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New York, USA, January 2, 2021- The global rehabilitation robots market was worth USD 529.8 million in 2018, and is projected to reach USD 2,617.3 million by 2026, growing at 22.1% CAGR between 2019-2026 period. The growing population of elderly, and disabled individuals, rising spending on MEDICAID, and increased penetration of chronic illnesses like strokes, diabetes, cancer, among others.
Due to rising sedentary lifestyle, and rising elderly population, diseases like stroke, and subsequent mental disability remains a major concern in the United States. For example, according to CDC, 1 in every 6 deaths in United States is caused due to strokes. Nearly 0.8 million people each year in United States suffer from stroke, 1 every 40 seconds. Furthermore, 87% of people suffering from strokes suffer from ischemic strokes, a type of disorder where blood flow to the brain is hampered. Strokes, and subsequent disability has become an expensive affair with little promising results, as strokes cost the United States $46 billion each year. Additionally, strokes also remains the highest cause for long-term disability, resulting in more than half of the disabilities in people over 65. CDC estimates that over 35 million nurses worked in the healthcare sector in 2016. Despite the tremendous human resource at disposable, the need for mobilisation among elderly, people suffering from brain hampering conditions like strokes remains an overwhelming need for the healthcare sector.
Chronic Diseases to Remain Drivers of Growth in the Rehabilitation Robots Market
According to Centre for Disease Control and Prevention or CDC, 1 in 6 Americans are suffering from a chronic condition. Moreover, chronic conditions are also the leading driver of health care costs in the United States. The CDC estimates that 90% of all healthcare costs, amounting to over $3.8 trillion are spent on mental, and chronic conditions. Diseases like strokes cost the United States over $138 billion in lost productivity each year. Furthermore, the CDC estimated that cost of treating cancer continues to rise, and can cost the United States over $174 billion by 2020. Furthermore, due to habits like unhealthy diets, obesity is also on the rise. CDC estimates that over a quarter of US young population (17 to 24) is too heavy to join the military. Similarly, the obese population remains at higher risk for chronic diseases including heart disease, diabetes, and some cancers. This illness costs the US healthcare system over $147 billion a year. The people with chronic conditions like cancer, obese individuals will also drive number of bed-ridden patients higher in the near future, along with rising elderly population. The growing penetration of chronic illnesses, major uptakes in healthcare costs, and overwhelming need to provide effective, and technologically advanced services will drive robust growth for the rehabilitation robots market.
Elderly Population Continues to Skyrocket Along with Expansion of MEDICAID
According to the US Census Bureau report released in 2020, the population above 65-year olds have overtaken by the aging population of baby boomers. The population of this demographic has increased by over a third or 34.2% during 2010-2020. Moreover, this has pushed the national median age from 37.2% (already a greying sight) to 38.4, according to the 2019 population estimates.
Thanks to the rising elderly population in United States, long-term care has become an essential service for many Americans. According to the Centre for Disease Control and Prevention (CDC), in 2016, 8.3 million Americans required long-term care services, and 65,600 service providers were engaged in providing them. This included 4,600 adult day service centres, 12,200 home health agencies, 4,300 hospices, 15,600 nursing homes, and 28,900 assisted living or similar residential care community facilities.
Moreover, recent government initiatives in the United States have expanded MEDICAID services, providing an impetus for growth for rehabilitation services. For example, as a rule of thumb, states are responsible for providing medical care to Individuals with Mental Diseases, or IMDs. However, for individuals above 65, and individuals below 21 are covered by federal grants, according to the Medicaid.gov.
Growing Dependency on Medicare to Promise Robust Growth as Awareness of Mental Condition Grows
According to the CDC’s 2007 National Home and Hospice Care Survey, nearly 80% to 97% were Medicaid-certified, and received a major portion of their income through Medicaid. Moreover, these catered to 79% services for physical therapy, and 83% for assistance with activities for daily living. Furthermore, demand for occupational therapy continues to rise, as it stood between 74% and 90% in the nationwide survey. The rising establishment of nursing homes, and elderly care centres in big cities also may pose a major problem for patients with limited mobility. Most providers of long term care including hospices, nursing homes, adult day services centres, home health agencies, and residential care communities lied in metropolitan areas with 79.0%, 71.5%, 84.8%, and 82.5% penetration respectively.
This leaves long-term care facilities with limited wiggle room for providing long-term care services. The problem is highly apparent in Midwest, where bed capacity remained highest in the country with 45 beds for adults on average. However, the supply for adult day services remained lowest with 3 centres per 1,000 people over 65-year-old. The long-term care also remains a promising prospect for players in the rehabilitation robots market, as individuals with need for Advanced Directive continues to rise. Advanced Directive is a legally binding guidance for care providers to make decisions on behalf of the patients, when they are unable to make decision for themselves. CDC estimated that over 88% discharged patients required an AD. Furthermore, the AD may mean many of these patients are unable to direct decisions about their health, and their mobility may have come to a permeant halt. In such cases, the hospital staff like nurses can be of limited help, and without assistance, these individuals can lose mobility permanently. The growing demand for long-term care services, promising prospects of federal aid, and growing effectiveness of application of rehabilitation robots will drive promising growth for the rehabilitation robots market. Some key players in the rehabilitation robots market are AlterG, Inc., Hocoma, Ekso Bionics, Instead Technologies Ltd., Bionik Labs, and Motus Nova.
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