China will take steps to foster the adoption of smart care and household service robots to help attend to the needs of its aging population, the country’s cabinet said recently.
In a document titled “Opinions on Development of Silver Economy to Improve Well-being of Senior Citizens,” the State Council said the nation’s caregiving industry should focus on diversified needs and cultivate promising sectors.
Wider use of smart care and in-home service robots tops the official agenda as authorities pledge to promote innovation for items catering to the elderly and build new business formats for intelligent senior care.
Galaxy Securities, a main stock brokerage firm, explained that China’s demographic shift is set to open up new markets for service robots that care for the elderly.
Data released by the Ministry of Civil Affairs shows that as of 2022, China had 280.04 million people aged 60 and older, representing 19.8% of the entire population.
Those 65 years of age and older numbered 209.78 million, making up 14.9% of the total.
The country is wrestling with a shortage of labor while struggling to meet surging demand for senior care and in-home assistance.
Robots will thus play a bigger role in alleviating the burden of caregivers, Galaxy Securities said in a research note.
China released a high-profile “Robot+” action plan last year, in which it outlined 10 areas where it believes robots can improve living standards and bolster work efficiency, among other benefits.
One of these areas is rehabilitation and senior care, since the nation faces a big shortfall in the number of caregivers needed.
According to a study cited by Galaxy Securities, the market for China’s smart service robotic products and solutions grew from 19.3 billion yuan (US$2.69 billion) in 2018 to 51.6 billion yuan in 2022, averaging a CAGR of 27.9%.
It is projected to more than triple to 183.2 billion yuan by 2028.