HUMANOID ROBOT MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Humanoid Robot Market Size and Trends

Global humanoid robot market is estimated to be valued at USD 2.90 Bn in 2024 and is expected to reach USD 46.31 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 48.6% from 2024 to 2031.

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Rising adoption of humanoid robots across several industry verticals such as healthcare, education, hospitality, retails and others is expected to drive the market growth during the forecast period. Humanoid robots are being used in various applications such as personal assistance and cares, education and entertainment, research and space exploration, and public relation. Rising demand for humanoid robots due to their human-like appearance and intelligence is expected to provide numerous opportunities for market players during the forecast period.

Aging Population and Need for Elderly Care

As life expectancy continues to increase worldwide, the elderly population is growing at an unprecedented rate. According to the data published by United Nations , the number of people aged 60 years and above is expected to double by 2050 and reach nearly 2.1 billion people globally. With declining birth rates, many countries are facing an aging society where the share of younger population is shrinking. This demographic shift poses serious challenges for healthcare systems and family structures traditionally responsible for elderly care.

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Caring for the elderly people becomes a massive undertaking as these people require assistance for their daily activities and may suffer from limited mobility or health conditions like Alzheimer's. Many families struggle to balance work with providing personalized care and supervision to their aging parents or relatives. Nursing homes and retirement communities provide an option but can be very expensive for most people. This is where humanoid robots come into the picture as a viable alternative for assisting the elderly population. Robots can perform simple care tasks like dispensing medication on schedule, assisting with bathing or mobility, keeping watch for safety 24/7 and even providing mental stimulation through interaction. Their use can alleviate the physical and mental burden on human caregivers while allowing the elderly to remain in the comfort of their own homes for as long as possible. Various pilot projects show promising results of how robots are able to support independent living especially for those with mild to moderate care needs. With further advancement in artificial intelligence and capacity for complex tasks, humanoid robots may gradually take over more healthcare responsibilities from humans, thus, addressing the looming shortage of professional caregivers.