Why The Robotic Therapy Animals Market is an Excellent Investment Opportunity
by Tombot Robotics
Companies like Tombot are exploring how robotics can create better quality of life for those suffering with debilitating physical and mental disorders.
Our medical robotic dog, Jennie, was designed with the artistic services of Jim Henson’s Creature Shop to create a whole new level of realism to stimulate emotional attachment and provide much needed relief for seniors with BPSD.
Related: Meet Jennie, Tombot’s Realistic Therapy Robotic Dog
But is a company that makes robotic animals ‘investable?’ How large is the market really? Knowing the true market potential for a product or industry is a vital part of building any successful business, and essential for knowing whether a company can possibly deliver outlier returns to investors. When we came up with the idea for Jennie, we knew there were millions of seniors across the globe who couldn’t safely or practically care for a live animal, and needed a substitute. What we didn’t realize is how vast the market is for Jennie as a robotic medical device.
The Medical Robotics Market
The use of advanced connected motors, sensors, and algorithmic and AI software is propelling the medical robotics market.
Major types of robots used in healthcare include:
- Surgical robots – Major manufacturers are fast-tracking their research and development efforts within the medical surgical robotics market. Robots can now perform minimally invasive surgical procedures that reduce the pain and trauma of surgery and shorten recovery times.
- Exoskeletons – These are medical robots that aid mobility for seniors and others with disabilities. Exoskeletons are replacing wheelchairs and allowing people to walk again.
- Hospital robots – Used for the delivery of laboratory specimens, medications, and other sensitive material in a hospital environment.
- Animal-like robotic companions – Robotic animals have positive effects on people similar to those from interactions with live animals. Also called social or therapy robots, they are friendly robots that are useful in long-term care environments for social interaction and health monitoring. They encourage patients to comply with treatment instructions while keeping the end-user positive and alert. Tombot’s Jennie falls into this category.
The medical robotics market is expected to hit $43.22 billion by 2028, with emotional therapy robotics expected to grow at a CAGR of 37.34%. This means that the medical robotics and therapy robotics markets are in their infancy, with tremendous potential for growth and return on investment for those who invest early. The potential is even greater when you consider the life-like and emotional attachment capabilities of a robotic therapy dog like Jennie.
But what is driving this growth?
Senior Healthcare and Dementia are Major Market Drivers for Robotic Therapy Animals
Faced with aging populations, approximately 50 million people worldwide suffer from dementia. Research shows that 97% (Steinberg et al, Int J Geriatric Psychiatry, 2008) of these seniors suffer from the behavioral and psychological symptoms of dementia or BPSD. In 2017 alone, out of pocket dementia spend exceeded $47B dollars, while unpaid dementia care exceeded $230.1B (Alzheimer's Association, 2017).
It is well known that live therapy animals can relieve the symptoms for BPSD and behavioral symptoms of other cognitive impairments. However, it is not always practical to own a live animal, as was the case for my mother Nancy.
Related: Tombot Was Founded For Our CEO’s Mother, Nancy Stevens
This creates tremendous demand for robotic animals, like Jennie, as efficient and practical ways to alleviate depression, anxiety, distress, and loneliness associated with BPSD.
Where Jennie and Tombot Fit in The Robotic Therapy Animals Market
Though robotic animals have been shown to alleviate BPSD and reduce the need for medications, the existing products are either too expensive or don’t provide sufficient features or realism.
Considering that 60% of the 50 million people living with dementia live in low income countries, existing robotic animals are financially inaccessible or don’t have a lasting impact.
In other words, there are millions of people who don’t have access to an affordable therapy proven to reduce BPSD.
This amounts to a problem worth $billions that Jennie is positioned to solve.
If you have loved ones suffering from BPSD, then now is the time you can make a difference while also accessing a high growth investment on the ground floor.
Tombot is raising funds to bring Jennie to those desperately in need. Please joinus today as an investor.
Learn more and invest on our Startengine page today!