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Handicap Assistance Robots Market by Product and Geography - Forecast and Analysis 2021-2025

  • Published: Sep 2021
  • Pages: 120
  • SKU: IRTNTR71083
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The handicap assistance robots market has the potential to grow by USD 1.40 billion during 2021-2025, and the market's growth momentum will accelerate at a CAGR of 23.20%.

This handicap assistance robots market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by product (robotic parts and robotic wheelchairs) and geography (North America, Europe, APAC, MEA, and South America). The handicap assistance robots market report also offers information on several market vendors, including CYBERDYNE Inc., Focal Meditech, Intuitive Surgical Inc., Kinestica d.o.o., Kinova Inc., Medrobotics Corp., Ossur hf., Panasonic Corp., Rehab Robotics Co. Ltd., and ReWalk Robotics Ltd. among others.

What will the Handicap Assistance Robots Market Size be in 2021?

Handicap Assistance Robots Market Size

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Handicap Assistance Robots Market: Key Drivers and Trends

The increasing number of physically disabled people is notably driving the handicap assistance robots market growth, although factors such as low penetration of robotic wheelchairs in developing economies may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the handicap assistance robots industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

  • One of the key factors driving growth in the handicap assistance robots market is the increasing number of physically disabled people.
  • People, on average, spend eight years living with disabilities in countries such as Japan, Spain, Singapore, Australia, and Italy that have a life expectancy of 70 years and above.
  • Globally, more than 15 million people have brain stroke each year; around six million meet deaths, and nine million are disabled.
  • Stroke represents the second-highest cause of disability after dementia, mainly in people aged 60 years and above, thereby causing high dependence of people on wheelchairs.
  • Manual wheelchairs result in dependence on others, which can be evaded by assistive robots as robotic solutions are controlled with joysticks, this, in turn, provides independence and mental satisfaction to the patients.
  • The support from governments of developed countries is another major factor supporting the handicap assistance robots market share growth.
  • Robotics technology is expensive, and the price of a handicap assistance robot such as robotics arms and robotics wheelchair ranges from $20,000-$100,000.
  • Considering the benefits, such as faster recovery from injury or assistance in permanent disability, the US and countries in the EU are supporting the use of robots in clinics and hospitals by providing funds and reimbursement facilities.
  • Third-party payers which include insurance companies and self-payers in countries such as Germany, the UK, and Sweden, are encouraging the use of robots to assist handicapped people.
  • The increasing support from insurance companies and governments for the use of robots in the healthcare industry will escalate the growth of the global handicap assistance robots market.

This handicap assistance robots market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Who are the Major Handicap Assistance Robots Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

  • CYBERDYNE Inc.
  • Focal Meditech
  • Intuitive Surgical Inc.
  • Kinestica d.o.o.
  • Kinova Inc.
  • Medrobotics Corp.
  • Ossur hf.
  • Panasonic Corp.
  • Rehab Robotics Co. Ltd.
  • ReWalk Robotics Ltd.

 

This statistical study of the handicap assistance robots market encompasses successful business strategies deployed by the key vendors. The handicap assistance robots market is fragmented and the vendors are deploying growth strategies such as partnerships, M&A, collaborations, and new product/technology development to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The handicap assistance robots market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Which are the Key Regions for Handicap Assistance Robots Market?

Handicap Assistance Robots Market Market segmentation by region

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35% of the market's growth will originate from Europe during the forecast period. Germany, Sweden, and the UK are the key markets for handicap assistance robots in Europe. Market growth in this region will be faster than the growth of the market in the North American, MEA, and South American regions.

The rise in the aging population will facilitate the handicap assistance robots market growth in Europe over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Product Segments in the Handicap Assistance Robots Market?

Handicap Assistance Robots Market Segmentation

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The handicap assistance robots market share growth by the robotic parts segment will be significant during the forecast period. Robotic parts, such as robotic arms and legs, are gaining popularity among people with disabilities and limb loss in the Americas and European countries. Vendors are constantly focusing on developing limb-like robotic parts that can work with minimal shocks generated from humans to activate the robotic parts. With these enhancements in technology, an increase in the adoption of such robotic parts is expected. The market for robotic parts is prevailing more in developed countries of North America and the EU due to high healthcare spending and reimbursement systems in these regions, encouraging patients to adopt robotic solutions frequently.

This report provides an accurate prediction of the contribution of all the segments to the growth of the handicap assistance robots market size and actionable market insights on post COVID-19 impact on each segment.

 

Handicap Assistance Robots Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 23.20%

Market growth 2021-2025

$ 1.40 billion

Market structure

Fragmented

YoY growth (%)

16.45

Regional analysis

North America, Europe, APAC, MEA, and South America

Performing market contribution

Europe at 35%

Key consumer countries

US, Germany, Sweden, Japan, and UK

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

CYBERDYNE Inc., Focal Meditech, Intuitive Surgical Inc., Kinestica d.o.o., Kinova Inc., Medrobotics Corp., Ossur hf., Panasonic Corp., Rehab Robotics Co. Ltd., and ReWalk Robotics Ltd

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period

Customization purview

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What are the Key Factors Covered in this Handicap Assistance Robots Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive handicap assistance robots market growth during the next five years
  • Precise estimation of the handicap assistance robots market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the handicap assistance robots industry across North America, Europe, APAC, MEA, and South America
  • A thorough analysis of the market's competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of handicap assistance robots market vendors

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Executive Summary

    Market Landscape

    • Market ecosystem
    • Value chain analysis

    Market Sizing

    • Market definition
    • Market segment analysis
    • Market size 2020
    • Market outlook: Forecast for 2020 - 2025

    Five Forces Analysis

    • Bargaining power of buyers
    • Bargaining power of suppliers
    • Threat of new entrants
    • Threat of substitutes
    • Threat of rivalry
    • Market condition

    Market Segmentation by Product

    • Market segments
    • Comparison by Product
    • Robotic parts - Market size and forecast 2020-2025
    • Robotic wheelchairs - Market size and forecast 2020-2025
    • Market opportunity by Product

    Customer landscape

      Geographic Landscape

      • Geographic segmentation
      • Geographic comparison
      • North America - Market size and forecast 2020-2025
      • Europe - Market size and forecast 2020-2025
      • APAC - Market size and forecast 2020-2025
      • MEA - Market size and forecast 2020-2025
      • South America - Market size and forecast 2020-2025
      • Key leading countries
      • Market opportunity by geography
      • Market drivers
      • Market challenges
      • Market trends

      Vendor Landscape

      • Landscape disruption

      Vendor Analysis

      • Vendors covered
      • Market positioning of vendors
      • CYBERDYNE Inc.
      • Focal Meditech
      • Intuitive Surgical Inc.
      • Kinestica d.o.o.
      • Kinova Inc.
      • Medrobotics Corp.
      • Ossur hf.
      • Panasonic Corp.
      • Rehab Robotics Co. Ltd.
      • ReWalk Robotics Ltd.

      Appendix

      • Scope of the report
      • Currency conversion rates for US$
      • Research methodology
      • List of abbreviations

      Research Framework

      Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

      TechnavioINFORMATION SOURCES

      Primary sources

      • Manufacturers and suppliers
      • Channel partners
      • Industry experts
      • Strategic decision makers

      Secondary sources

      • Industry journals and periodicals
      • Government data
      • Financial reports of key industry players
      • Historical data
      • Press releases
      Technavio

      TechnavioDATA ANALYSIS

      Data Synthesis

      • Collation of data
      • Estimation of key figures
      • Analysis of derived insights

      Data Validation

      • Triangulation with data models
      • Reference against proprietary databases
      • Corroboration with industry experts
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      TechnavioREPORT WRITING

      Qualitative

      • Market drivers
      • Market challenges
      • Market trends
      • Five forces analysis

      Quantitative

      • Market size and forecast
      • Market segmentation
      • Geographical insights
      • Competitive landscape
      Interested in this report?
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      Handicap Assistance Robots market growth will increase by $1401.48 million during 2020-2025.
      The handicap assistance robots market is expected to grow at a CAGR of 23.2% during 2020-2025.
      Technavio has segmented the handicap assistance robots market by product (Robotic parts and Robotic wheelchairs) and geographic (North America, Europe, APAC, MEA, and South America).
      CYBERDYNE Inc., Focal Meditech, Intuitive Surgical Inc., Kinestica d.o.o., Kinova Inc., Medrobotics Corp., Ossur hf., Panasonic Corp., Rehab Robotics Co. Ltd., ReWalk Robotics Ltd. are a few of the key vendors in the handicap assistance robots market.
      Europe will register the highest growth rate of 35.44% among the other regions. Therefore, the handicap assistance robots market in Europe is expected to garner significant business opportunities for the vendors during the forecast period.
      The key factors driving the handicap assistance robots market growth are:
      • Increasing number of physically disabled people
      The handicap assistance robots market vendors should focus on grabbing business opportunities from the robotic parts segment as it accounted for the largest market share in the base year.
      • What are the key global market and the regional market share?
      • What are the revenue-generating key market segments?
      • What are the key factors driving and challenging this market’s growth?
      • Who are the key market vendors and their growth strategies?
      • What are the latest trends influencing the growth of this market?
      • What are the variables influencing the market growth in the primary regions?
      • What are the factors influencing the growth of the parent market?
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