Healthcare Assistive Robot Market surge to touch USD 1.2 Bn by 2024| Key Players: Barrett Technology, Cyberdyne Inc., Ekso Bionics

Global Healthcare Assistive Robot Market is set to exceed USD 1.2 billion by 2024; according to a new research report by Global Market Insights. Increase in funding for research on robotics technology will stimulate healthcare assistive robot industry growth over the analysis timeline. For instance, the National Institutes of Health (NIH) is focusing on R&D pertaining to robotic technology to ensure better healthcare outcome and increasing life span of patients. Moreover, growing focus of industry players on development of technologically advanced robots will further spur the market size. However, high costs of robots and social stigma pertaining to robots may impede healthcare assistive robot market growth during the forthcoming years.

Increasing incidence of stroke coupled with rising geriatric population worldwide is the key factor that will escalate the demand for healthcare assistive robots during the forecast period. According to the CROI, each year, 15 million people worldwide suffer a stroke of which around 6 million cases lead to mortality whereas about 5 million remain permanently disabled. Adoption of assistive rehabilitation robots as an innovative treatment for therapy of stroke recovered patient is increasing in recent years. Ability of these robots to perform repetitive sets of exercises and provision of measurable feedback will render positive impact on the healthcare assistive robot industry growth.

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The rising frequency of strokes which is also a major cause of disability in western countries is driving the demand for rehabilitation robots worldwide. Rehabilitation robots are designed to offer a repetitive set of exercises and provide measurable feedback, which help patients overcome their disability as quickly as possible. In terms of portability, mobile healthcare assistive robot industry is expected to grow at a CAGR of more than 19.5% over 2016-2024. Driven by remote handling and high programmability, mobile robots are very compatible and can be integrated along with other mobile technologies.

Healthcare assistive robot market is witnessing a major demand, driven by its wide set of applications across orthopedics, sports, cognitive & motor skills, and stroke. Healthcare assistive robot industry size in stroke application is estimated to generate a heavy momentum, surpassing a revenue of USD 355 million by 2024. The growth can be attributed to the increasing geriatric population base, increasing frequency of neurological disorders, and technological developments in rehabilitation robotics.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
• KUKA Robotics
• Barrett Technology
• Cyberdyne Inc.
• Ekso Bionics
• GaitTronics
• Hansen Medical
• Hocoma AG
• Honda Motor Co., Ltd.
• Interactive Motion Technologies, Inc
• Kinova
• ReWalk Robotics, Inc.

Orthopedics applications worth USD 56.3 million in 2015, is anticipated to register a CAGR of 19.4% over the period of 2016-2024. High demand for robotics services in physiotherapy coupled with the increasing number of accident injuries will drive the application demand over the coming years. Geographically, U.S healthcare assistive robot industry is expected to grow rapidly over the next few years, with the target market size estimated to go beyond USD 310 million by 2024. The noteworthy factors that will stimulate this industry growth include favorable government initiatives, increased awareness, growing geriatric population, and technologically advanced devices.

Japan healthcare assistive robot market is anticipated to witness a CAGR of more than 22% over 2016-2024, primarily driven by the nation’s favorable government initiatives. For instance, the "robot revolution realization council" is a major contribution in the development of artificial intelligence technologies. Germany healthcare assistive robot industry growth can be attributed to its excellent research funding methodologies and an increase in the number of companies working on robot-assisted technologies.

Improved government regulations and a growing awareness will intensify industry growth. Undoubtedly, healthcare assistive robot market growth will be subject to restraining factors such as high R&D expenditure, limited understanding of robotics, and lack of regulatory support. Despite the shortcomings, more and more efforts to promote robotic research will enhance the business outlook.

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Global healthcare assistive robot market is dominated by companies such as HONDA Motor, Cyberdyne, Hansen Medical, Hocoma, Kinova, Bionik, ReWalk Robotics. A strong financial background and popular products are major reasons for these pioneers to have the upper hand, in an industry that is still in a nascent stage.

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