[ACCESSWIRE]
NEW YORK, NY / ACCESSWIRE / July 28, 2016 / Bionics. Electronic life - mechanical systems that mimic the function of living organisms. Imagine a time when a paralyzed man can walk, when a mother with only one arm can clap at her daughter's recital. That time is now. Like no other in history, we are in an age where bionics will impact the lives of the disabled. Numbers in America alone are staggering: 300,000 suffer spinal cord injury each year with less than 1% fully recovered; 1 in 50 people are para- or quadriplegic costing upwards of $500,000 for care in just the first year; and victims of debilitating stroke, roughly 800,000 per year, cost our healthcare system $34 billion.
The vision of bionics caught fire when The Six Million Dollar Man, about an injured astronaut put back together with machine-replaced body parts, aired in the 1970s along with its spin-off, The Bionic Woman. Far from science fiction, its concept was made real by Neville Hogan, Ph.D., considered the 'Father of Bionics' whose doctoral thesis at MIT was to skillfully blend man and machine.
Since then, Dr. Hogan has published over 350 scientific papers on the subject, many in conjunction with colleague Hermano Igo Krebs, Ph.D., both sharing a passion of how robotics can impart motion to those who've lost it to injury and neurological disorder. This modern-day Watson and Crick of neuro-robotics spearheaded an escalating industry and are responsible for bringing their talent into the practice of physical rehabilitation, forever changing medicine.
As the field of neuro-robotics expands, and given the big dollars to be gleaned from it, players are abundant but only three stand out in terms of technology and market-focus: EKSO Bionics Holdings (EKSO:OTCQB), ReWalk Robotics (RWLK:NASDAQ), and Bionik Laboratories Corp. (BNKL:OTCQX). Within this group, key features distinguish one from the other.
EKSO's exoskeleton targets rehabilitation and industrial use; that is, frequent lifting of heavy objects or repetitive motion, an area that sparked investor interest. EKSO also drew the attention of Hugh Herr, Ph.D. of MIT, a double amputee and pioneer designing bionic limbs using biomechatronics. Both will work together, leveraging top-notch design teams to further innovation.
ReWalk has a very limited exoskeleton product line and, though long in the market, went for sales easy to make - revenue for 2015 was $3.7 million. A recent association with Harvard for a soft robotics 'suit' for stroke and multiple sclerosis, however, should spur ReWalk's strong development effort to greater heights. ReWalk scored a major coup with approval for reimbursement of its exoskeleton by the Veterans Administration for victims of spinal cord injury.
Japanese firm CYBERDYNE Inc. (OTC:CYBQY) offers upper and lower body robotics for rehabilitation and has reimbursement approval in that country. Its products revolve around a central, very sleek design applicable to not only medical needs but also fitness training. Shares recently listed on a US exchange; market capitalization is $4.5 billion. Revenue of $10 million is gaining momentum, although net loss stood at $7.5 million in the most recent year-end reporting.
The newest and by far the most undervalued entrant is Bionik Labs. Created out of groundbreaking work from Michal Prywata, co-founder and COO, he transformed his revolutionary bionic innovations as a college student in 2011 into a company with disruptive technology geared to restoring mobility. Bionik Labs vaulted forward recently with the acquisition of a company founded by Drs. Hogan and Krebs, already with worldwide sales of $2 million in 20 countries, that enhances Bionik's lower-body exoskeleton product offering with devices for upper-body hand, arm and wrist, a truly massive market for stroke. With this, Bionik's broad array of devices is unequaled in the business.
Bionik's competitive robotics advantages are clear: more power to more easily lift and walk patients; tablet controlled to facilitate user interface allowing quicker adjustments in the clinic; software expansion via its valuable association with IBM; cloud-based data analysis in real-time with opportunities for fast data updates to improve the man/machine interaction; cost-effectiveness by virtue of a newer design than EKSO or ReWalk; a significantly stronger product portfolio and most robust clinical data in the robotic neuro-rehabilitation space. Both competitors fall far behind.
There are five million wheelchair-bound patients who can profit from Bionik's lower-body device; if all were converted, the market open to them tops $200 billion. Other disability markets hold high percentages of candidates upon conversion. In lower limb impairment from stroke, Bionik can essentially address 100% of patients, a $5 billion business.
In the fast-growing industry of bionics, comprising exoskeletons and smart prosthetics projected grow to $1.8 billion by 2020, it's highly likely our next generation will never witness individuals who cannot walk. Much of this miracle will be due to Bionik Labs. The disabled, through injury, stroke, spinal cord trauma or other neurological calamities, who require a lifetime of mobility assistance, will not only benefit from Bionik's devices, but thrive from a better quality of life.
Contact:
Ray Dirks Research
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SOURCE: Ray Dirks Research
