A new study, from of Lux Research, has indicated that there will be significant growth for prosthetics and therapeutic robotic devices within the next 9 years. This could apparently grow into a $3.6 billion market due to the fact that there is an increase demand with an aging population, as well as already present injuries.
When it comes to prosthetic robotics, bionic arms and legs, according to the report, will be most prevalent in the U.S. and Europe, but China will comprise nearly one-third of the market by 2025.
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When it comes to therapeutic robotics, like those used to help patients following strokes or spinal cord injuries, there is more insurance reimbursement availability. This means this market will be more focused on sales from rehabilitation centers.
“Robotics is rapidly entering the future of health care as a tool that will enable more advanced and personalized care for millions of patients. As longevity increases, more people are demanding better rehabilitative care,” said Maryanna Saenko in a statement, Lux Research Analyst and lead author of the report titled, “Automating the Road to Recovery – How the Rehabilitation Robotics Market Is Changing the Future of Health Care.”
Here are some of the basis behind the findings and the market prediction:
- Elderly population grows. Global life expectancy has risen to 78.7 years, compared to 75.4 in 1990. Additionally, the number of people aged 65 or over is projected to rise to nearly two billion in 2050. This will raise the population of those with debilitating diseases requiring rehabilitative care.
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- Survivors of debilitating disease on the rise. The number of patients needing rehabilitative robotics is on the rise not only because people are living longer but also because incidences of conditions like stroke are increasing, and life expectancy of those affected is growing. According to the American Heart Association, the number of stroke survivors is to rise by 68% by 2050, from the current 665,000. Similarly, survivors of spinal cord injuries are growing.
- Opportunity for device integrators. The therapeutics market lacks existing infrastructure, making it a fertile ground for new technologies despite challenges arising from medical reimbursement. An even larger opportunity exists for device integrators because profit margins are significantly higher than for makers of finished products in the medical devices industry.
Photo: from Flickr user Amber Case