The collaborative robot market was valued at USD 1.2 billion in 2023 and is estimated to reach USD 6.8 billion by 2029, registering a CAGR of 34.3% during the forecast period.

The growth of the collaborative robot market is governed by increased demand in e-commerce and logistics industries and by high return on investment compared to traditional industrial robotic systems.

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Opportunity: Growing demand for automation in the healthcare industry

There is an increasing adoption of robots for automation in the medical sector. The incorporation of robotics in healthcare environments is becoming increasingly common. The ability of collaborative robots to work with healthcare professionals safely and efficiently has opened up new possibilities for enhancing patient care, improving operational efficiency, and addressing workforce challenges. Collaborative robots can be used as telepresence devices to enable remote consultations and care. They can be equipped with cameras, screens, and speakers, allowing healthcare professionals to interact with patients in real-time, regardless of geographical distances. This technology is particularly useful in providing care to patients in remote areas or those with limited mobility. Cobots can assist surgeons in various ways during surgical procedures. They can hold and position instruments, provide a stable platform for precise surgical maneuvers, and perform repetitive tasks with high accuracy. Additionally, cobots can be equipped with imaging technologies, such as ultrasound or endoscopic cameras, to assist in visualization during minimally invasive surgeries.

Challenge: Payload and speed limitations of collaborative robots owing to their inherent design

Most collaborative robots are generally limited to a maximum payload of 15 kg or less. An increase in payload often results in a decrease in the repeatability of the robot and an increase in weight due to the added sensors; hence, most collaborative robots are used for low-payload applications. Collaborative robots are also designed to move at the speed of a human arm, which enables them to be deployed safely alongside a human. Designers of cobots have had to factor in performance restrictions in the robot’s mechanical design, particularly in the motorized robot joints. Although an inherent quality, such speed restrictions decrease robot throughput and increase cycle time. For instance, the low speed of collaborative robots limits some applications in food and beverage applications, where the robot may not be able to keep up with the speed of the process line. Hence, collaborative robots will not be able to replace traditional industrial robots, and as such in many industrial applications requiring high speed and increased payload.