Global Hybrid Assistive Limb Market Overview:
Hybrid Assistive Limb (HAL) is often an exoskeleton suit developed to support and expand the physical capabilities of its user. HAL is generally made for people with disabilities. It can also be used by workers or someone who is doing a special job in extraordinary conditions. This limb is aimed at enhancing and assisting its user to replace its damaged limb. It was first manufactured by Japanís Tsukuba University and the robotics company Cyberdyne. The hybrid assistive limb is expensive but with increasing demand; players in this market hope to take advantage of economies of scale to make the price cheap and increase the demand further ultimately. With increasing investment in robotics, the spillage from the robotics industry is set to increase the functions, practicality, and efficiency of the assistive limb.
- Increasing Need for Assistive Technology for People With Disabilities
- Growing Demand of Hybrid Assistive Limb Among Elderly People
- Introduction of Hybrid Assistive Limb New Therapies
- Increasing R&D to Make Hybrid Assistive Limb Better
- High Cost Associated with Hybrid Assistive Limb Surgery
- Emerging Demand for Hybrid Assistive Limb from Developed Countries
- Rising Interest Among Hospitals About Hybrid Assistive Limb
- Lack of Medical Infrastructure in Developing Countries
Few of the market leaders hold most of the market share in this market. High Expertise and high experience are needed to operate in this market. Competing firms first have to approach hospitals and medical experts to make use of their limbs. Intellectual properties and patents act as entry barriers in this market. Players could sign contracts with surgery providers to use their limbs to keep increasing revenue. There are opportunities in this market for mergers so as to increase the capacity for R&D and consolidate expertise which is thinly spread.
Some of the key players profiled in the report are Cyberdyne (Japan), AlterG, Inc (United States), Assistive Innovations Corp. (Netherlands), Bionik Laboratories Corp (Canada), Focal Meditech (Netherlands), Freedom Innovations, LLC (United States), Hocoma (Switzerland), Ekso Bionics (United States) and ReWalk Robotics Ltd (Israel). Considering Market by Sales Channel, the sub-segment i.e. Direct will boost the Hybrid Assistive Limb market. Considering Market by Material, the sub-segment i.e. Aluminum will boost the Hybrid Assistive Limb market.
In 2018, Cyberdyne, a Japanese Robotics company, focused on making hybrid robotic limbs; got its approval from the United States food and drugs administration (FDA) to begin offering one of its products hybrid assistive limb lower-body exoskeleton in the United Stated through licenced medical facilities. HAL will use sensors attached to the leg muscles to detect biometric signals sent from the brain and then power up accordingly to enhance strength and stability.
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The top-down and bottom-up approaches are used to estimate and validate the size of the Global Hybrid Assistive Limb market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Hybrid Assistive Limb market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Venture Capitalists and Private Equity Firms, New Entrants/Investors, Analysts and Strategic Business Planners, Hybrid Assistive Limb Manufacturers, Suppliers, and Distributors, Raw Material Suppliers, Government Regulatory and Research Organizations, End-Use Industries and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.