Robotic Rehabilitation and Assistive Technologies Market Trends

Growth Drivers

• Increasing Incidence of Orthopedic Illnesses - For instance, 58.5 million adults in the U.S. (23.7%), or 1 in 4, suffer from arthritis according to statistics from the Centers for Disease Control and Prevention (CDC).

• Orthopedic diseases include bursitis, osteoarthritis, rheumatoid arthritis, cubital tunnel syndrome, elbow pain, elbow problems, and others. These diseases can affect the musculoskeletal system, such as, nerves, bones, joints, muscles, ligaments tendons, and others, and can cause severe physical disabilities. Robotic rehabilitation and assistive technologies are helpful to provide gait rehabilitation systems and other functions of the body.

• Rising Geriatric Population - Elderly population is more prone to developing physical disabilities, and commonly, people above 70 to 90 find it difficult to move on their own. Hence, robotic rehabilitation and assistive technologies become beneficial to facilitate desired body movement. The percentage of individuals over 60 in the world will nearly double from 12 to 22% between 2015 and 2050. Additionally, it is projected that 80% of the world's old people will live in low- and middle-income countries.

• Increasing Health Spending - A considerable amount of health spending is observed to be spent on the development of advanced medical equipment to provide better healthcare services. In 2019, global health spending reached around USD 8 trillion, summing up to 10% of the GDP which was estimated to be an increase from 8% in 2000.

• Growing Number of Long-Term Care Facilities for the Geriatric - As of 2019, nearly 65,000 regulated long-term care facilities were noticed to function in the United States, providing services for approximately 8 million residents.

• Surge in the Instances of Cardiovascular Diseases (CVDs) - For instance, with around 18 million fatalities per year (32.5% of all deaths), CVDs are the leading cause of death worldwide.

Challenges

• Lack of Availability and Awareness About Rehabilitation Treatments in Developing Countries – Reasons, such as lack of awareness regarding the advantages of robotic rehabilitation for the disabled, lack of affordability as of low income, along with the poor healthcare infrastructure, are some of the factors which are estimated to negatively influencing the growth of the global robotic rehabilitation and assistive technologies market in emerging nations over the forecast period.

• Concerns Associated with the Reimbursement

• Lack of Trained Professionals