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.
Medical Exoskeleton Market
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.
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, is 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 of 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.
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 the 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 organizations are collaborating with hospitals to improve the health of Covid patients. For example, in June 2020, a robotics researcher, an 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.
An 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 aging 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 fewer 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.
Regulatory Challenges for securing approvals for medical applications of exoskeletons in Medical Exoskeletons 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 tire out, causing undesirable outcomes such as skin and tissue damage and bone fractures. As a result, regulatory organizations 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.
Increasing insurance coverage for medical exoskeletons in several countries to bring growth opportunities for the 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.
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.
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 defense 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.
Some of the main competitors dominating the global Medical Exoskeleton market include Ekso Bionics (US), ReWalk (Israel), 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), Watercraft (France), BAMA Teknoloji (Turkey), Medeco Robotics (Hong Kong), Fourier Intelligence (China), and TWICE (Switzerland).
The Global Medical Exoskeleton market is segmented as follows:
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).