The new rehabilitation robots market research from Technavio indicates Neutral growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Rehabilitation Robots Market 2020-2024 (Graphic: Business Wire).
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“One of the primary growth drivers for this market is the Rising Instances of Strokes, Injuries, and Neurological Diseases,” says a senior analyst for the Industrials industry at Technavio.
The increasing number of people diagnosed with conditions such as strokes, spinal cord injuries, traumatic brain injuries, multiple sclerosis, Parkinson’s disease, and cerebral palsy is affecting mobility. This, in turn, has resulted in the rise in awareness about robot-assisted treatments, subsequently driving investments in this technology. With the surging instances of chronic illnesses across the advanced and emerging economies, the demand for rehabilitation robots will increase during the forecast period.
As the markets recover Technavio expects the rehabilitation robots market size to grow by USD 1.13 billion during the period 2020-2024.
Rehabilitation Robots Market Segment Highlights for 2020
- The rehabilitation robots market is expected to post a year-over-year growth rate of 24.50%.
- The increasing number of patients that need physical therapy, owing to the rising occurrence of stroke, which often leads to partial or complete loss of mobility, is driving the need for upper extremity rehabilitation robots (UERRs).
- The rehabilitation robots market share growth by the UERR segment will be slower/faster than the growth of the market by the LERR and FE segments.
- 40% of the growth will originate from the North America region.
- The growing demand for technologically advanced products for the rising aging population in the advanced economies, including the US, will significantly drive rehabilitation robots market growth in this region over the forecast period.
- The US is the critical market for rehabilitation robots in North America. Market growth in this region will be faster than the growth of the market in APAC and South America.
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- The rehabilitation robots market size is expected to accelerate at a CAGR of over 25% during the forecast period.
- The rehabilitation robots market is segmented by Geographic Landscape (North America, APAC, Europe, South America, and MEA) and Product (UERR, LERR, TRR, and FE).
- The market is concentrated due to the presence of few established vendors holding significant market share.
- The research report offers information on several market vendors, including Bionik Laboratories Corp., Siemens AG, CYBERDYNE Inc., Ekso Bionics Holdings Inc., Hocoma AG, KUKA AG, Parker Hannifin Corp., ReWalk Robotics Ltd., Rex Bionics Ltd., and Tyromotion GmbH.
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