Growing geriatric populace and surging prevalence of chronic conditions and disabilities are expected to spur market growth
The global robotic rehabilitation & assistive technologies market size is expected to reach USD 4.08 billion by 2028 at a CAGR of 12.7%, according to a new report by Reports and Data. Substantial increase in market revenue growth can be attributed to the expanding geriatric population, rising prevalence of congenital physical disabilities, growing burden of acute and chronic diseases, and increasing incidences of stroke, paralysis, or spinal injuries. Other major factors accountable for market revenue growth are rising applications of computational intelligence in assistive technology, surging demand for advanced robotic prostheses, and rapid incorporation of rehabilitation robotics and assistive technologies across hospitals, clinics, and palliative care facilities. Rising collaborations among research laboratories, academia, and leading industry players have led to path-breaking advances in assistive robotic technologies such as powered exoskeleton, which enables individuals with locomotor disabilities to move or walk better. For instance, a research team at Northern Arizona University led by Prof. Zach Lerner is currently working on the development of wearable exoskeleton devices to help disabled people improve their mobility.
Robotic rehabilitation and assistive technologies are part of an advanced medical approach to restoring functional ability of the ill or disabled and improving their quality of life with the help of robotic devices. Rehabilitation robotics comprise robotic devices specifically designed to assist various sensorimotor functions that involve the use of hands, arms, or limbs. They help patients with daily repetitive tasks through the recovery process and also gather quantitative data about their performance and progress. These devices have proven to be most effective for individuals with motor function damage caused by stroke, severe functional disabilities like muscular dystrophy and Parkinson’s disease, cognitive or visual impairment, hearing loss, congenital disabilities, or wheeled mobility. Rehabilitation robotics is a specialized branch of biomedical engineering and extensively involves human-robot interaction for rehabilitation purposes. Several assistive technologies such as soft robotics and exoskeletons enhance the efficacy of rehabilitation therapies and ease patients’ lives, boosting their self-dependence.
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Market Dynamics:
Increasing development of on-demand, digitally enabled, and seamlessly connected clinician-patient interactions to manage patient base is expected to drive pharma and healthcare market in the coming years. After the COVID-19 outbreak there has been a number of foundational shifts in the healthcare system. Some of the examples include increasing consumer involvement in health care decision-making, the rapid adoption of virtual health & other digital innovations, increasing focus on utilization of interoperable data & data analytics, and increased public-private collaborations in therapeutics and vaccine development. The increased public-private collaborations for vaccine development has arisen due to high pressure of regional governments. Health care providers, and other stakeholders have invested heavily to quickly pivot, adapt, and innovate therapeutics.
Surging demands and transition to patient-centric care delivery across geographies will change pharma and healthcare market trends through 2028.
Competitive Outlook:
The report focuses on current and emerging trends in the healthcare industry such as incorporation of IoT and Machine Learning to enhance efficiency of medical products. Top companies in the market are focusing on R&D activities to expand their product offerings and cater to unmet medical needs.
This report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, and recent developments in both historic and present contexts.
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