Medical Exoskeleton Market Size Zooming More Than 6X to Reach USD 2.1 Billion With the CAGR of 30.2% by 2029 | BlueWeave Consulting
Global medical exoskeleton market covers five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America held the highest share in the exoskeleton market owing to a growing incidence of disabled individuals, soaring expenditure on research activities, growing public & private support, an increase in the number of partnerships & collaborations among key participants, and the availability of technologically advanced products. According to CDC data estimates, roughly 61 million people in the United States have some form of impairment, with mobility disabilities accounting for 13.7% of the disabled population.
New Delhi, March 20, 2023 (GLOBE NEWSWIRE) -- Global medical exoskeleton market is flourishing because of rapid adoption of technology advancements to address the healthcare need of aging world population and people with physical disabilities.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global medical exoskeleton market size at USD 327.62 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects global medical exoskeleton market size to grow at a robust CAGR of 30.2% reaching a value of USD 2,072.40 million by 2029. Major growth factors of global medical exoskeleton market include growing elderly population across the world, rising rates of medical device utilization in various industries, such as automobile, military, defense, and construction, and increasing stroke incidences. The growing number of patients with physical disabilities worldwide will drive the medical exoskeleton market. The number of people with physical disabilities is rapidly increasing as a result of car accidents, strokes, and serious injuries, which should encourage the market growth. Strokes are more common in the elderly population. According to the United States Census Bureau, the number of Americans aged 65 and up will more than double by 2050, which could boost the demand for medical exoskeleton across the countries. As a result, the demand for rehabilitation is expected to fuel the growth of the medical exoskeleton market. Also, the increasing prevalence of spinal cord injuries (SCI) is likely to increase demand across the global market during the forecast period. However, regulatory challenges for securing approvals for medical is anticipated to restrain the global medical exoskeleton market during the period in analysis.
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Global Medical Exoskeleton Market – Overview
Robotics is an application of engineering aimed at replacing humans with menial duties, whereas exoskeletons are applications of robotics and bio-mechatronics aimed at augmenting humans while performing a variety of tasks. A robotic suit, powered armor, wearable machine, power jacket, and exo-frame or suit are all synonyms for the exoskeleton. The field of exoskeleton systems is constantly evolving in the current context. Exoskeletons are employed in a variety of industries, including military, civilian, and rehabilitation, to boost soldiers' travel and loading capacities, to strengthen an operator's load-handling capabilities, and to improve lost functionality and patient life. It is also used to treat musculoskeletal diseases. It aids physical therapists in training individuals with motor nerve degeneration and motor cognitive limitations. Exoskeletons are also used in rehabilitation, particularly inpatient training and movement. Wearable exoskeletons are gaining popularity due to the high need for assistive technology in the medical profession, specifically to address concerns about an aging society. Other medical issues, such as aiding trauma victims, paraplegics, spinal cord injured individuals, and rehabilitation, are also important.
Impact of COVID-19 on Global Medical Exoskeleton Market
COVID-19 pandemic adversely affected the worldwide economy, disrupting supply and demand chains and increasing unemployment rates, resulting in overall economic uncertainty. According to Ekso Bionics' 2020 annual report, revenue income decreased by 36% in FY2020 compared to FY2019 due to a substantial reduction in medical device sales. Furthermore, according to the annual report, the demand for exoskeleton-related items dropped by 38% at the start of the pandemic, resulting in 61 bookings in 2020 as opposed to 98 bookings in 2019. Also, the pandemic led to a shortage of healthcare workers, which has made it difficult for hospitals and clinics to implement medical exoskeletons that require trained personnel to operate. However, the pandemic had a positive impact due to a surge in the number of patients with respiratory issues, and medical exoskeletons were used to support their respiratory function. Also, the rising emphasis on telemedicine influenced the medical exoskeleton market. As the pandemic limited in-person consultations, telemedicine has developed as an important method for healthcare practitioners to give care remotely. As a result, there was a demand for medical exoskeletons that may be used in telemedicine consultations. Hence, medical exoskeletons with remote monitoring and control capabilities have become increasingly popular.
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Global Medical Exoskeleton Market – By Type
By type, global medical exoskeleton market is bifurcated into Powered Exoskeleton and Passive Exoskeleton segments. The powered exoskeleton segment dominated the exoskeleton market in 2022 owing to the increasing use of powered exoskeleton solutions in numerous industries to improve personal safety and productivity. Furthermore, the advantages of powered technology items include smoother lifting motion, less strain on the worker's body, higher strength, force multiplier, and increased productivity.
Competitive Landscape
Major players operating in global medical exoskeleton market include Ekso Bionics, ReWalk Robotics, PARKER HANNIFIN CORP, CYBERDYNE INC., BIONIK, Rex Bionics Ltd., B-Temia, Bioventus, Hocoma, Wearable Robotics srl, ExoAtlet, Meditouch, Suit X, MarsiBionics, Rehab-Robotics Company Limited, and Myomo Inc. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Medical Exoskeleton Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Medical Exoskeleton Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
Recent Developments
In 2021 - At the Hannover Messe Digital Edition 2021 event, Ottobock debuted the Paexo Shoulder Jacket, Paexo Thumb Slim, and Paexo Cool Sleeve items. These devices offer good body relaxation during difficult duties, such as transporting big packages or conducting overhead labor.
Scope of the Report
Attributes | Details |
Years Considered | Historical Data – 2019–2022 |
Base Year – 2022 | |
Estimated Year – 2023 | |
Forecast Period – 2023–2029 | |
Facts Covered | Revenue in USD Million |
Market Coverage | North America, Europe, Asia Pacific (APAC), Latin America, Middle East and Africa (MEA) |
Product/ Service Segmentation | Type, Mobility, Component, Application, Region |
Key Players | Ekso Bionics, ReWalk Robotics, PARKER HANNIFIN CORP, CYBERDYNE INC., BIONIK, Rex Bionics Ltd., B-Temia, Bioventus, Hocoma, Wearable Robotics srl, ExoAtlet, Meditouch, Suit X, MarsiBionics, Rehab-Robotics Company Limited, Myomo Inc. |
By Type
Powered Exoskeleton
Passive Exoskeleton
By Mobility
Stationary
Mobile
By Component
Hardware
Software
By Application
Spinal Cord Injury
Stroke
By Region
North America
Europe
Asia Pacific (APAC)
Latin America
Middle East and Africa (MEA)
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