New York, Sept. 24, 2021 (GLOBE NEWSWIRE) -- Rehabilitation Robots Market: Key Insights
According to our new research study on “Rehabilitation Robots Market to 2028 – Global Analysis and Forecast – by Type and End User,” the Rehabilitation Robots Market was valued at US$ 798.92 million in 2021 and is projected to reach US$ 3,178.77 million by 2028; it is expected to grow at a CAGR of 21.8% during 2021–2028. However, the high cost of the devices hinders the market growth.
Rehabilitation Robots Market: Competition Landscape and Key Developments
Bionik Laboratories Corporation, Cyberdyne Inc., Ekso Bionics Holdings Inc, Rewalk Robotics Ltd, Hocoma Ag, Rehab-robotics Company Limited, Kinova Inc, Rex Bionics Ltd, Toyota Motor Corporation, and Myomo Inc are among the key companies operating in the global rehabilitation robots market. Leading players are focusing on the expansion and diversification of their market presence and the acquisition of a new customer base, thereby tapping prevailing business opportunities.
In November 2019, Toyota Motor Corporation launched its new Welwalk WW-2000, a robot designed to provide rehabilitation support to individuals with lower-limb paralysis due to stroke and other causes.
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In June 2020, BIONIK Laboratories Corp. announced the debut of its InMotion Connect platform, a comprehensive solution designed to address the data connectivity and analytics requirements of hospitals and healthcare facilities in Canada.
In 2021, North America dominated the global rehabilitation robots market. In North America, the US leads the market. The market growth in the region is attributed to the rise in the geriatric population, stroke, and robot-assisted training in rehabilitation therapy. Moreover, the presence of well-developed healthcare infrastructure and government support are among the prominent factors propelling the market growth in North America.
Strategic Insights:
| Report Coverage | Details |
| Market Size Value in | US$ 798.92 Million in 2021 |
| Market Size Value by | US$ 3,178.77 Million by 2028 |
| Growth rate | CAGR of 21.8% from 2021-2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
| No. of Pages | 177 |
| No. Tables | 57 |
| No. of Charts & Figures | 69 |
| Historical data available | Yes |
| Segments covered | Type ; End User , and Geography |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
The rehabilitation robots market in Asia Pacific is expected to grow at the fastest rate in the coming years. Rising awareness about rehabilitation robots’ therapies through government support coupled with increasing investments in product development, sales, and distributions is anticipated to offer lucrative opportunities for the growth of the market in the region during the forecast period.
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Based on type, the rehabilitation robots market is segmented into therapeutic robots, assistive robots, exoskeleton robots, and prosthetic robots. The exoskeleton robots segment held the largest share of the market in 2020, and the same segment is anticipated to register the highest CAGR in the market during the forecast period. Continuous technological advancements aimed at providing better tools to therapists for better patient care are expected to fuel the market growth in the coming years. For instance, in 2019, Ekso Bionics released EksoNR, a robotic exoskeleton designed for neurorehabilitation.
Wearable exoskeletons are emerging as revolutionary devices for gait rehabilitation due to the active participation of a user, which promotes physical activity and the possibility of being used as an assistive device in the community. There has been a rapid increase in the number of studies on wearable exoskeletons in since past 10 years, following the general tendency now toward rehabilitation robots. A few of these devices already have FDA approval and/or CE mark, and are commercially available, whereas many devices are still under development.
The use of ADM also helps skip skin grafting procedures and harvest tissues from one’s own body, which acts as an advantage for the patients and healthcare providers. Moreover, these matrices are available in different shapes, sizes, and thicknesses to meet the specific needs of the patients. According to a statistical survey conducted by Cambridge University Medical School, published in the Journal of Plastic, Reconstructive & Aesthetic Surgery (2018), the implant-only reconstruction procedures increased from 16% to 52% since the last decade, following the adoption of rehabilitation robot at the hospitals and rehabilitation centers.
Rehabilitation Robots Market: Segmental Overview
In terms of type, the exoskeleton robots segment is anticipated to register the highest CAGR in the rehabilitation robots market during the forecast period. Exoskeleton robots are wearable devices that work in the collaboration with an user. These can be placed in or on the users’ bodies that act as the amplifiers that enhance, reinforce, or restore human performance. The increasing number of product approvals is likely to drive the growth of the market. For instance, in January 2018, Cyberdyne, a Japanese robotic company, received FDA approval for its hybrid assistive limb (HAL), which is a lower-body exoskeleton. The device is designed for the augmentation of the strength of the user.
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The COVID-19 outbreak pandemic has disturbed various trades and businesses across the world. Healthcare professionals and leading organizations distracted the flow of healthcare resources from research & development to primary care due to the increasing number of COVID-19 confirmed cases, which slowed down the process of innovation.
Social Assistive Robotics can be a potential tool to support clinical care areas, promote physical distancing, and reduce the contagion rate. For instance, there is a concern to seek adaptive strategies to continue offering neurorehabilitation services during the COVID-19 pandemic, as the people suffering from disabilities and chronic progressive diseases require constant monitoring and care.
The COVID-19 pandemic is perplexing healthcare institutions in the North America region with unprecedented operational and clinical challenges. Moreover, the shift of priorities from rehabilitation robots to COVID-19 diagnosis and treatment devices are leading to a decline in robots manufacturing systems.
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