According to the latest report by RationalStat, the global medical rehabilitation robot market is set to experience remarkable growth. With a valuation of $324 million in 2022 and a projected compound annual growth rate (CAGR) of over 12% from 2023 to 2030, this sector holds great potential.
Medical rehabilitation robots or rehab robots are robotic devices designed to assist in the rehabilitation of individuals with impairments or those recuperating from surgeries or accidents. These robots are deployed in physical therapy and rehabilitation settings to aid, support, and treat patients.
The rise in disabilities and chronic illnesses such as stroke, spinal cord damage, Parkinson’s disease, and orthopedic problems are driving the demand for these robots. They provide therapeutic interventions and supportive devices to help patients heal, rehabilitate, and enhance their functional capacities.
Key Market Segments
The therapeutics/assistive product segment is anticipated to account for 74.5% of the market in 2022. This is due to the capability of these devices to assist patients in mobility while collecting sensory data.
In terms of extremities, the upper extremities segment is set to account for 55% of the total market share. This can be attributed to the development of automatic robotic assistance devices for patients with disabilities.
Limb therapy is expected to account for 60% of the total market share in the therapy category. The rise in sales is predicted as a result of the development of structured robotic exoskeleton systems that minimize labor-intensive tasks.
Several strategies are being adopted by market players to reinforce their market share and gain a competitive edge. These include mergers and acquisitions, partnerships, collaborations, and product launches.
For instance, in November 2022, H Robots launched a new collaboration for a rapidly growing robotics manufacturing business specializing in innovative rehabilitation solutions. Its FDA-approved physical therapy device, reblessTM, is now available on Rehabmart’s website.
Prominent players contributing significantly to the global medical rehabilitation robot market growth include Ekso Bionics Holdings Inc., AlterG, Inc., Bionik Laboratories Corp., Cyberdyne Inc., ReWalk Robotics, Instead Technologies Ltd., Hocoma AG, Fourier Intelligence, Tyromotion Gmbh, Toyota Motor Corporation, BeatBots LLC, Bioxtreme, Rex Bionics Inc., LEADERS REHAB ROBOT Co. Ltd, and others.
The medical rehabilitation robot market’s robust growth signifies the increasing reliance on technology in healthcare. As the incidence of chronic illnesses and disabilities rises, the demand for these robots is expected to surge. Innovations in robotics and AI could further revolutionize this sector, providing more efficient and personalized care to patients in need.
However, the high costs associated with these robots could pose a challenge to the market’s growth. Therefore, it will be crucial for manufacturers to focus on creating cost-effective solutions without compromising on the quality and efficiency of these robots.
As the market continues to evolve, it will be interesting to watch how innovations shape the future of the medical rehabilitation robot industry.
For more information about this report, visit RationalStat’s report.