The Medical Exoskeleton Market size is projected to reach USD 1.0 billion by 2026, from USD 0.2 billion in 2021, at a CAGR of 45.0%. The growth of this market is mainly driven by factors such as the increasing number of people with physical disabilities and subsequent growth in the demand for effective rehabilitation approaches; agreements and collaborations among companies and research organizations for the development of the exoskeleton technology and increasing insurance coverage for medical exoskeletons in several countries driving the growth of the medical exoskeleton market. However, the high cost of medical exoskeletons may restrict market growth to a certain extent.
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Key Market Players:
Ekso Bionics Holdings, Inc. (US), ReWalk Robotics Ltd. (Israel), Parker Hannifin Corp (US), CYBERDYNE Inc. (Japan), Bionik Laboratories Corp (Canada), Rex Bionics Ltd. (UK), B-TEMIA Inc. (Canada), Hocoma AG (a subsidiary of DIH Technologies) (Switzerland), Wearable Robotics SRL (Italy), Gogoa Mobility Robots SL (Spain), and ExoAtlet (Luxembourg)
Medical Exoskeleton Industry Dynamics
Drivers
- Increasing number of people with physical disabilities and subsequent growth in demand for effective rehabilitation approaches
- Agreements and collaborations among companies and research organizations for development of exoskeleton technology
- Huge investments for development of exoskeleton technology
Restraints
- Regulatory challenges for securing approvals for medical exoskeletons
Opportunities
- Introduction of soft actuators
- Increasing insurance coverage for medical exoskeletons in several countries
Challenges
- High equipment cost
- Safety concerns associated with medical exoskeletons
- Long-term power supply requirements
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Market Segmentation:
By Component
- Hardware
- Sensors
- Actuators
- Power Sources
- Control Systems
- Other Hardware Components
- Software
By Type
- Powered Exoskeletons
- Passive Exoskeletons
By Extremity
- Upper Extremity Medical Exoskeletons
- Lower Extremity Medical Exoskeletons
- Full Body
By Mobility
- Mobile Exoskeletons
- Stationary Exoskeletons
- Medical exoskeleton Market, By Structure
- Rigid Exoskeletons
- Soft Exoskeleton
North America accounted for the largest share 44.4%. of the global medical exoskeleton market
Based on the region, the medical exoskeleton market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). In 2020, North America is expected to dominate the market with a share of 44.4%. The growing geriatric population, increasing demand for self-assist exoskeletons, high prevalence of stroke, and growing number of spinal cord injuries (SCI) are the key factors driving the growth of the medical exoskeleton market in this region.
Recent Developments
- In 2021, CYBERDYNE received medical device approval from Thai Food and Medical Products Approval Authority (Thai FDA) for HAL Single Joint Type. The product is for patients with reduced mobility in the upper and lower limbs due to muscle weakness or paralysis.
- In 2020, Ekso Bionics received 501(k) clearance from the US Food and Drug Administration (FDA) to market its EksoNR robotic exoskeleton for patients with acquired brain injury (ABI). EksoNR is the first exoskeleton device to receive FDA clearance for rehabilitation use with ABI, significantly expanding the device’s indication to a broader group of patients.
- In 2019, ReWalk Robotics’ ReStore soft exo-suit system received clearance from the US Food and Drug Administration (FDA) for sale to rehabilitation centers across the United States
- In 2018, Parker Hannifin announced the release of its next generation Indego Therapy device for use in rehabilitation centers which is rapidly adjustable and can be custom-sized and perfectly fitted to patients
Report Objectives
- To define, describe, and forecast the medical exoskeleton market by type, component, extremity, mobility, structure, and region
- To provide detailed information about the factors influencing market growth (drivers, restraints, opportunities, and industry-specific challenges)
- To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall medical exoskeleton market
- To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players
- To forecast the size of market segments in North America, Europe, Asia, and RoW2
- To strategically analyze the market structure and profile key players in the medical exoskeleton market and comprehensively analyze their core competencies3
- To track and analyze company developments such as partnerships, agreements, and collaborations; expansions; acquisitions; and product launches in the medical exoskeleton market
Report Link: ( Medical Exoskeleton Market )
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