Wilmington, Delaware, United States, Aug. 08, 2023 (GLOBE NEWSWIRE) — The global robotic rehabilitation and assistive technologies market is projected to exceed US$ 5.5 Bn by 2031, up from US$ 1.7 Bn in 2021.
Increase in adoption of physical therapy services for mobility of the geriatric population and increase in adoption of advanced technology for rehabilitation of survivors of cerebrovascular accidents are fueling the robotic rehabilitation and assistive technologies market.
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Rehabilitation robots perform physical tasks to assist in everyday functioning of individuals with disabilities. This is driving the pace of adoption of robotic rehabilitation and assistive technologies. For instance, the McGill University has created a robot that assists wheelchair-bound patients in standing and walking.
Key Findings of Study
Increase in Prevalence of CVDs and Potential for Rehabilitation of Stroke Driving Demand – Changing lifestyle, hypertension, and rapidly aging population contribute to the rise in occurrence of cardiovascular diseases (CVDs). Increase in prevalence of CVDs has boosted the demand for rehabilitation therapies for patients following interventional procedures. This is resulting in high demand for rehabilitation robotics technologies, thereby fueling robotic rehabilitation and assistive technologies market size.
Rise in prevalence of stroke across the world has led to an increase in demand for rehabilitation and assistive robotic technologies. This, in turn, is propelling the robotic rehabilitation and assistive technologies market.
Stroke is the key factor responsible for long-term disability in the U.S. As per the Internet Stroke Center, stroke occurs in approximately 795,000 people every year in the U.S. According to the World Health Organization, stroke occurs in 15 million people each year globally; of these, 5 million are permanently disabled. Increase in global incidence of neuromotor and orthopedic conditions, such as spinal cord injury, rheumatoid arthritis, and cerebral palsy, has led to a rise in demand for assistive robotic technologies. This, in turn, is fueling market development.
Research and Technological Advancements in Assistive Robots to Fuel Market – Based on type, the assistive robots segment accounted for more than 55.0% market share in 2021. The segment is projected to contribute leading revenue to the global market during the forecast period. Scientific efforts for the development of assistive robots and technological advancements in design, safety, and efficiency of robot-assisted rehabilitation are anticipated to boost the segment in the next few years.
Favorable Reimbursement Scenario and Efficacy of System Boosting Standalone Segment – In terms of portability, the standalone segment is anticipated to hold the leading share of the market during the forecast period. Rise in incidence of disability and technological advancements such as advent of stereotactic technology are key factors fueling the standalone segment. Furthermore, favorable reimbursement scenario, efficacy of the system in rehabilitation of patients, and technological advances are fueling the segment.
Adoption of Robot Assistive Technologies in Post-surgery Applications to Augment Market Value – Based on application, the post-surgery segment dominated the global market with more than 50.0% share in 2021. Growth of the segment can be primarily ascribed to the increase in number of surgeries across the world. Additionally, rise in need for rehabilitation and robot-assisted therapies for patients post surgeries is creating lucrative opportunities for manufacturers in the robotic rehabilitation and assistive technologies market.
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Key Growth Drivers
- Rise in awareness about clinical benefits of robotic rehabilitation and assistive technologies is fueling the robotic rehabilitation and assistive technologies market
- Increase in demand for assistive therapies for the mobility of growing geriatric population is augmenting market growth
North America held the leading share of more than 45.0% of the global robotic rehabilitation and assistive technologies market in 2021. Rise in prevalence of chronic diseases and availability of advanced medical care are anticipated to fuel the robotic rehabilitation and assistive technologies market in the region in the next few years.
The robotic rehabilitation and assistive technologies market in Asia Pacific is projected to expand at the highest CAGR of 13.0% during the forecast period.
The global industry is consolidated, with the presence of a few large players that hold majority share. Research collaboration for new product development is a key growth strategy adopted by players in the robotic rehabilitation and assistive technologies market.
Prominent players in the robotic rehabilitation and assistive technologies market include ReWalk Robotics, Bionik Laboratories Corp., Vincent Medical, CYBERDYNE INC., Rex Bionics Ltd., AlterG Inc., and DIH Technologies Corporation.
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The global robotic rehabilitation and assistive technologies market has been segmented as follows:
Global Robotic Rehabilitation and Assistive Technologies Market, by Type
- Assistive Robots
- Rehabilitation Robots
Global Robotic Rehabilitation and Assistive Technologies Market, by Portability
Global Robotic Rehabilitation and Assistive Technologies Market, by Application
- Cognitive and Motor Skill Therapy
Global Robotic Rehabilitation and Assistive Technologies Market, by Region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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