Rehabilitation Robots Market Size worth USD 2,617.3 Million by 2026 | Industry Size, Share, Trends, Growth, Forecast Report

Pune, Feb. 12, 2020 (GLOBE NEWSWIRE) — The global Rehabilitation Robots Market size is projected to reach USD 2,617.3 million by 2026, registering an impressive CAGR of 22.1% during the forecast period. Increasing number of disabled and aged people around the world will primarily the growth of this market in the near future. Rehabilitation robots are machines or devices that help people with physical disabilities to cope with their condition and empower them to move around as easily as possible. The demand for these devices is showing an upward trajectory as the prevalence of disability worldwide is rising. The World Report of Disability, jointly brought out by the World Health Organization (WHO) and the World Bank, reveals that nearly 785 million individuals aged 15 and above live with a disability. More importantly, the report states that the disabled population is expanding, mainly owing to rising geriatric population. For example, the UN’s population estimates that the world geriatric population will reach 2.1 billion by 2050. This factor, therefore, is set to emerge as one of the major Rehabilitation Robots Market trends in the approaching decade.
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According to the latest Fortune Business Insights™ report, titled “Rehabilitation Robots Market Size, Share and Industry Analysis By Type (Therapeutic Robots, Exoskeleton Robots, Assistive Robots, Others), By End User (Rehabilitation Centers, Hospitals, Others), and Regional Forecast 2019-2026”, the market value stood at USD 529.8 million in 2018. The report additionally offers:Detailed assessment of the various market drivers and restraints;In-depth analysis of each individual market segment;Comprehensive research into the regional developments of the market; andExhaustive study of the competitive landscape (key players, their profiles and strategies, and recent product launches) of the market.Market RestraintProhibitive Costs of Robotic Exoskeletons May Slow Down AdoptionThe WHO defines physical activity as one where body movements that result from muscle actions and increase energy expenditure. Robotic exoskeletons, a special type of rehabilitation robots, have enabled people with spinal cord injury (SCI) to move about as seamlessly as possible. However, the Rehabilitation Robots Market growth is marred by the highly prohibitive costs of these devices, according to the National Institutes of Health (NIH). The NIH also states that the pocket-heavy nature of this technology will serve as deterrent not just for patients in developing countries, but also in developed nations. Furthermore, current offerings of robotic exoskeletons are designed to carry bodyweight under 100kgs. As a result, these machines cannot be used by obese persons and since nearly 67% of people with SCI are obese, the uptake of robotic exoskeletons is likely to get severely limited, says the Rehabilitation Robots Market forecast.
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Regional AnalysisNorth America to Occupy Dominant Position; Asia-Pacific to Grow at a Considerable CAGRAmong regions, North America is slated to dominate the Rehabilitation Robots Market share, having generated USD 396.1 million in revenue in 2018. The region’s dominance will be a result of high per capita health expenditure, supportive reimbursement scenario, and ready adoption of advanced medical technologies. Asia-Pacific will surge at a notable CAGR owing to the rising awareness about progressive disorders such as Alzheimer’s and Parkinson’s. Moreover, the region is anticipated to account for 60% of the world’s disabled population, as per UN projections, which will further augment the market during the forecast period. Evolving healthcare infrastructure in developing countries such as Mexico and Brazil will aid the expansion of the global market.Competitive LandscapeSuperior Product Offerings by Key Players to Stimulate CompetitionThe Rehabilitation Robots Market report finds that key players in this market are constantly engaged in developing innovative products to diversify and strengthen their product portfolio. Furthermore, novel solutions are receiving the necessary regulatory support, which is intensifying competition in this market.Industry Developments:June 2019: ReWalk Robotics, the US-based assistive robotics leader, announced that the company’s ReStore soft exo-suit system got green lit by the US FDA for commercial availability in rehab centers across the US. The product is developed to be used in the treatment of stroke patients with mobility limitations. It is also the only robotic exoskeleton to get FDA nod.January 2020: BIONIK Laboratories Corp., the Toronto-based the rehabilitation robotics specialist, declared that its InMotion® ARM received regulatory approval in South Korea. The clearance will allow the company to commercially sell the product through its exclusive distributor, Curexo, in the country. The move would help BIONIK to establish its presence in South Korea where more than 100,000 persons suffer from stroke-related mobility challenges.List of the Key Players Covered in the Rehabilitation Robots Market Report Include:BioxtremeCorindus, Inc.ReWalk RoboticsEkso BionicsHocomaRex Bionics Ltd.BIONIKCYBERDYNE INC.
Detailed Table of Content:IntroductionResearch ScopeMarket SegmentationResearch MethodologyDefinitions and AssumptionsExecutive SummaryMarket DynamicsMarket DriversMarket RestraintsMarket OpportunitiesKey InsightsTechnological Advancements, Key PlayersPrevalence of Key Neurology Disorders, 2018, Key Country/RegionKey industry Developments – Mergers, Acquisitions and PartnershipsGlobal Rehabilitation Robots Market Analysis, Insights and Forecast, 2015-2026Key Findings / SummaryMarket Analysis, Insights and Forecast – By TypeTherapeutic RobotsExoskeleton RobotsAssistive RobotsOthersMarket Analysis, Insights and Forecast – By End UserRehabilitation CentersHospitalsOthersMarket Analysis, Insights and Forecast – By RegionNorth AmericaEuropeAsia pacificRest of WorldTOC Continued….!

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