In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
March 05, 2021: DIH, a global leader in rehab robotics and virtual reality, has collaborated with Reha Technology agreeing to distribute their robotics products and promote the gait therapy devices in the US and Europe markets.
November 12, 2018: Hocoma AG launches a software platform, HocoNet, to connect hospital information systems with Hocoma’s partner devices.
The global rehabilitation robots market is estimated to garner a robust revenue by growing at a ~26% CAGR over the forecast period, i.e., 2022 – 2031.
The growth of the market can be attributed to the noteworthy increment in the adoption of robots in the healthcare sector worldwide. Factors, such as severe spinal cord injuries, sports injuries, or accidents, cause conditions that require medical treatment, which can last for years. The surge in the prevalence of such medical conditions, which need extended medical rehabilitation, is further estimated to propel market growth. Moreover, the procedure for the treatment of physical and mental disorders is complex, and forthcoming results are always uncertain. Hence, advanced robots are being developed to unravel this problem by facilitating quick recovery for several medical conditions.
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The global rehabilitation robots market is also projected to grow on the back of rising spinal cord injury and stroke cases. According to the data provided by World Health Organization, 40 to 80 cases of spinal cord injury are witnessed per million populations globally. Additionally, the increasing utilization of automated machines in the medical field, accompanied by the gradual increment of the geriatric population with crucial disabilities, is also spotted to be another significant growth factor for the market. According to a report published by World Bank, in 2020, 723.184 million people of the global population were aged 65 and over. All these parameters are projected to boost the growth of the global rehabilitation robots market. Moreover, the growing dependency on AI and robots amongst people, backed by the growing digitalization and declining social interaction in society, is further anticipated to fuel the market growth.
The global rehabilitation robots market is segmented by end-user into hospitals, nursing homes, orphanages, and others, out of which, the hospital segment is projected to hold the largest market share over the forecast period, on the back of the availability of 24-hour service for people with all sorts of diseases and disorders, along with the high patient pool in the hospitals. Further, unforeseen changes in people’s lifestyles, such as lack of exercise, poor diet, and others, require proper medical attention, and rehabilitation robots has the requisite potential to treat such patients more effectively. This is expected to boost the adoption of rehabilitation robots in hospitals.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Regionally, the global rehabilitation robots market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in the North American region is estimated to witness noteworthy growth over the forecast period, on the back of the remarkable deployment of advanced technology in the region, combined with the growing healthcare sector. The International Federation of Robotics (IFR) release the World Robotics 2020 Industrial Robots report, which showed that 293,200 units of industrial robots were operating in factories of the United States in 2020. Meanwhile, 2.7 million industrial robots were operating in factories and industries around the world.
On the other hand, the market in the Asia Pacific region is anticipated to become the largest market over the forecast period owing to the noteworthy increment in adoption of robots in each sector, and growing awareness about mental disorders.
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The global rehabilitation robots market is further classified on the basis of region as follows:
Our in-depth analysis of the global rehabilitation robots market includes the following segments:
By Patient Type
Ans: The increasing number of senior citizens with physical disorders is driving the growth of the market.
Ans: The market is anticipated to attain a CAGR of ~26% over the forecast period, i.e., 2022-2031.
Ans: The expensive manufacturing and development of required technology and the lack of affordability for the people are estimated to hamper the market growth.
Ans: The Asia Pacific region is anticipated to provide more business opportunities for the growth of the market over the forecast period on the back of increased production of robots in the region.
Ans: The major players in the market are Hocoma AG, MAN&TEL Co., Ltd., CYBERDYNE Inc., Myomo Inc., ReWalk Robotics Ltd., Reha Technology AG, Motek Medical B.V., Ekso Bionics Holdings, Inc., BIONIK Laboratory Corp., and ABILITY Network Inc.
Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue-generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by type, patient type, end-user, and by region.
Ans: The hospital segment is anticipated to hold the largest market size over the forecast period and display significant growth opportunities.