The global rehabilitation robots market is exhibiting a steady growth due to rising prevalence of stroke, traumatic brain injuries, dementia, and other age-related disabilities.
Increasing demand for robotic exoskeletons as a rehabilitation tool bolstering the growth of the market
The global rehabilitation robots market is exhibiting a steady growth due to rising prevalence of stroke, traumatic brain injuries, dementia, and other age-related disabilities. As per a study by Fact.MR, the rehabilitation robots market is expected to grow at a CAGR of 22.1% during the forecasting period 2021-2031.
According to a study by National Center for Biotechnology Information (NCBI) in 2021, nearly 1.7 million incidences of traumatic brain injuries were recorded, with older adolescents aging 15 to 19 years and older adult age 65 years and older in the U.S.
More than 50 million people are suffering from dementia and around 10 million new incidences of the disease are recorded every year across the globe, according to World Health Organization (WHO) in 2020. As rehabilitation robots assist in the treatment of this condition, the increasing incidence of traumatic brain injuries and dementia will fuel the demand for rehabilitation robots.
North America is dominating the rehabilitation robots market. According to the Center for Disease Control and Prevention (CDC), around 795,000 people in the U.S. have a stroke every year and within every 4 minutes, someone dies because of stroke. This high number of stroke cases has made the region, a center point for the expansion of the rehabilitation robots market.
“Key market players are emphasizing on R&D for receiving FDA approval and increasing investment for introducing new products to strengthen their market positions,” says a Fact.MR analyst.
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Key Takeaways
- In North America, the U.S. and Canada are estimated to account for the largest market share owing to the rising prevalence of spinal cord injuries and stroke in the region.
- The U.K. is demonstrating a steady growth on the back of increasing demand for better healthcare.
- Asia-Pacific is expected to emerge as a lucrative market for rehabilitation robots due to the growth in the medical technology sector.
- Brazil is displaying a moderate growth due to the low adoption of new technologies.
- Based on robot type, the assistive rehabilitation robot segment accounts for the highest sales.
Key Drivers
- Increasing incidence of stroke and other neurological disorders will fuel the demand for rehabilitation robots.
- Rising awareness about robot-assisted treatments is driving the growth of the market.
- Increasing number of techniques for the treatments will spur market growth.
- Expansion of the healthcare infrastructure is expected to boost the sales of rehabilitation robots.
Key Restraints
- High cost of the treatment is hampering the demand for rehabilitation robots.
- The coronavirus outbreak has resulted in restraining the growth of the market.
- Strict regulatory approval policies are negatively affecting the growth of the rehabilitation robots market.
Competitive Landscape
Leading manufacturers operating in rehabilitation robots market profiled by Fact.MR include Hocoma, Ekso Bionics, AlterG Inc., Bionik Labs, Interactive Motion Technologies, Motus Nova, Kinova Inc., Meditouch, Wearable Robotics Srl, Cyberdyne Inc., Rex Bionics Ltd, Parker-Hannifin Corporation, AlterG Inc., Bioxtreme Robotics Rehabilitation, Rehab Robotics, Instead Technologies Ltd., and ReWalk Robotics. Prominent market players are focusing on R&D and product launches to expand their global presence. For instance,
- ReWalk Robotics, Ltd. launched its new product named ‘ReStoreExo-Suit,’ the first soft robotic system for stroke therapy in June 2019.
- In 2019, Bionik Laboratories Corporation launched InMotion Arm/Hand robotic system for people with mobility impairments and for clinical rehabilitation of stroke survivors due to neurological conditions.
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More Insights on the Rehabilitation Robots Market
Fact.MR offers unbiased analysis of the rehabilitation robots market. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of robot type (assistive robot, therapy robot, exoskeleton robots, prosthetic robots, and others), applications (gait therapy, limb mobility, balance, and others), body part (upper body parts and lower extremity), and end user (hospitals, rehabilitation centers, and others), across seven regions (North America, Latin America, Europe, South Asia, East Asia, Oceania and Middle East & Africa).
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Source: Fact.MR