USD 334.50 million
Medical Exoskeleton Market Size, Share, Growth Analysis, By Component (Software, Service, Hardware), By Type (Powered, Passive), By Extremity (Lower Extremity, Upper Extremity, Full Body), By Structure (Rigid Exoskeletons, Soft Exoskeletons), By Mobility (Stationary, Mobile), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35A2311 |
Region:
Global |
Published Date: September, 2024
Pages:
157
|Tables:
61
|Figures:
75
Medical Exoskeleton Market Insights
Medical Exoskeleton Market size was valued at USD 334.50 million in 2022 and is poised to grow from USD 391.03 million in 2023 to USD 1363.72 million by 2031, growing at a CAGR of 16.90% during the forecast period (2024-2031).
Medical exoskeleton is a wearable robot that helps individuals with limited mobility. Unlike most assistive devices, such as wheelchairs or crutches, some powered exoskeleton designs actively aid mobility by using actuators and sensors to enhance the user's strength and endurance. Medical exoskeletons have tremendous potential, largely driven by the enormous addressable market that exists in patients needing mobility assistance. This market growth can be attributed to an increasing population of physically disabled people and, therefore, rising demand for the efficient rehabilitation solutions; agreements & collaborations among companies & research institutions regarding development of exoskeleton technology, availability of more insurance coverage in various countries like Japan driving the medical exoskeletons market scale.
While there are millions of people living with a mobility disorder, the exoskeleton market has been slow moving and remains somewhat niche. This may be due to a number of reasons such as high price of exoskeleton technology, along with low awareness from both patients and care providers. However, continuous innovations in the field and growing awareness among healthcare practitioners and patients, the medical exoskeleton market is to grow broader frontier in tandem with physical therapy industry that will eventually lead to better accessibility toward effective mobility solution for individuals with limited movement.
US Medical Exoskeleton Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Powered
Fastest Growth
Powered
Growth Rate
16.9% CAGR
Global Medical Exoskeleton Market($ Bn)
Country Share for North America Region (%)
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Medical Exoskeleton Market Segmental Analysis
Global Medical Exoskeleton Market is segmented by Component, Type, Extremity, Structure, Mobility, and region. Based on Component, the market is segmented into software, service, and hardware. Based on Type, the market is segmented into Powered, and Passive. Based on Extremity, the market is segmented into Lower Extremity, Upper Extremity, and Full Body. Based on Structure, the market is segmented into Rigid Exoskeletons, and Soft Exoskeletons. Based on Mobility, the market is segmented into Stationary, and Mobile. Based on region, the medical exoskeleton market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Medical Exoskeleton Market Analysis by Type
Based on type, the medical exoskeleton is segmented into powered exoskeleton and passive exoskeleton. The powered exoskeleton is dominating the medical exoskeleton market driven by their increasing efficiency and compatibility. This segment is growing rapidly mainly because of extensive development in various types of applications such as rehabilitation of people suffering from neurological disorder and musculoskeletal conditions. Furthermore, the increasing usage of powered exoskeleton for learning motos skills and recent advancements in technologies to enhance mobility is also contributing to the growth of the segment. The high adoption of powered exoskeleton system by military establishments is also positively impacting the market, leading to an increase in medical exoskeleton market growth.
During the forecast period, passive exoskeletons segment is expected to grow at a comparatively higher growth rate. Not using any complex electronic elements, these exoskeletons often rely on simple mechanisms giving users the ergonomic support that they need without actuators or batteries which brings lower purchasing costs and maintenance costs for the end-users. Passive exoskeletons are a type of powered wearable suit that is classically designed to boost user productivity and overall efficiency when performing specific tasks while also providing more safety. The market growth is attributed to factors such as growing global geriatric population, increasing penetration of medical devices in different end-users including automotive, military & defense, and construction sectors. Furthermore, increasing incidences of spinal cord injuries (SCI) are likely to further create demand.
Medical Exoskeleton Market Analysis by Extremity
On the basis of extremity, the lower body segment dominated the medical exoskeleton market share in 2023. This is because of the increasing investments in medical and high prevalence rates for lower body disabilities amongst older adults as well as adoption rate of exoskeleton products by geriatric populations and paralyzed patients seeking weight-bearing capabilities and mobility. They are also made use of as lower-body options for protection and military functions to help sustain soldiers, otherwise improve their speed as well as activity. As an example, in February 2021, a Memorandum of Understanding (MoU) was signed between Paramount Group and Sarcos Robotics to provide cutting-edge defense robotic systems for industrial customer needs as well as governments in the Middle East and Africa.
Upper body segment is expected to show fastest potential during the medical exoskeleton market forecast period. This is owing to exoskeleton products that benefit in upper extremities, for example enhanced support and rehabilitation benefits are provided as needed by the disabled community or post-stroke and neurological and orthopedic/musculoskeletal impairments. Moreover, increasing prevalence of neurological disorders contributed to the growth of the market. For example, in May 2022 neurological disease affected 1 in three persons during their lifetime globally as per data published by the European Academy of Neurology.
Global Medical Exoskeleton Market By Technology
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Medical Exoskeleton Market Regional Insights
North America dominated the market with an increasing medical exoskeleton market share in 2023. This growth is due to increasing research activities expenditure, high prevalence of disabled population, rising partnerships & collaborations among key players, availability of technologically innovated products and growing public & private funding. An example would be the collaboration between Ekso Bionics, which develops exoskeleton technology to assist in care for patients with mobility issues, and U.S. Physiatry (USP) in March 2021. They joined forces to empower clinicians or physicians with knowledge of how the clinical benefits of an EksoNR exoskeleton can improve at their centers. In addition, increasing disposable income, rising geriatric population, presence of key market players at large scale, growing human augmentation in industrial and military verticals and availability of public & private investors are some other factors propelling the growth.
The Asia Pacific medical exoskeleton market size is expected to record the highest CAGR during the forecast period, with large number of patients requiring rehabilitation assistance upturning growth. Asia Pacific region will witness the increasing efforts by key players to attract funding from various governments in order to improve and advance healthcare infrastructure. Availability of government support & funding as well as developing advanced healthcare infrastructure for a vast population is driving medical exoskeleton market growth in Asia-Pacific. This growth has also been supported by constant economic development in countries such as China, Japan and India on the back of conducive public & private support.
Global Medical Exoskeleton Market By Geography
- Largest
- Fastest
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Medical Exoskeleton Market Dynamics
Medical Exoskeleton Market Drivers
Growing Population with Physical Disability
- The burgeoning geriatric population has resulted in an increase of disablements as the aged are more likely to have ailments such a stroke and severe musculoskeletal injuries due falls. Hence, the demand for functional rehabilitation methods using various technologies and products is rapidly growing around the world. Such factors are considered a perfect indicator for the growth in the medical exoskeleton market size in all crucial regions.
Technology Advancement Propelling Product Development
- Advancements in exoskeleton materials, sensors and battery life that continue to make medical exoskeletons more functional and easier-to-use. This is due to improvements in sensor technology allow for greater detection and better control of movement, while going hand-in-hand with increases battery life, mechanically increasing the amount of time exoskeletons can be used between charges.
Medical Exoskeleton Market Restraints
Strict Regulations
- The skills and expertise of manufacturers relating to technical designing can be significant when testing the product. Failure of a medical device can be life-threatening there for healthcare related exoskeleton should be test carefully. At present, only a limited number of standards that directly address the medical exoskeleton industry exist. ISO standards are recognized by the FDA if applicable to relevant industries, and only legally approved products may be sold on the market.
Reported Cases of Safety Challenges
- The danger of falls and getting hurt with exoskeleton devices can adversely affect patient confidence and adoption rates. However, manufacturers are constantly designing better and smarter medical exoskeletons to overcome these risks. Companies are making use of safety features like fall detection systems, emergency stop buttons, and user training programs to mitigate the potential for accidents. However, even with these limitations, safety is one of the biggest challenges to be overcome for wider market adoption.
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Medical Exoskeleton Market Competitive Landscape
The global medical exoskeleton industry is witnessing moderate-to-high growth owing to rising investment in the advancement of technology related to exoskeletons, high adoption rate of exoskeletons in healthcare sector, and insurance coverage for exoskeletons. Due to the advent of processes such as robotics and artificial intelligence technology, a high amount of innovation is expected. The current market players are constantly developing new and innovative applications of exoskeletons, which is creating novel paths for them in the coming years. Apart from this, the growth of the market is expected to be positively influenced by a well-developed regulatory framework and increasing approval of exoskeleton products from these regulatory bodies.
Medical Exoskeleton Market Top Player’s Company Profiles
- Cyberdyne Inc. (Japan)
- Ekso Bionics (USA)
- ReWalk Robotics (USA)
- Bionik Laboratories (Canada)
- PARKER HANNIFIN CORP (USA)
- B-Temia Inc. (Canada)
- Bioventus (USA)
- Wearable Robotics (Italy)
- Gogoa Mobility Robots (Spain)
- Exoatlet (Russia)
- Meditouch (Israel)
- Medexo Robotics (Germany)
- P & S Mechanics (South Korea)
- Marsi Bionics S.L. (Spain)
- Rehab Robotics (China)
- Fourier Intelligence (China)
- Myomo Inc. (USA)
- Focal Meditech (Netherlands)
- Honda Motors (Japan)
- Wandercraft (France)
- Bama Teknoloji (Turkey)
Medical Exoskeleton Market Recent Developments
- Harvard University and Boston University in collaboration launched exoskeleton for Parkinson's disease in January 2024. There are soft robotic exoskeletons meant for reducing falls while walking.
- German Bionic, in August 2023 launched Apogee exoskeleton. It is enabled with a robotic motor and is predominantly meant for easily moving heavy patients by healthcare professionals.
- CYBERDYNE Inc. and LIFESCAPES Inc entered into a partnership in June 2022. With the help of this collaboration, the companies intend to enhance exoskeleton technology for patients with paralysis.
Medical Exoskeleton Key Market Trends
Improving Reimbursement Policies by Insurance Providers:
- Many rehabilitation centers in several countries also use augmentative device like exoskeletons. However, numerous countries are seeing low insurance coverage for the exoskeleton technology. Hence, the MNCs are currently concentrating on formulating policies and signing strategic partnerships and contracts with several public-and private-schemes of insurance payer to reimburse medical exoskeleton devices.
Improving Government Fundings:
- Globally, governments are acknowledging the significance of assistive technologies for the wellbeing and quality of life of persons with disabilities (PWDs) and working to enhance their production as well as uptake. This includes investing in the research and development of these technologies, along with offering subsidies or incentives for health care providers and patients to use them. Government incentive for the usage of medical exoskeletons can propel medical exoskeleton market growth, and increase accessibility to a significant section of patients as an opportunity in the market.
Medical Exoskeleton Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, factors such as increase in demand for exoskeletons for orthopedic rehabilitation, rise in prevalence of stroke along with disabilities, and investments by defense sector in exoskeletons to boost market growth. Moreover, the shift from traditional prosthetics to exoskeleton technology and increasing penetration of human augmentation technology in manufacturing and other end use industries will further augment the market growth. The growth of the market, however, can be hampered due to strict government regulations with respect to medical applications. The high cost of procurement for exoskeletons and reliability is a problematic issue that limits the market growth.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 334.50 million |
| Market size value in 2031 | USD 1363.72 million |
| Growth Rate | 16.90% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Medical Exoskeleton Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Medical Exoskeleton Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Medical Exoskeleton Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Medical Exoskeleton Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Medical Exoskeleton Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Medical Exoskeleton Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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