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Rehabilitation Robots Market size to increase by USD 1.95 billion during 2022-2027; Rising instances of strokes, injuries, and neurological diseases to drive the growth – Technavio

NEW YORK, Jan. 16, 2024 /PRNewswire/ — The rehabilitation robots market size is expected to grow by USD 1.95 billion between 2022 and 2027. However, the growth momentum of the market will progress at a CAGR of 27.15% during the forecast period. The market is segmented by Product (UERR, LERR, FE, and TRR), End-user (Hospitals and clinics, Senior care facilities, and home care settings), and Geography (North America, Europe, APAC, South America, and Middle East and Africa). The rising prevalence of strokes, injuries, and neurological diseases drives market growth. The rise in mobility-affecting conditions like strokes, spinal cord injuries, and neurological disorders drives the market for rehabilitation robots. Increased awareness and disposable income lead to higher adoption, particularly in developed nations, offering recovery alternatives amid therapy challenges, such as cost and therapist shortages. For additional data on Market Size (2017) Historic Year, Market Size – Forecasted Year, Historic Opportunity (2017-2021), Historic CAGR, Forecasted Opportunity (2023-2027), Market Opportunity Transformation Growth, and Market Opportunity CapitalizationView a Free PDF Sample 

Key Highlights:

  • The report recognizes the following as some of the key players in the rehabilitation robots market: ABB Ltd., AlterG Inc., B-Temia Inc., Bionik Laboratories Corp., Boston Dynamics Inc., Cyberdyne Inc., DIH Hero, Diligent Robotics Inc., Ekso Bionics Holdings Inc., Focal Meditech, Fourier Intelligence, Hocoma AG, KUKA AG, MediTouch Ltd., MossRehab, Myomo Inc., Ottobock SE and Co. KGaA, PARKER HANNIFIN CORP., Reha-Stim Medtec AG, ReWalk Robotics Ltd., Rex Bionics Ltd., Siemens AG, and Tyromotion GmbH
  • Rehabilitation Robots Market is fragmented in nature.
  • Market to observe 26.42% YOY growth in 2023.

Market Dynamics:

Trend

  • An increase in the aging population is an emerging market trend. 
  • The global population over 65 reached 727 million in 2020, prompting increased susceptibility to chronic ailments. Governments strive to improve healthcare accessibility, fostering demand for rehabilitation robots.
  • Developed regions like North America and Europe witness rising adoption, while APAC and South America also see growth. As aging populations rise, rehabilitation robot use is expected to increase, catering to ambulatory disabilities amid declining caregiver numbers.
  • Innovations aiming to reduce healthcare costs and enhance patient outcomes will drive market growth, aligning with the growing prevalence of age-related disabilities.

Challenge

  • The high cost of rehabilitation robots challenges market growth. 
  • The high cost of rehabilitation robots, averaging USD100,000, is a significant obstacle to their widespread adoption, contrasting sharply with substitute products priced around USD1,500.
  • Beyond the steep initial investment, upkeep, training, and maintenance expenses escalate overall ownership costs. Limited affordability, modest market competition, and buyer bargaining power characterize this industry.
  • In developing nations, cost sensitivity favors lower-priced alternatives, hampering market expansion. To overcome this, vendors must innovate to reduce component usage, conduct trials, and enhance product accessibility and distribution networks.

The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing the report

Keg Segments:

The UERR segment will be significant during the forecast period. The rising prevalence of upper-limb paralysis, notably caused by strokes, has driven the global demand for Upper Extremity Rehabilitation Robots (UERR). With strokes and other injuries leading to limited mobility, the shortage of therapy professionals has prompted the adoption of rehabilitation robots. These technologies aid patient recovery, facilitating daily activities and long-term therapy, contributing to substantial market growth. Get a glance at the market contribution of the segments, Request a FREE Sample

Rehabilitation robots, a subset of medical robotics, encompass a diverse range of technologies such as robotic exoskeletons, neurorehabilitation devices, and motorized rehabilitation equipment. These assistive technologies play a pivotal role in physical therapy, offering innovative solutions for conditions like stroke or spinal cord injuries. With advancements in artificial intelligence, robotic prosthetics, and wearable rehabilitation technology, companies in the rehabilitation robotics market are driving personalized solutions.

From pediatric rehabilitation robots to home-based systems, these devices incorporate haptic feedback, virtual reality, and adaptive robotics, ensuring comprehensive and effective therapeutic interventions. The market trends indicate a growing emphasis on balance rehabilitation robots, sensory feedback systems, and cognitive rehabilitation robots, shaping the future of rehabilitation technology.

Related Reports:

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The Global Packaging Robots Market size is estimated to grow at a CAGR of 10.33% between 2022 and 2027 and the size of the market is forecast to increase by USD 8.49 billion.

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Product

Market Segmentation by End-user

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com

SOURCE Technavio

Originally published at https://www.prnewswire.com/news-releases/rehabilitation-robots-market-size-to-increase-by-usd-1-95-billion-during-2022-2027-rising-instances-of-strokes-injuries-and-neurological-diseases-to-drive-the-growth—technavio-302034492.html
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