Medical Exoskeleton Market
Medical Exoskeleton Market by Component (Hardware, Software), by Type (Powered, Passive), by Extremities (Lower, Upper, Full body), by Mobility (Mobile, Stationary), by Region (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)
|Medical Exoskeleton Market Forecast Year:||2022 - 2028|
|Medical Exoskeleton Market Historical Year:||2016 - 2021|
|Medical Exoskeleton Market 2021:||USD 0.21 Billion|
|Medical Exoskeleton Projected Market 2028:||USD 5.80 Billion|
|Medical Exoskeleton Market CAGR:||44.8%|
|Fastest Growing Region:||Asia Pacific|
|Largest Region:||North America|
Medical Exoskeleton Market: By Component, Type, Extremities, and Region
Global Medical Exoskeleton market is valued at USD 0.21 Billion in 2021 and is projected to attain a value of USD 5.80 Billion by 2028 at a CAGR of 44.8% during the forecast period, 2022–2028. The market for Medical Exoskeletons is expected to surge in 2022 as more patients with muscle-wasting diseases or spinal cord injuries receive robotic assistance to regain mobility. A surge in the number of clinical trials for neuromuscular disorders and spinal cord injuries will significantly influence the industry growth. In addition, technological advancements boosting product range and miniaturization support industry growth. Patient awareness about these products has been growing as well, positively influencing patient demand.
Growing Prevalence of Disabilities is Projected to Drive Growth of Medical Exoskeleton Market
The market for Medical Exoskeletons is expected to surge in 2022 as more patients with muscle-wasting diseases or spinal cord injuries receive robotic assistance to regain mobility. A surge in the number of clinical trials for neuromuscular disorders and spinal cord injuries will significantly influence the industry growth. In addition, technological advancements boosting product range and miniaturization support industry growth. Patient awareness about these products has been growing as well, positively influencing patient demand. According to the US Census Bureau, the global elderly population is estimated to increase at a steady pace in the coming years, from 703 million in 2019 to 1.5 billion by 2050. Growing geriatric population coupled with improved treatment efficacy will boost patient demand, in turn positively influencing industry growth. This number is likely to spike in the coming years, thereby providing a significant impetus to industry growth.
Market Size Provided for Years
Region & Counties Covered
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST
analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market
attractiveness analysis by segments and North America, company market share analysis, and COVID-19
Global Medical Exoskeleton market is segmented by component (hardware (sensor, actuator, control system, power source), software), type (powered, passive), extremities (lower, upper and full body) & mobility (mobile, stationary) and region.
Exoskeletons can be powered electrically or pneumatically, and they can also be unpowered, for example a passive exoskeleton utilizes the wearer's own muscles. In rehabilitation robotics there are two main types of wearable robots that have been used in clinical settings: powered lower limb orthoses and body-weight support systems. Powered lower limb orthoses have been used to improve walking ability in patients with stroke, spinal cord injury or traumatic brain injury. Body-weight support systems have been used to reduce the effects of muscle weakness in patients with multiple sclerosis or muscular dystrophy.
Below tree is interactive. You can click the nodes to get more information.
Growing Focus of Manufacturers on Research and Development to Fuel the Growth of Medical Exoskeleton Market
Many healthcare providers and medical device manufacturers are making efforts to introduce technological advancements that can efficiently treat neuromuscular disorders. For instance, in April 2018, ReWalk Robotics successfully tested its robotic exoskeleton with spinal cord injury patients at Kings College Hospital in London. Design of such products has been improved considerably using smart materials such as shape memory alloys and piezoelectric systems. This technology will help reduce product weight and offer high energy efficiency, which is likely to propel demand over the forecast period.
Key Challenges in the Medical Exoskeleton Market
The main challenges that need to be overcome in order to make this technology more available are reducing the cost, size and weight while maintaining high performance capabilities. The devices should also adapt to different body sizes like youth, adults and elderly. Other challenges include accessibility to healthcare facilities and social acceptance which may be influenced by factors such as gender or cultural background. By overcoming these challenges not only would the general population benefit but there would also be an effect on public health care costs due to increased productivity rates of people with disabilities who use wearable robots for rehabilitation purposes.
North America to Continue Dominating Medical Exoskeleton Market
Currently, North America is holding over 40% share of the global Medical Exoskeleton market. Wherein, the U.S. is holding over 70% share of the regional market. The growth is majorly supported by well-established healthcare industry, strong presence of geriatric population, high prevalence of disabilities, and favorable government policies regarding medical reimbursement. It is further supported by strong penetration of insurance in the U.S. and Canada as the Medical Exoskeleton are expensive and people mainly deter to out of pocket expenses. On the other hand, the region has strong presence of players engaged in production of Medical Exoskeleton.
ReWalk Robotics Ltd. (Israel), Ekso Bionics Holdings, Inc. (US), Parker Hannifin Corp (US), Bionik Laboratories Corp (Canada), CYBERDYNE Inc. (Japan), B-TEMIA Inc. (Canada), Rex Bionics Ltd. (UK), Wearable Robotics SRL (Italy), Hocoma AG (a subsidiary of DIH Technologies) (Switzerland), ExoAtlet (Luxembourg), and Gogoa Mobility Robots SL (Spain) are some of the key players in the global Medical Exoskeleton market.
The Medical Exoskeleton is Segmented as Follows:
Frequently Asked Questions
the global demand for Medical Exoskeleton
in terms of revenue?
The global Medical Exoskeleton valued at USD 0.21 Billion in 2020 and is expected to reach USD 5.80 Billion in 2028 growing at a CAGR of 44.8%
are the prominent players
in the market?
The prominent players in the market are ReWalk Robotics Ltd. (Israel), Ekso Bionics Holdings, Inc. (US), Parker Hannifin Corp (US), Bionik Laboratories Corp (Canada), CYBERDYNE Inc. (Japan), B-TEMIA Inc. (Canada), Rex Bionics Ltd. (UK), Wearable Robotics SRL (Italy), Hocoma AG (a subsidiary of DIH Technologies) (Switzerland), ExoAtlet (Luxembourg), and Gogoa Mobility Robots SL (Spain)..
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 44.8% between 2021 and 2028.
the driving factors
fueling the growth of the market.
The driving factors of the Medical Exoskeleton include
- Growing Focus of Manufacturers on Research and Development to Boost the Market Growth
region accounted for the
largest share in the market?
North America was the leading regional segment of the Medical Exoskeleton in 2020.