psychological well-being of the elderly in several ways. By reminding them off daily tasks & other important information, they could help dementia patients. With informal chit-chat, they might keep a senior citizen’s mind sharp, reducing the probability of clinical depression, or Alzheimer’s disease. Robots could also act as telepresence machines, bridging the gap between doctors and their elderly patients. These individuals might not always be able to travel to the hospital to seek treatment, & frequent nurse visits are also very costly. The doctor could check in with their patients through the robot’s screen, even control the machine for simple tasks.  These are some of the factors helping the eldercare-assistive robot market.

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