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Rehabilitation Robotics Market Size, Trends, Growth Drivers, Forecast To 2033
Rehabilitation Robotics Market Size
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According to The Business Research Company's, The rehabilitation robotics market size has grown exponentially in recent years. It will grow from $1.22 billion in 2023 to $1.51 billion in 2024 at a compound annual growth rate (CAGR) of 24.2%. The growth in the historic period can be attributed to growth in rehabilitation and physical therapy services, demand for precision and targeted therapy, expansion of aging populations and chronic conditions, development of advanced robotic rehabilitation devices, regulatory standards for medical device safety..
The rehabilitation robotics market size is expected to see exponential growth in the next few years. It will grow to $3.37 billion in 2028 at a compound annual growth rate (CAGR) of 22.2%. The growth in the forecast period can be attributed to customized rehabilitation robotics for specific patient needs, integration of ai and machine learning in rehabilitation, sustainable and cost-effective rehabilitation robotics, expansion in tele-rehabilitation and remote monitoring, adoption of rehabilitation robotics in sports medicine.. Major trends in the forecast period include regulatory compliance in rehabilitation robotics safety, smart and adaptive robotic rehabilitation solutions, personalized rehabilitation programs and progress tracking, transparency in rehabilitation robotics data and outcomes, integration of virtual reality and gamification in therapy..
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Market Drivers and Trends:
During the forecast period rising instances of strokes, injuries, and neurological diseases is expected to drive the rehabilitation robotics market. For instance, according to the world Health Organization (WHO), a Switzerland-based health agency of the united nations, in 2022, 50 million people globally were suffering from epilepsy, nearly 80% of them were living in low and middle-income countries. Hence, the rising instances of strokes, and neurological diseases is predicted to hike the demand for rehabilitation devices including rehabilitation robots.
The rapid adoption of assistive robotics for faster and more effective treatment has been a major trend in the rehabilitation robotics market. The adoption of assistive robots in the medical field is rising, for a faster and more effective treatment process and thus companies are investing more in new product development to meet the demand. For instance, In January 2022, Labrador Systems, Inc., a US-based early-stage robotics company specializing in assistive robots, introduced the Labrador Retriever. Labrador Retriever is a personal robot that helps people live more independently by offering useful, hands-on assistance with daily tasks around the house. The robot serves as an extra set of hands, assisting people in carrying heavy loads and bringing necessary objects to close at hand. It is intended to ease the burden on the people whose everyday activities are impacted by chronic pain, injuries, or other medical conditions.
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Major Key Players of the Market:
Myomo Inc., Bionik Laboratories Corporation, Hocoma AG, Cyberdyne Inc., ReWalk Robotics Ltd., Ekso Bionics Holdings Inc., Rex Bionics Ltd., AlterG Inc., RU Robots Limited, Woodway GmbH, Tyromotion GmbH, ABILITY Switzerland AG, Motek Medical B.V., Reha Technology AG, Man&Tel Co. Ltd., Rehab-robotics Company Limited, Kinova Robotics, Mrisar Institute of Science Arts and Robotics, Robotdalen, Bioxtreme Robotics Rehabilitation, Corindus Inc., Fourier Intelligence Co. Ltd., Focal Meditech BV, B-Temia Inc., Gogoa Mobility Robots SL, Motorika Medical Ltd., Neofect Co. Ltd., Saebo Inc., SynTouch LLC, Touch Bionics Inc., Biodex Medical Systems Inc., HONDA Motor Co. Ltd., InMotion LLC, KUKA AG, Parker Hannifin Corporation, RSL Steeper Group Ltd.
Rehabilitation Robotics Market 2024 Key Insights:
• The rehabilitation robotics market size is expected to see exponential growth in the next few years. It will grow to $3.37 billion in 2028 at a compound annual growth rate (CAGR) of 22.2%.
• Increasing Cases Of Strokes And Neurological Diseases Drive Rehabilitation Robotics Market
• Rapid Adoption Of Assistive Robotics Drives Advancements In The Rehabilitation Robotics Market
• North America was the largest region in the rehabilitation robotics market in 2023
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