Medical Exoskeleton Market Anticipated to Reach USD 5.80 Billion by 2028

Vantage Market Research

Jan 21, 2022

According to our latest report, the Medical Exoskeleton Market is expected to reach USD 5.80 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 44.8% between the forecast period of 2022 and 2028. The growing number of cases with physical disabilities as well as subsequent demand for rehabilitation approaches coupled with agreements & collaborations among several companies and research institutes for the development of exoskeleton technology are factors driving the market growth.

Key Findings:

  • The hardware segment is projected to grow at the fastest CAGR over the forecast period. The growing need for smarter and interactive solutions has made way for more upgraded and advanced hardware to offer more enhanced capabilities. The increasing efforts undertaken by product manufacturers and the rising requirement for various hardware sub-components and power sources will amplify the market revenue
  • The lower extremity medical exoskeletons segment held the largest market share in 2021. Lower extremity exoskeletons offer stability to geriatric and paralyzed patients, with this it offers locomotion and weight-bearing capabilities. This leads to its higher adoption in the rehabilitation of patients.
  • Asia Pacific is expected to grow at the fastest CAGR from 2022 to 2028. The growth in the region is driven by an increasing number of orthopedic surgeries coupled with increased insurance coverage for the medical exoskeletons.

Some of the major players in the Medical Exoskeleton Market include - 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).

With the increasing geriatric population, the number of people with disabilities is rising in elderly people are prone to the conditions like severe and stroke musculoskeletal injuries resulting from falls. The growth in the geriatric population, not only have the presence of potential users for the medical exoskeletons but it has been also observed that there will be a lesser number of active people to take care of the disabled in the future. The demand for effective rehabilitation approaches with advanced technology and products is expected to influence the market positively.

North America is expected to grow at a substantial CAGR. Increased geriatric population in the region, high demand for self-assist exoskeletons coupled with the prevalence of stroke, and a large number of spinal cord injuries are some of the factors boosting demand for the Medical Exoskeleton Market in North America.