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The global rehabilitation robots market size was valued at USD 529.8 Million in 2018 and is Projected to Reach USD 2,617.3 Million by 2026 exhibiting a CAGR of 22.1% between 2019 and 2026.
Rehabilitation robotics is a division of robotics that focuses on the development of machines/robots that help people recover from physical trauma. Robots designed are multi-functional manipulators to help move material and are vital to serve as devices to help people with disabilities. Since the evolution of rehabilitation robots since the 1960s, it has been developed as assistive devices, prosthetics, robot-mediated therapy, and many others.
The assistive technology aims to enhance the efficacy of medical treatment and to increase the ease of activities performed by patients with disabilities. Recently, in January 2019, Bionik Laboratories Corp. launched InMotion ARM/HAND robotic system for clinical rehabilitation of stroke survivors and those with mobility impairments due to neurological conditions. The introduction of new devices and the high investments by different key market players into rehabilitation robots will help in the rehabilitation robots market growth.
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"Aging Population, Rising Cases Of Strokes And Serval Other Chronic Diseases to Favor Growth of the Market"
Aging population and rising cases of stroke rendering people immobile, are few of the major factors driving the rehabilitation robots market share. The therapeutics robots segment is anticipated to grow at a significant CAGR during the forecast period, aiding the rehabilitation robots market size.
For instance, PARO is a companion robot, developed by Dr. Takanori Shibata of Japan’s National Institute of Advanced Industrial Science and Technology. PARO has been designed for patients with Dementia, Alzheimer's, and other cognition disorders. Assistive robots help people with disabilities accomplish activities of daily living, such as walking and eating.
These assistive medical robots are also used to recover a patient from a stroke or other causes of paralysis. The increasing investment by key market players in the development and design of novel assistive robots to treat patients with various disease conditions, is one of the major factor anticipated to drive the rehabilitation robots market growth.
The rising investments by key players can augment the rehabilitation robots market revenue. Increasing prevalence of diseases like cerebral palsy (CP), multiple sclerosis (MS), Parkinson’s disease (PD), and spinal cord injuries will also drive the need for rehabilitation robots. These factors are anticipated to propel the market growth.
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Based on type, the global rehabilitation robots market segments include therapeutic robots, exoskeleton robots, assistive robots, and others. The exoskeleton robots segment is anticipated to grow at a relatively higher CAGR during the forecast period, which in turn, is expected to positively impact the market share. Based on end user, the market for rehabilitation robots segments includes rehabilitation centers, hospitals, and others.
"Adoption of Rehabilitation Robots, Combined with Adequate Reimbursement Policies, to Propel Growth in North America"
North America dominated the rehabilitation robots market in 2018, owing to the higher adoption of advanced technologies, comparatively higher per capita healthcare expenditure and adequate reimbursement policies. Asia Pacific is projected to register a significant CAGR by the end of the forecast period due to the increasing awareness about conditions such as Alzheimer’s, and dementia which has fueled the demand for therapeutic robots in these regions.
The United Nation (UN) estimated that Asia Pacific accounts for 60 of the world's disabled population. Due to these trends, the adoption of prosthetic and handicap assistive robots are also growing at a faster pace in the region. Rest of the World is expected to project a moderate market growth by the end of 2026 due to developing healthcare infrastructure and low adoption of new technologies in countries such as Brazil, Mexico, and others.
North America Rehabilitation Robots Market Size, 2018
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"Presence of an Innovative and Strong Portfolio to Aid CYBERDYNE INC., Ekso Bionics, and BIONIK are Leading the Global Market"
The current global rehabilitation robots market is combined owing to the strong portfolio and diverse product offerings by major players in the rehabilitation robots products. CYBERDYNE INC., Ekso Bionics, and BIONIK are among the leading players in the global market. A well-established brand presence and a strong distribution channel have been contributory in the success of these players in the market. Other market players include ReWalk Robotics, Rex Bionics Ltd., Corindus, Inc., Hocoma, Bioxtreme, and others.
The rising adoption of prosthetic and assistive robots and increasing investment by key market players in the research and development of the rehabilitation robots are major factors propelling market growth. Technological advancements along with new product launches in the market are some of the major factors likely to drive the rehabilitation robot market during the forecast period.
The report provides qualitative and quantitative insights on rehabilitation robots industry trends and detailed analysis of market size & growth rate for all possible segments in the market. The rehabilitation robots market segments include the type and end-user. Based on type, the market is further segmented into therapeutic robots, exoskeleton robots, assistive robots, and others.
Based on end user, the global rehabilitation robot market is segmented into rehabilitation centers, hospitals, and others. Geographically, the market is segmented into five major regions, which are North America, Europe, Asia Pacific, and others. The regions are further categorized into countries.
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Along with this, the report analysis comprises of rehabilitation robots market dynamics and competitive landscape. Additionally, the report offers insights on the prevalence of key disease conditions (Dementia, Alzheimer's, and other cognition disorders.) for key countries/region, recent industry developments such as partnerships, mergers & acquisitions, new product launch, the regulatory framework by key countries and reimbursement scenario by key regions.
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Fortune Business Insights says that the value of the global rehabilitation robots market was USD 529.8 Million in 2018
The rehabilitation robots market is projected to reach USD 2,617.3 Million by 2026.
The rehabilitation robots market will grow at the rate of 22.1% CAGR.