Robotic rehabilitation and assistive technologies market are forecast to grow by more than 13 percent, according to a report by Transparency Market Research.
The global robotic rehabilitation and assistive technologies market is at its nascent stage and therefore, only a fraction of the possible applications have been explored till now by companies, labs, and universities.
This also means that there is much room for this market to grow. As of now the market is filled with start-ups and small companies which are well established.
This makes the global robotic rehabilitation and assistive technologies market fragmented. Some of the leading players in the market are:
- Vincent Medical;
- Ekso Bionics;
- Mazor Robotics;
- DIH Technologies;
- Reha-Stim Medtec;
- Intuitive Surgical;
- Instead Technology; and
- Bionik Laboratories.
According to a market intelligence study, the global robotic rehabilitation and assistive technologies market will be worth $2,290.3 million by 2025, expanding at a 13.1 percent annual growth from 2017 to 2025.
On the basis of application, the surgery segment led the market. This segment is anticipated to continue to lead in the years to come.
By geography, the market is will witness highest growth in Asia Pacific on account of the growing pool of geriatric population.
Asia Pacific market for robotic rehabilitation and assistive technologies is expected to exhibit a 15.3 percent annual growth between 2017 and 2025, with Japan being the foremost revenue generator.
The high cost however, will limit the adoption of robotic rehabilitation and assistive technologies by emerging economies in the region.
High Demand for Surgical Assistance During Complex Procedures Predicted
The use of robotic rehabilitation and assistive technologies has just begun in the healthcare industry.
Surgical robots are of much assistance during surgeries when surgeons perform complex and minimally invasive procedures.
Robots are also assisting doctors in boosting accuracy during radiation treatment for cancer patients as well as assist with rehabilitation of disabled patients.
Robotic rehabilitation and assistive technologies have immense growth opportunities and holds much promise in the healthcare area.
As per the lead author of this report, “the growing instance of strokes which in turn renders people bed-ridden or in a way takes away their ability to move to some degree, will be a key factor boosting the growth of the robotic rehabilitation and assistive technologies market”.
Rapid Improvement and Advancements in Technology to Accelerate Growth
The market is also driven by the surge in the geriatric population worldwide. Aged people are also in limited in their ability to move, to some degree and this will create a need for robotic rehabilitation and assistive technologies.
The technological advancements occurring in the field has led to a more efficient use of motors and light materials.
Advancements and innovations have also resulted in sophisticated control, improved safety mechanisms, and power backup.
High Cost of Robotic Rehabilitation and Assistive Technologies to Pose a Challenge
On the other hand, it is predicted that the steep price will go against the growth of the market as it will limit the adoption rates, especially in cost sensitive regions of the world.
The cost to performance ratio may not be feasible on account of the high cost of development and relatively low benefit for hospitals or patients will hamper adoption rates.
However, some relief can be expected on account of the improvement in production methods as well as due to favourable reimbursement policies.