Medical Exoskeleton Market - Global Industry Analysis

Medical Exoskeleton Market by Component (Hardware and Software), By Type (Powered Exoskeletons and Passive Exoskeletons), By Extremity (Upper Extremity Medical Exoskeletons, Lower Extremity Medical Exoskeletons, Full Body), By Mobility (Mobile Exoskeletons and Stationary Exoskeletons), By Structure (Rigid Exoskeletons and Soft Exoskeleton) and By Region – Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data and Forecasts 2022 – 2028

Published Date: 26-May-2022 Category: Medical Device Report Format : PDF Pages: 199 Report Code: ZMR-3474 Status : Published

The global Medical Exoskeleton market was worth around USD 179.40 billion in 2021 and is estimated to grow to about 1579.65 USD billion by 2028, with a compound annual growth rate (CAGR) of approximately 43.70 percent over the forecast period.

Description

Industry Prospective:

The global Medical Exoskeleton market was worth around USD 179.40 billion in 2021 and is estimated to grow to about 1579.65 USD billion by 2028, with a compound annual growth rate (CAGR) of approximately 43.70 percent over the forecast period. The report analyzes the Medical Exoskeleton market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the Medical Exoskeleton market.

Medical Exoskeleton Market: Overview

Exoskeletons are used to increase a person's physical strength by helping limb movements with additional strength. Medical exoskeletons help persons who are physically disabled, such as those who have had a spinal cord injury, have a neurological condition, are paralyzed, or are elderly. Physiotherapy and rehabilitation institutes employ some medical human exoskeletons for treatment of the lower and upper extremities. The increase in the number of orthopaedic operations, the rise in the geriatric population, and the rising rates of road accidents are all contributing to the worldwide medical exoskeleton market's growth. However, the exorbitant expense of the product, as well as regulatory issues, is the main roadblocks to commercial expansion. As a result, the limbs have increased mobility, strength, and endurance as a result of this construction.

The global demand for effective rehabilitation procedures, including the use of cutting-edge technology and goods, is increasing. In all main regions, this is seen as a positive indicator for the medical exoskeleton market's growth. As a result, you might have an impact on market dynamics during the forecast period. Furthermore, the increasing number of persons with physical limitations will have a significant impact on the medical exoskeleton market's growth. Additionally, rising geriatric population and increased access to medical exoskeleton insurance coverage in various nations are major factors boosting the growth of the medical exoskeleton market. Furthermore, an increase in the number of traffic accidents, serious injuries, and strokes will boost the market's growth rate. Increased spending on healthcare infrastructure is one of the primary industry drivers that will propel the medical exoskeleton market forward.

COVID-19 Impact:

More than 220 million confirmed cases of COVID-19 had been documented globally as of September 2021, with more than 4.5 million deaths (Source: WHO). Governments all around the world have been forced to take proactive measures to contain the outbreak as a result of this circumstance. In 2020, the COVID-19 pandemic had a negative impact on the market, with small and medium-sized firms battling to stay afloat. Due to a drop in demand for exoskeleton systems, major exoskeleton providers such as Ekso Bionics, ReWalk Robotics, and Hocoma AG have seen a decrease in overall income for fiscal year 2020.Manufacturers will most likely alter production to avoid bottlenecks and schedule production around OEM demand.

The delivery of medical cooling equipment has been impacted by supply chain disruptions around the world. The medical exoskeleton market's revenue drift is directly influenced by this interruption in business activities. Due to increased government laws and the deployment of lockdowns around the world, medical exoskeleton firms are experiencing workforce challenges as a result of Covid-19, which has caused manufacturing processes to slow down and delay.

Many businesses and research organisations are collaborating with hospitals to improve the health of Covid patients. For example, in June 2020, a robotics researcher, interdisciplinary team of doctors, and ergonomists from the University of Lorraine, Inria, CNRS, CHRU of Nancy, and INRS worked to deliver exoskeletons to medical professionals dealing with Covid-19 patients in medical intensive care units.

Global Medical Exoskeleton Market

Medical Exoskeleton Market: Growth Drivers

Increasing number of people with physical disabilities and subsequent growth in the demand for effective rehabilitation approaches to drive global market growth

Globally, the number of persons with physical disabilities is on the rise, owing to causes such as an ageing population, an increase in the frequency of road accidents and severe trauma injuries, and an increase in the prevalence of stroke, among others. The worldwide old population is expected to rise steadily in the following years, from 703 million in 2019 to 1.5 billion by 2050, according to the US Census Bureau. The number of people with impairments is rising as the geriatric population grows, as the elderly are more vulnerable to illnesses like stroke and severe musculoskeletal injuries from falls.The huge increase in the senior population not only means that there will be more potential customers for medical exoskeletons in the future, but it also means that there will be less active people to care for the elderly and disabled. As a result, there is a growing demand for efficient rehabilitation methods that include the use of innovative and modern technology and goods all over the world.

Medical Exoskeleton Market: Restraints

Regulatory Challenges for securing approvals for medical applications of exoskeletons in Medical Exoskeletons to hamper the market growth

During product testing, the manufacturer's technical design skills and knowledge can make a difference. Exoskeletons designed for healthcare applications must be properly scrutinized because the failure of medical equipment can have life-threatening repercussions. There are currently just a few standards that directly apply to the exoskeleton sector. Only items that have received regulatory approvals can be marketed on the market, and the FDA recognizes ISO standards that are applicable to relevant industries. Although powered lower-limb exoskeletons have advanced significantly, users are still having difficulty handling sloped or slippery surfaces. Because the prototypes can't handle twisting motions yet, users turning while carrying goods may quickly tyre out, causing in undesirable outcomes such as skin and tissue damage and bone fractures. As a result, regulatory organisations have set in place a stringent licensing process for such devices to ensure that the wearer's safety is not jeopardized by the high-power output of actuators utilized in them.

Report Scope:

Report Attribute Details
Base Year 2020
Historic Years 2016 - 2020
Forecast Years 2021 - 2028
Segments Covered By Product Type, By Application, and By End Use
Forecast Units Value (USD Billion), and Volume (Units)
Quantitative Units Revenue in USD million/billion and CAGR from 2021 to 2028
Regions Covered North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
Countries Covered U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Number of Companies Covered 10 companies with scope for including additional 15 companies upon request
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
Customization Scope Avail customized purchase options to meet your exact research needs.

Medical Exoskeleton Market: Opportunities

Increasing insurance coverage for medical exoskeletons in several countries to bring growth opportunities for global market

Assistive technology is an important element of healthcare. Many rehabilitation institutions in numerous nations rely on assistive devices supplied by government agencies, special agencies, insurance firms, and charity and non-governmental groups. Exoskeleton technology is currently covered by insurance companies in only a few countries. Companies, on the other hand, are working on developing policies and forming strategic partnerships and agreements with a variety of public and commercial insurance providers to cover the costs of medical exoskeleton equipment. Ekso Bionics, for example, is addressing the Centers for Medicare and Medicaid Services as well as third-party insurers, as they are expected to play a key role in the Ekso GT device's long-term commercial adoption.

Global Medical Exoskeleton Market: Segmentation

The global Medical Exoskeleton market is segregated based on components, type, extremity, mobility, structure, and region.

By components, the market is classified into hardware and software. By 2028, the hardware market is estimated to have largest share. This is mostly owing to an increase in the occurrence of neurological, neurodegenerative, psychotic, and sleep disorders, as well as the need for early diagnosis, the availability of novel portable and wearable home-based monitoring equipment, and increased patient awareness.

By Extremity, the market is divided into upper extremity medical exoskeletons, lower extremity medical exoskeletons and full body. Lower extremity medical exoskeletons are predicted to account for a bigger part of the market in the forecasted period. Exoskeletons for the lower extremities provide stability and weight-bearing and movement capabilities to paraplegic and geriatric people. As a result, their use inpatient rehabilitation is increasing.

Recent Developments

  • March 2021 - HAL Single Joint Type got medical device certification from the Thai Food and Medical Products Approval Authority (Thai FDA). Patients with limited mobility in their upper and lower limbs due to muscle weakness or paralysis should use this product.
  • June 2020 - The US Food and Drug Administration (FDA) granted Ekso Bionics 501(k) authorization to market their EksoNR robotic exoskeleton for patients with acquired brain damage (ABI).

Regional Landscape

With a market share of 44.4 percent in 2020, North America is predicted to dominate the industry. The rising senior population, rising demand for self-assist exoskeletons, the high frequency of stroke, and the rising number of spinal cord injuries (SCI) are all pushing the medical exoskeleton market in this region. Due to an increase in the manufacturing of medical exoskeletons for the defence sector, Asia-Pacific is expected to have a high CAGR in the global market. Furthermore, China, Japan, and South Korea are predicted to be the key revenue-generating economies in the emerging world..

Competitive Landscape

Some of the main competitors dominating the global Medical Exoskeleton market include Ekso Bionics (US), ReWalk (Israel), and Parker Hannifin (US), Cyberdyne (Japan) and Bionik (Canada), Rex Bionics (UK), B-TEMIA Inc. (Canada), Bioventus (North Carolina), Hocoma AG (a subsidiary of DIH Technologies) (Switzerland), Wearable Robotics SRL (Italy), Gogoa Mobility Robots SL (Spain), ExoAtlet (Luxembourg), Meditouch (Israel), Suit X (US), P&S Mechanics (South Korea), Marsi Bionics (Spain), Rehab Robotics (Hong Kong), Myomo (US), Focal Meditech (Netherlands), Honda Motors (Japan), Wandercraft (France), BAMA Teknoloji (Turkey), Medexo Robotics (Hong Kong), Fourier Intelligence (China), and TWIICE (Switzerland).

Global Medical Exoskeleton market is segmented as follows:

By Component

  • Hardware
  • Software

By Type

  • Powered Exoskeletons
  • Passive Exoskeletons

By Extremity

  • Upper Extremity Medical Exoskeletons
  • Lower Extremity Medical Exoskeletons
  • Full Body

By Mobility

  • Mobile Exoskeletons
  • Stationary Exoskeletons

Medical exoskeleton Market, By Structure

  • Rigid Exoskeletons
  • Soft Exoskeleton

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France 
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Table Of Content

Methodology

Free Analysis

In the last decade, production and development of different robotic technologies that amplify human strength have been one of the major trends in the robotics sector. Many industry players have introduced technologically advanced human exoskeletons, which have many industrial and medical applications. Human exoskeletons are also called wearable robots provide a skeleton outside a person’s body that acts as a body extension. These extensions help humans to produce more power like a machine. These exoskeletons are gaining popularity due to their ability to support humans in dynamic conditions. They can assist a disabled person in carrying out different activities. These devices could reduce back injuries and other mishaps in industries, where injuries are a common thing. Various human exoskeleton prototypes and models are being used in physical therapy and are being deployed in several rehabilitation centers, for lower and upper limb therapy. Growing adoption of human exoskeletons in rehabilitation therapy for disabled and elderly patients around the world is expected to fuel the growth of medical exoskeletons in the upcoming years.

The medical exoskeleton market is expected to witness a robust growth in the future. This market is mainly driven by an increase in the number of disabled people and the geriatric population and rising incidence rate of physical injuries and muscle pain due to an unhealthy lifestyle. Moreover, subsequent growth in the demand for effective rehabilitation approaches and increasing R&D expenditure of the key players in the development of medical exoskeletons are driving the growth of the medical exoskeleton market. Growing technological advancements in the production of new and lighter skeleton materials with advanced sensors, electronics, and software are anticipated to offer lucrative business opportunities in this market in the forecast timeframe.

Global Medical Exoskeletons Market

The global medical exoskeleton market is segmented based on component, extremity, mobility, and type. By component, this market is bifurcated into hardware and software. The hardware segment is further sub-divided into actuators, power sources, control systems, and sensors. The software segment is anticipated to grow at a higher annual growth rate during the forecast period. This growth rate is due to technologically advanced features offerings, such as inter-device connectivity functions, artificial intelligence, and autonomous operations. The software assists the complex functionalities of medical exoskeletons to process efficiently and accurately. By type, the medical exoskeleton market is classified into the powered exoskeleton and passive exoskeleton. The powered exoskeleton segment contributed the largest revenue share in 2017. The outsized share of powered exoskeleton segment was primarily credited to its broad usage in medical and industrial applications. By mobility, the medical exoskeleton is fragmented into the mobile medical exoskeleton and stationary medical exoskeleton. The market for mobile medical exoskeletons segment generated the maximum revenue in 2017 and is expected to grow at a significantly high CAGR in the forecast period, owing to its wide usage in healthcare, defense, sports, and fitness. By extremity, the medical exoskeleton market includes lower extremity medical exoskeletons and upper extremity medical exoskeletons. The lower extremities segment was the largest revenue grosser in 2017, owing to greater incidences of lower body disabilities.

Based on geography, the global medical exoskeleton market is divided into five regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America is expected to remain the dominant region in terms of revenue generation followed by Europe. The Asia Pacific is projected to be the fastest growing market in the forecast timeframe. The Middle East and Africa and Latin America are expected to experience slow growth in the medical exoskeleton market in the upcoming years.

Some of the key players in medical exoskeleton market include Rex Bionics Plc, ActiveLink, Cyberdyne, Inc., ReWalk Robotics Ltd., Ekso Bionics, Lockheed Martin Corporation, Suit X, RB3D, and Hocoma, among others.

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FrequentlyAsked Questions

The demand for effective rehabilitation methods, which include the utilisation of cutting-edge technology and items, is growing around the world. This is viewed as a favourable indicator for the medical exoskeleton market's growth in all major regions. As a result, market dynamics may be affected during the predicted period. Furthermore, the growing number of people with physical disabilities will have a substantial impact on the market for medical exoskeletons.

According to the Market Research report, the global Medical Exoskeleton market was worth about 179.40 (USD billion) in 2021 and is predicted to grow to around 1579.65 (USD billion) by 2028, with a compound annual growth rate (CAGR) of around 43.70 percent.

North America is expected to dominate the business in 2020, with a market share of 44.4 percent. The medical exoskeleton market in this region is being pushed by the expanding senior population, rising demand for self-assist exoskeletons, the high frequency of stroke, and the rising number of spinal cord injuries (SCI). Asia-Pacific is predicted to have a high CAGR in the global market due to an increase in the manufacturing of medical exoskeletons for the defence sector.

Some of the main competitors dominating the global Medical Exoskeleton market include - Ekso Bionics (US), ReWalk (Israel), and Parker Hannifin (US), Cyberdyne (Japan) and Bionik (Canada), Rex Bionics (UK), B-TEMIA Inc. (Canada), Bioventus (North Carolina), Hocoma AG (a subsidiary of DIH Technologies) (Switzerland), Wearable Robotics SRL (Italy), Gogoa Mobility Robots SL (Spain), ExoAtlet (Luxembourg), Meditouch (Israel), Suit X (US), P&S Mechanics (South Korea), Marsi Bionics (Spain), Rehab Robotics (Hong Kong), Myomo (US), Focal Meditech (Netherlands), Honda Motors (Japan), Wandercraft (France), BAMA Teknoloji (Turkey), Medexo Robotics (Hong Kong), Fourier Intelligence (China), and TWIICE (Switzerland).

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