Pune, India, Dec. 07, 2020 (GLOBE NEWSWIRE) -- The global rehabilitation robots market size was valued at US$ 529.8 Million in 2018 and is projected to reach USD 2,617.3 Million by 2026, exhibiting a CAGR of 22.1% during the forecast period. The global market is anticipated to gain momentum from a rise in geriatric population across the globe. North America dominated the rehabilitation robots market in 2018, owing to the higher adoption of advanced technologies, comparatively higher per capita healthcare expenditure and adequate reimbursement policies.
Key Industry Developments:
- In June 2019, ReWalk Robotics, Inc. announced that the food and drug administration (FDA) approved its ReStore soft exo-suit system for sale to rehabilitation centers across the U.S.
- In January 2019, BIONIK Inc. launched Next-Generation InMotion Arm/Hand Robotic System at the American Physical Therapy Association Combined Sections Meeting which is used for rehabilitation of stroke survivors.
- In January 2018, Cyberdyne Inc. recieved approval from the Food and Drug Administration (FDA) for the sale of HAL (Hybrid Assistive Limb) lower-body exoskeleton in licesensed medical facilities of U.S.
- In 2016, Apollo hospitals launched India's first rehabilitation hospital ApoKos for providing comprehensive rehabilitation for a range of medical conditions.
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Growing Incidence of Spinal Cord Injuries and Strokes to Favor Growth of Therapeutics Robot Segment
The report classifies the global rehabilitation robots market on the bases of type, end user, and geography. In terms of type, the market is segmented into therapeutics robot, assistive robot, exoskeleton robot, and others.
Numerous prominent market players have recently started investing huge sums of money in the design and development of assistive robots in order to treat those with chronic health conditions. This in turn, is anticipated to increase the global rehabilitation robots market sales. Fortune Business Insights predicts that the therapeutics robots segment will witness significant growth in the CAGR during the forecast period.
This is mainly due to the rising incidence of strokes and spinal cord injuries that in turn, affect mobility of people. All these factors contribute to the global rehabilitation robot market growth in the coming years. By end user, the market is grouped into hospitals, rehabilitation centers, and others.
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FDA Approvals and Product Launches to Strengthen Market Positions of Key Market Players
The global rehabilitation robots market is combined due to diverse product offerings and strong company portfolios. ReWalk Robotics, Inc., a developer of wearable robotic exoskeletons, based in the U.S., announced in June 2019 that the Food and Drug Administration (FDA) approved ReStore soft exo-suit system for sale to the rehabilitation centres in the U.S.
The system will be used to treat the stroke survivors with mobility challenges. The exo-suit is also cost-effective and functional. It can be used in the ‘Main Street’ clinics. Bionik Inc., a global pioneering healthcare company, headquartered in Canada, announced the launch of its new generation InMotion ARM/HAND robotic system in January 2019. The system will aid in the clinical rehabilitation of stroke survivors and will also be provided to those who are suffering from mobility impairments due to neurological conditions.
Cyberdyne Inc., a robotics and technology company, based in Japan, announced that it has received approval from the FDA for the sale of HAL (Hybrid Assistive Limb) lower-body exoskeleton in medical facilities in January 2018. HAL is a walking robot that can strap itself to a patient’s legs. The sensors that are attached to the patient’s leg muscles detect bioelectric signals from their brain to the muscles.
Fortune Business Insights has profiled some of the prominent companies operating in the global rehabilitation robots market. Some of them are, and other prominent market players.
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Rehabilitation Robots Market Players:
- CYBERDYNE INC.
- Ekso Bionics
- BIONIK
- ReWalk Robotics
- Rex Bionics Ltd.
- Corindus, Inc.
- Hocoma
- Bioxtreme
- Other Prominent Players
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Global Rehabilitation Robots Market Segmentation:
By Type
• Therapeutic Robots
• Exoskeleton Robots
• Assistive Robots
• Others
By End User
• Rehabilitation Centers
• Hospitals
• Others
By Geography
• North America (USA and Canada)
• Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
• Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
• Rest of World
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SECONDARY DATA SOURCES THAT WE REFER TO:
- Annual reports, investor presentation, SEC filings, and press releases of companies operating in the market
- Studies published by relevant associations MedTech Europe; American College of Radiology; Cancer Council Australia; Japan Hospital Association, etc.), government sources (Centers for Disease Control & Prevention, Ministry of Health, Labour & Welfare, Japan; National Health Service, England, etc.), international organizations (World Health Organization, The Organization for Economic Co-operation and Development, Eurostat, etc.), and articles published by Research Gate, NCBI, etc.
- Website, reports, and press releases of end user facilities – Hospitals, Ambulatory Surgery Centres, Clinics
- Industry journals and paid databases
SECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:
- Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companies
- Details in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.
- Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facility
- Number of procedures and average price of procedures
- Replacement rate and pricing of capital equipment
- Market dynamics in relation to the market under focus – Drivers, restraints, trends, and opportunities
- Market & technological trends, new product developments, product pipeline.
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