What is the global market size of Medical Exoskeleton Market?

Medical Exoskeleton Market size was valued at USD 286.14 million in 2021 and is poised to grow from USD 334.5 million in 2022 to USD 997.46 million by 2030, growing at a CAGR of 16.9% during the forecast period (2023-2030).

Who are the key vendors in the Global Medical Exoskeleton Market?

The global medical exoskeleton market has a competitive landscape with several key players operating in the industry. These companies are actively involved in the development, manufacturing, and commercialization of medical exoskeletons. The competitive landscape is dynamic, with companies constantly striving to gain a competitive edge by differentiating their products, improving user experience, and addressing the specific needs of patients and healthcare providers. Partnerships, acquisitions, and collaborations are common strategies employed by companies in this market to expand their geographical presence and strengthen their product portfolios. 'Ekso Bionics (U.S.)', 'ReWalk Robotics (Israel)', 'PARKER HANNIFIN CORP (U.S.)', 'CYBERDYNE INC. (Japan)', 'BIONIK (Canada)', 'Rex Bionics Ltd., (U.K.)', 'B-Temia (Canada)', 'Bioventus (U.S.)', 'Hocoma (Switzerland)', 'Wearable Robotics srl (Italy)', 'ExoAtlet (Luxembourg)', 'Meditouch (Israel)', 'Suit X (U.S.)', 'MarsiBionics (Spain)', 'Rehab-Robotics Company Limited (Hong Kong)', 'Myomo Inc. (U.S.)', 'Focal Meditech (Netherlands)', 'Honda Motor Co., Ltd. (Japan)', 'Wandercraft (France)', 'MEDEXO ROBOTICS (Hong Kong)'

What is the key driver of Global Medical Exoskeleton Market?

The increase in orthopaedic procedures will slow the market's rate of expansion for medical exoskeletons. Joint replacement procedures for the knee and hip are mostly to blame for the increase in orthopaedic surgery. With an increase in the incidence of vehicle accidents and other disorders, limb amputations have become more common. There has been a significant increase in the number of amputation procedures performed on diabetic individuals with gangrene. These particular elements are what propel market expansion.

What is the key market trend for Global Medical Exoskeleton Market?

Several key market trends are shaping the global medical exoskeleton market. Firstly, there is a growing emphasis on research and development efforts to enhance the capabilities and usability of medical exoskeletons. Manufacturers are focusing on improving the devices' ergonomics, reducing their weight and size, and increasing their functionality to meet the specific needs of users. This trend is driving the development of more advanced and user-friendly medical exoskeletons. In addition, there is a growing trend towards strategic collaborations and partnerships among key stakeholders in the medical exoskeleton market. Manufacturers are collaborating with healthcare providers, research institutions, and regulatory bodies to accelerate product development, ensure safety and compliance, and expand market reach. These collaborations are fostering innovation, knowledge sharing, and market growth. The key market trends in the global medical exoskeleton market include a focus on research and development, expansion into industrial applications, integration of AI and ML technologies, adoption of value-based healthcare models, and strategic collaborations among stakeholders. These trends are shaping the market by driving innovation, expanding applications, improving user experience, increasing reimbursement coverage, and fostering partnerships for mutual growth.

Which region accounted for the largest share in Medical Exoskeleton Market?

North America dominated the global Medical Exoskeleton market. North America holds a significant market share due to several factors. The region has a well-established healthcare infrastructure, including advanced rehabilitation centers and hospitals, which are early adopters of medical exoskeletons. Additionally, North America has a robust research and development ecosystem, with numerous academic institutions and technology companies actively involved in developing innovative exoskeleton technologies. The presence of major market players and favorable reimbursement policies further contribute to North America's dominance in the market.

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.

Medical Exoskeleton Market Report Snapshots

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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.

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Medical Exoskeleton Market Insights

Medical Exoskeleton Market Report Snapshots

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What is the global market size of Medical Exoskeleton Market?

Who are the key vendors in the Medical Exoskeleton Market?

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What is the key market trend for Medical Exoskeleton Market?

Which region accounted for the largest share in Medical Exoskeleton Market?

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