Albany, NY -- (SBWIRE) -- 05/17/2019 -- Global Robotic Rehabilitation and Assistive Technologies Market: Snapshot
With most technologies still being developed and honed and yet to go mainstream big time, the global robotic rehabilitation and assistive technologies market is still in a nascent state. It is said that only a small proportion of various applications are being explored in universities, laboratories, and start-up companies. Currently, a fast expanding elderly population and rising instances of stroke rendering people immobile are driving sales in the market.
Crimping sales, on the other hand, is the expensiveness of the robotic rehabilitation and assistive technologies. However, development of more viable manufacturing methods will help to overcome the pricing challenge in the near future, industry experts point out.
The global robotic rehabilitation and assistive technologies market, which is fragmented on account of the presence of a copious number of startups and smaller companies, is projected to attain a value of US$ 2,290.3 mn by 2025 from US$ 765.1 mn in 2016 by rising at a CAGR of 13.1% from 2017 to 2025, as per a study by Transparency Market Research.
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Helpful Reimbursement Policies Propel Standalone Technologies
Robotic rehabilitation and assistive technologies can be divided into standalone and mobile, based on their portability. Standalone robots are fixed at one place and perform a single task or a set of fixed task. They are not meant for multitasking and their operations are limited. However, they still gross maximum revenue in the market. In the next couple of years as well, the segment will retain its dominant share in revenue on the back of helpful reimbursement policies and its efficiency in inpatient rehabilitation. In addition, technological advancement is a key factor which is anticipated to drive the segment's growth during the forecast period.
Depending upon type, again, the two broad segments of the market are assistive robot and rehabilitation robot. Of the two, the assistive robot, which is a medical device that performs action to benefit people with disabilities and help the elderly carry out their day-to-day work, accounts for maximum revenue share. In the years ahead too, the segment is expected to retain its dominant share.
Well-entrenched Robotic Industry Makes North America Dominant Regional Segment
From a geographical perspective, the global robotic rehabilitation and assistive technologies market is dominated North America. This is because of a well-established robotic industry, quick uptake of newer robotic rehabilitation and assistive technologies. In the years ahead too, North America will continue holding its leading position by expanding at a CAGR of 12.8%. The market is projected to become worth US$1.07 bn by 2025. Europe trails North America in terms of market share. The market in the region, powered primarily by Germany, is being driven by the early adoption of newer robotic rehabilitation and assistive technologies.
In terms of growth rate, on the other hand, Asia Pacific is expected to outshine all other regions. The market in the region is anticipated to clock a solid 15.3% CAGR from 2017 to 2025 to become worth US$474.1 mn by 2025. The growth of robotic rehabilitation and assistive technologies market is Asia Pacific is attributed to aging population as one of the prime factors that is driving the demand for robotic rehabilitation and assistive technologies.
A few of the pioneering companies in the global robotic rehabilitation and assistive technologies market are Accuray Incorporated, AlterG, Inc., Bionik Laboratories Corp., DIH Technologies Corporation, Ekso Bionics, Intuitive Surgical, Inc, Instead Technology Ltd., Mazor Robotics, Reha-Stim Medtec GmbH & Co. KG, and Vincent Medical.