US & Canada, Nov. 19, 2024 (GLOBE NEWSWIRE) — According to a new comprehensive report from The Insight Partners, the Global Medical Exoskeleton Market is recording significant growth owing to the advancements in the areas of robotics, artificial intelligence, and materials science that have improved the performance and cost of exoskeletons. The medical exoskeleton market encompasses a growing number of clinical trials in targeted therapy that are expected to gain prominence in the coming years. The report runs an in-depth analysis of market trends, key players, and future opportunities.
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Overview of Report Findings
- Market Growth: The medical exoskeleton market is expected to reach a value of US$ 3,200 million by 2031 from US$ 374 million in 2023; it is anticipated to record a CAGR of 30.8% from 2023 to 2031. A medical exoskeleton is a type of wearable robotic machine that is intended to assist a person with walking difficulties. It consists of a horizontal structure that supports the body and motorized bodywear mechanisms installed at the joints to allow for motion. Medical exoskeletons are utilized predominantly for rehabilitation and managing patients suffering from spinal cord injury, stroke, or muscular dystrophy, among other injuries and disorders.
- Growing Geriatric Population: The rapidly growing geriatric population is facing health problems such as muscle wastage, bone joint complications, poor balance, increased chances of falling, arthritis, osteoporosis, and loss of muscle mass. These health issues are limiting the mobility of individuals for basic functions, including walking. Medical exoskeletons are designed and aimed at moving and stabilizing the body in an upright position, which helps mitigate the physical restraints faced by older adults as well as enhance their quality of life.
- High Growth Potential in Developing Countries: In many developing nations, healthcare infrastructure is rapidly growing. With the advancement of exoskeleton technology and increasingly efficient manufacturing processes, cost-effective products can be manufactured locally in these developing countries. Localized manufacturing supports job, which can benefit the broader economy. Also, as the patient pool suffering from spinal cord injuries, strokes, or other mobility-affecting conditions is increasing in these countries, it is creating lucrative opportunities for the players to cater to these markets by developing cost-effective treatment options. These treatment options will help in improving the quality of life and mobility for individuals across developing nations.
- Geographical Insights: In 2023, North America led the market with a substantial revenue share, followed by Europe and APAC. Further, Asia Pacific is expected to record the highest CAGR during the forecast period.
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Market Segmentation
- Based on component, the medical exoskeleton market is divided into hardware and software. The software segment dominated the market in 2023.
- By type, the medical exoskeleton market is bifurcated into powered exoskeleton and passive exoskeleton. The powered exoskeleton segment held a larger share of the market in 2023.
- In terms of extremity, the medical exoskeleton market is segmented into lower body exoskeleton, upper body exoskeleton, and full body exoskeleton. The lower body exoskeleton segment dominated the market in 2023.
- In terms of application, the medical exoskeleton market is categorized into spinal cord injury, multiple sclerosis, stroke, cerebral palsy, Parkinson’s disease, and others. The spinal cord injury segment held the largest share of the market in 2023.
- By mobility, the medical exoskeleton market is divided into mobile exoskeleton and stationary exoskeleton. The mobile exoskeleton segment held a larger share of the market in 2023.
- Based on end users, the medical exoskeleton market is segmented into rehabilitation centers, physiotherapy centers, long-term care centers, homecare settings, and others. The rehabilitation centers segment dominated the market in 2023.
- The medical exoskeleton market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.
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Competitive Strategy and Development
- Key Players: A few major companies operating in the medical exoskeleton market are Ekso Bionics Holdings Inc., Lifeward Inc., ExoAtlet, Cyberdyne Inc, Bionik Laboratories Corp, B-Temia Inc, Hocoma AG, Wearable Robotics SRL, MYOMO Inc., and Rex Bionics Ltd.
- Trending Topics: AI integration in rehabilitation, wearable technology in home care, telehealth and remote monitoring, patient-centric innovation with exoskeletons, sustainable mobility, and exoskeleton technology for stroke recovery, among others.
Global Headlines on Medical Exoskeleton
- Exoskeletons In Healthcare: The Era Of Great Advancements – With over a dozen FDA-approved exoskeletons and 84 existing medical products on the market
- AIIMS Delhi Preparing Special Exoskeleton to Help Paralysed Patients Walk
- Ottobock Acquires Industrial, Medical Exoskeleton Maker suitX
- German Bionic Launches Apogee+ Power Suit Exoskeleton To Help Frontline Healthcare Workers
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Conclusion
The medical exoskeleton market is rapidly increasing owing to the use of wearable robotic devices to help people with disabilities. The major factors are the growing geriatric population, increasing cases of neurological disorders, and the revolution in robotics and artificial intelligence. Currently, more emphasis is on the acceptance of rehabilitation solutions (mainly home-based) and the use of smart technology to enhance nursing care. The emergence of new markets is also observed as developing countries have a growing need for advanced rehabilitation devices. Key players are catering to the opportunity in the emerging market to improve the quality of life of patients.
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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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