Robotic Rehabilitation and Assistive Technologies Market – Top Key Players and Industry Outlook
Robotic Rehabilitation and Assistive Technologies Market Introduction
Rehabilitation robots or assistive robots perform a physical task for the well-being of a person with a disability. The global robotic rehabilitation and assistive technologies market is driven by the increase in geriatric population and rise in per capita health care expenditure. Applications of rehabilitation and assistive robotic technologies are growing fast. For example, the McGill University has developed a robot that helps wheelchair-bound patients stand and walk. It supports gait training and neuro-rehabilitation. The global market is expected to grow at a rapid pace during the forecast period due to the surge in adoption of rehabilitation and assistive robotics during the COVID-19 pandemic. The assistive and rehabilitation robotics market offers significant opportunities for robotic rehabilitation and assistive technologies manufacturers. Innovations in rehabilitation and assistive robotics technologies landscape have led to the development of robotic exoskeleton suits that are enabling paraplegic patients to eliminate the need for wheelchairs.
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Rise in Prevalence of CVDs and Long-term Disabilities to Drive Demand for Robotic Rehabilitation and Assistive Technology Products
Rise in prevalence of chronic diseases has increased the patient pool undergoing interventional procedures followed by rehabilitation therapies globally, resulting in high demand for rehabilitation robotics technologies. Changing lifestyles, rapidly aging population, and hypertension contribute to the rise in prevalence of cardiovascular diseases (CVDs). Stroke is the leading cause of long-term disability in the U.S. Growth in prevalence of stroke across the world has led to an increase in need for rehabilitation and assistive robotics technologies. Surge in the number of stroke patients has increased rehabilitation, leading to the growth of the robotic rehabilitation and assistive technologies market.
According to the Internet Stroke Center, around 795,000 people suffer from stroke in the U.S. every year. As per the World Health Organization, 15 million people suffer from stroke globally each year; of these, 5 million are permanently disabled. Rise in prevalence of neuromotor and orthopedic disorders such as cerebral palsy, rheumatoid arthritis, and spinal cord injury globally is driving the demand for assistive robotic technologies, thereby propelling the rehabilitation and assistive technologies market. According to CDC, around 54.4 million U.S. adults suffered from arthritis in 2017. Rapid increase in percentage of amputees and permanent or temporary impairment across the world is expected to boost the demand for robotic rehabilitation and assistive technologies. This, in turn, is likely to drive sales of rehabilitation and assistive robotic technology products during the forecast period. Currently, around 15% of the world's population, or roughly 1 billion people, live with a disability.
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Intensive Research and Technological Developments in Assistive Robots to Fuel Market
In terms of type, the global robotic rehabilitation and assistive technologies market has been bifurcated into assistive robot and rehabilitation robot. The assistive robot segment held more than 55% share of the global market in 2021. The segment is expected to dominate the market during the forecast period. The assistive robot segment is likely to advance at a CAGR of more than 12% between 2022 and 2031. Increase in intensive research in assistive robots and technological developments in design, efficiency, and safety of these systems are anticipated to propel the segment in the near future.
Favorable Reimbursement Policies and Efficiency of System in Patient Rehabilitation to Bolster Standalone Segment
Based on portability, the global robotic rehabilitation and assistive technologies market has been classified into standalone and mobile. The standalone segment is projected to account for dominant share of the global robotic rehabilitation and assistive technologies market from 2022 to 2031. The segment is anticipated to grow at a CAGR of more than 11% during the forecast period. Increase in incidence of disability and rise in technological advancements such as stereotactic technology are the major factors driving the standalone segment. Additionally, favorable reimbursement policies, efficiency of the system in rehabilitation of patients, and technological advancements are the key factors expected to drive the segment during the forecast period.
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Growth in Post-surgery Applications of Robotic Rehabilitation and Assistive Technologies to Augment Market
In terms of application, the global robotic rehabilitation and assistive technologies market has been segregated into post-surgery, cognitive & motor skill therapy, and others. The post-surgery segment dominated the global market, with more than 50% share in 2021. This can be primarily ascribed to the rise in number of different types of surgeries across the globe. Increase in need for rehabilitation and assistive robotics technologies in post-surgical applications is also driving the demand for these products. Rise in geriatric population, growth in prevalence of orthopedic disorders, and increase in awareness about surgical treatments are the factors boosting the demand for assistive robotic technologies, thereby propelling the rehabilitation and assistive technologies market.
Regional Outlook of Global Robotic Rehabilitation and Assistive Technologies Market
North America dominated the global robotic rehabilitation and assistive technologies market, with more than 45% share in 2021. Increase in incidence rate of chronic diseases and a well-established health care sector are anticipated to drive the robotic rehabilitation and assistive technologies market in the region during the forecast period. The market in Asia Pacific is expected to grow at a faster CAGR of 13.0% during the forecast period. High health care expenditure, early adoption of rehabilitation procedures, and developed healthcare sector are likely to drive the robotic rehabilitation and assistive technologies market in the region during the forecast period.
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Analysis of Key Players in Global Robotic Rehabilitation and Assistive Technologies Market
Key manufacturers in the global robotic rehabilitation and assistive technologies market are adopting research collaboration, purchase & distribution agreements, and new product development strategies to strengthen their product portfolios and geographic presence in the international market. ReWalk Robotics, AlterG, Inc., Bionik Laboratories Corp., Ekso Bionics, Vincent Medical, DIH Technologies Corporation (Hocoma), CYBERDYNE, INC., Kinova, Inc., Rex Bionics Ltd., and Instead Technologies, Ltd. are the key players operating the global market.
Key Developments in Global Robotic Rehabilitation and Assistive Technologies Market
- In December 2021, Sakra World Hospital launched a world-class Robotic-Assisted Neuro-Rehabilitation Center in Bangalore, Karnataka. It is the first-ever Neuro-Rehabilitation Center in Karnataka. Sakra Rehabilitation is a highly reputable advanced rehabilitation institution. The institute provides Rehab and Prehab as Inpatient, Outpatient, and Home-based Tele-Rehabilitation.
- In October 2020, scientists from Nanyang Technological University, Singapore, in collaboration with rehabilitation physicians and occupational therapists from the Centre for Advanced Rehabilitation Therapeutics (CART), developed a smart new portable arm rehabilitation robotic device. It helps patients carry out robot-aided therapy at home, allowing them to perform intensive exercises without visiting hospitals or clinics. This can reduce the risk of exposure to infectious diseases such as COVID-19.
- In November 2019, Toyota Motor Corporation launched its new Welwalk WW-2000. The WeWalk is a robot designed to provide rehabilitation support to individuals with lower-limb paralysis due to stroke and other causes.
- In December 2018, Bionik Laboratories Corp entered into a multi-year agreement with Kindred Hospital Rehabilitation Services for multiple units of the company's InMotion Arm robotic system
- In September 2018, AlterG, Inc. raised US$ 6 Mn from investors Versant Ventures, Sorehsa AG, Leerink Revelation Partners, and Partner Ventures for new product development and expansion into new clinical areas for rehabilitation and athletic training
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Each of these players has been profiled in the robotic rehabilitation and assistive technologies market report based on parameters such as company overview, financial overview, business strategies, product portfolio, business segments, and recent developments.
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