Insights on Global Medical Exoskeleton Market Size & Share Projected to Hit at USD 1579.65 Billion, Rise at a CAGR of 43.70% By 2028: Industry Trends, Demand, Value, Analysis & Forecast Report by Zion Market Research
NEW YORK, May 31, 2022 /PRNewswire/ -- As per Zion Market Research study, The global Medical Exoskeleton market was worth around USD 179.40 billion in 2021 and is estimated to grow to about USD 1579.65 billion by 2028, with a compound annual growth rate (CAGR) of approximately 43.70 percent over the forecast period. The report analyzes the digital remittance 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 digital remittance market.
Key Industry Insights & Finding of the Medical Exoskeleton Market Reports:
- As per the analysis shared by our research analyst, the Medical Exoskeleton Market is expected to grow annually at a CAGR of around 43.70 % (2022-2028).
- Through the primary research, it was established that the Medical Exoskeleton Market was valued approximately USD 179.40 Billion in 2021 and is projected to reach to roughly USD 1579.65 Billion by 2028.
- 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.
Zion Market Research published the latest report titled as "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." into their research database.
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.
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Industry Dynamics:
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.
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Global 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.
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List of Key Players of Medical Exoskeleton Market:
- 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)
- TWIICE (Switzerland).
Key questions answered in this report:
- What are the growth rate forecast and market size for Medical Exoskeleton Market?
- What are the key driving factors propelling the Medical Exoskeleton Market forward?
- What are the most important companies in the Medical Exoskeleton Market Industry?
- What segments does the Medical Exoskeleton Market cover?
- How can I receive a free copy of the Medical Exoskeleton Market sample report and company profiles?
Report Scope:
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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 Dominance:
- Increase in the manufacturing of medical exoskeletons.
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.
Global Medical Exoskeleton Market is segmented as follows:
Medical Exoskeleton Market: By Component Outlook (2022-2028)
- Hardware
- Software
Medical Exoskeleton Market: By Type Outlook (2022-2028)
- Powered Exoskeletons
- Passive Exoskeletons
Medical Exoskeleton Market: By Extremity Outlook (2022-2028)
- Upper Extremity Medical Exoskeletons
- Lower Extremity Medical Exoskeletons
- Full Body
Medical Exoskeleton Market: By Mobility Outlook (2022-2028)
- Mobile Exoskeletons
- Stationary Exoskeletons
Medical Exoskeleton Market: By Medical exoskeleton Market, By Structure Outlook (2022-2028)
- Rigid Exoskeletons
- Soft Exoskeleton
Medical Exoskeleton Market: By Region Outlook (2022-2028)
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
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