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

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).

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.  '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)'

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.

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.

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.