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(Wireless-NewsWire.Com, March 26, 2020 ) Market Overview
• The Global Assistive Robotics Market is expected to grow at a CAGR of 22.1 % during the forecasting period (2019-2026). The rising number of people suffering from strokes and spinal cord injuries is one of the major factors in driving the market for Assistive Robotics market. For instance, ReWalk is a wearable robotic exoskeleton that provides powered hip and knee motion to enable individuals with spinal cord injury (SCI) to stand upright and walk.
• Assistive robotics has largely referred to robots that assisted people with physical disabilities through physical interaction. This definition is no longer appropriate as it lacks in scope: it does not cover assistive robots that assist through non-contact interaction, such as those that interact with convalescent patients in a hospital or senior citizens in a nursing home. An adequate definition of an assistive robot is one that gives aid or support to a human user.
• The report covers all the major trends and drivers playing a vital role in the growth of the global Assistive Robotics market. The global Assistive Robotics market has been segmented based on Type, Application, and Region.
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Market Dynamics
• The global Assistive Robotics market growth is primarily driven by the worldwide increase in the number of people suffering from strokes and spinal cord injuries, coupled with rising insurance coverage for medical exoskeletons and robotic surgeries. The insurance companies are continuously changing their policies to stand out in the market, and hence with this strategy; they are also framing policies for the coverage of exoskeleton medical devices for people with spinal cord injury (SCI).
• For instance, Cigna Corporation has revised its policy on coverage of exoskeleton medical devices for people with spinal cord injury (SCI). Previously, the insurer had a non-coverage policy, but they now plan to review submissions on a case-by-case basis. The policy change is already in effect. The policy revision is the first of its kind by any major private insurer for people who are eligible for exoskeleton devices.
• The growing technology advancements all around the world, making possible exoskeleton robot technology much better for use for the strokes and spinal cord injuries suffering people. Now, exoskeletal with smaller batteries, stronger materials, and a hundred times smaller computers with more powerful processors are gaining popularity than earlier days of exoskeleton development, which had the weight of a car and never left research labs.
• However, the necessity to fulfill various standards and certifications, especially in the medicinal industry, will hinder the growth of the Assistive Robotics market for the forecast period.
Market Segmentation Analysis
• By Type, the global Assistive Robotics market is segmented by Physically Assistive Robots, Socially Assistive Robots, and Mixed Assistive Robots. Social Assistive robots has the dominant position in the Assistive Robotics Type segment and is expected to retain its dominance in the forecasted period due to use of robots for caregiving of end-user populations which include the elderly aging-in-place, those ageing in institutions, as well as stroke patients, children with autism, and other social and developmental disorders, and many others. The rise in use of assistive robots in medical surgeries will make the market for mixed assistive robots to grow with a higher CAGR in the forecast period.
• By Application, the global Assistive Robotics market is segmented by Elderly Assistance, Companionship, Handicap Assistance, Surgery Assistance, Industrial, Defense, Public Relations, and Others. Handicap assistance has the dominant position in the Assistive Robotics Application segment and is expected to retain its dominance in the forecasted period due to wide acceptance of the assistive robots as with the advancement in technology, and the people can perform much better tasks with these.
Regional Analysis
• By geography, the global Assistive Robotics Market is segmented into North America, Asia-Pacific (APAC), Europe, South America, and the Middle East and Africa (MEA).
• North America holds the largest market share for Assistive Robotics Market, due to the rise in the people suffering from the spinal cord injuries coupled with high technological advancement and the higher adoption of these advanced technologies by the people in the region. The rise in investments in healthcare is one of the sectors which has continuous advancements in the region. For instance, Investors continue to have a strong appetite for digital health, with investment in the sector totaling $4.2 billion across 180 deals through the first half of 2019. If this pace holds steady, the sector is on track to raise $8.4 billion in 2019 and could top 2018's record-breaking annual funding total of $8.2 billion.
• Asia-Pacific is after North America in terms of market share in the global Assistive Robotics market due to the growing aging population and lacks caretakers in countries like China, Japan, India, and others. As Asian countries prepare them for Industrial revolution 4.0, the adoption rate of emerging technologies like artificial intelligence, robotics, analytics, and IoT has increased many-folds specially in the area of medical surgeries. And hence it is expected that the market for assistive robotics market will grow with higher CAGR in the region for the forecast period.
Competitive Analysis
• Key players are adopting strategies such as investing in R&D, new product launches, expansion in distribution channels to stand out as strong competitors in the market. Global Assistive Robotics Market is a fragmented market with the presence of various global and regional players in the market. The major players include Kinova Robotics, ReWalk Robotics, Fourier Intelligence, Cyberdyne, and SoftBank Robotics. Other key players in the market include Blue Frog Robotics, Barrett Technology, Intuitive Surgical, Focal Meditech, and F&P Robotics.
• In October 2019, CYBERDYNE, INC., obtained conformity certification to the Medical Device Directive in the EU (“MDD”) by TÜV Rheinland LGA Products GmbH Köln, Germany, for its Wearable Cyborg HAL for Medical Use Single Joint Type. The Company currently offers its HAL for Medical Use Lower Limb Type to Japan, U.S., Europe, Middle East, and Asia, as the world’s first Wearable Cyborg with an acknowledged therapeutic effect.
• In March 2019, Kinova Kinova Launches Third Generation Ultra Lightweight Robot KINOVAⓇ Gen3 designed for researchers to help them get maximum value across multiple projects, applications, and environments. Everything about this robot is next-generation. It’s inherently safe, it’s the only one with embedded 2D and 3D sensors, and its capabilities will evolve with your needs with its truly open hardware and software architecture.
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