The Southeast Asia industry and service robot market is projected to witness annual growth of 10.7% from 2020-2025, according to a recent Market Insights Reports. The report, which provides the industry overview with market growth analysis and forecast on such parameters as cost, revenue, demands, and supply data (as applicable), also sheds light on recent developments and technological platforms, in addition to distinctive tools, and methodologies that will help to propel the performance of industries.
The report cites increasing ageing population as one factor to drive the growth of the market. Geriatric patients access physiotherapy services for health conditions such as recovery after an injury, a stroke, or a surgical procedure, such as a knee or hip or replacement. Physiotherapy helps older adults maintain or improve their strength, mobility, and range of motion and reduce their risk of injuries and falls.
Based on the independent survey, sponsored by Well hem Pharmaceutical to mark World Arthritis Day, it was found that about 40% of elderly Singaporeans have experienced pain in their knees for five years or more. Considering the fact that by 2025, 22% of the world population may be older than 60, according to the World Bank, the demand is only going to increase, thus, making service robots a lucrative market to invest in.
Moreover, vendors in the region are involved in product innovation so as to get certified by medical councils and launch their product in the market. For instance, in Oct 2019, Cyberdyne, Inc. obtained a medical device approval to sell and manufacture HAL for medical use for lower limb type, a wearable cyborg primarily designed to improve the physical function of the wearer, from the Malaysian Medical Device Authority.
However, the higher costs of service robots are associated with powerful and robust hardware and efficient software. Apart from high prices, these products also require a higher level of maintenance than a manually operated machine, and they generally have a lower degree of flexibility regarding possible products (even flexible automation is less flexible than humans, the most versatile tools of all). These limitations might hinder the growth of the market in the region.
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