ALBANY, New York, October 16, 2017 /PRNewswire/ --
The medical robotics market has just begun to take hold over the health care industry. Surgical robots aid surgeons to perform complex minimally invasive procedures; some robots assist in improving accuracy of radiation treatment for cancer and assist in rehabilitation of disabled patients. They hold out a lot of promise for the healthcare sector. The market for robotic rehabilitation and assistive technologies is being driven mainly by the burgeoning geriatric population worldwide and the increasing instances of stroke - both of which rob people of their ability to move about in lesser or greater degree.
According to Transparency Market Research, the global robotic rehabilitation and assistive technologies market will likely expand at a CAGR of 13.1% from 2017 to 2025. Rising at this pace, the market which was worth US$ 765.1 mn in 2016 is projected to attain a value of US$ 2,290.3 mn by 2025.
Robotic rehabilitation and assistive technologies market by application has been segmented into surgery, cognitive and motor skill therapy and others. By application, surgery dominated the global robotic rehabilitation and assistive technologies market. The segment is likely to retain its dominant position in the years to come.
Geographically, the key regions in the global robotic rehabilitation and assistive technologies market are North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Currently, Asia Pacific, driven primarily by Japan, is growing at a maximum pace. The report by TMR predicts the market to clock a CAGR of 15.3% CAGR during the period between 2017 and 2025. A rising pool of elderly is mainly serving to boost demand in the market. However, developing countries in the region are somewhat lagging in sales of robotic rehabilitation and assistive technologies on account of their expensiveness.
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The market for robotic rehabilitation and assistive technologies is also being boosted by technological progress leading to the use of more efficient motors, compact and light materials, power back-up, and sophisticated controls and safety mechanisms.
One factor hampering sales, on the flipside, is the steep price of assistive robots. The price to performance ratio is not viable owing to the high cost of development combined with a relatively low benefit for patients and clinics. However, improvement in production methods and helpful reimbursement policies is helping overcome such challenges.
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At present the global robotic rehabilitation and assistive technologies market is in a nascent state. This is because just a fraction of the possible applications are being explored in universities, laboratories, and start-up companies. Hence, the market has ample room to grow. Currently, the market is choc-o-bloc with startups and other small but established companies, which makes the landscape fragmented.
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.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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SOURCE Transparency Market Research