Medical Exoskeleton Market is expected to reach US$ 1,023.0 Mn with a CAGR of 29.4% from 2019-2027 By ReWalk Robotics, Ekso Bionics Holdings, Inc., Parker Hannifin Corporation (Indego), CYBERDYNE

Research Reports

Jun 17, 2021

According to The Insight Partners market research study titled ‘Medical Exoskeleton Market to 2027 – Global Analysis and Forecasts by Drive Type, Type, Extremity, Application, End User and Geography. The global medical exoskeleton market is expected to reach US$ 1,023.0 Mn in 2027 from US$ 96.7 Mn in 2018. The market is estimated to grow with a CAGR of 29.4% from 2019-2027. The report highlights the trends prevalent in the global medical exoskeleton market and the factors driving the market along with those that act as challenges to its growth.

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Global medical exoskeleton market was segmented by drive type, type, extremity, application and end user. On the basis of the drive type the market is segmented as pneumatic actuator, hydraulic actuator, electric actuator, mechanical, shape memory alloy actuator, other actuator. Based on the type the medical exoskeleton market is segmented into powered exoskeleton, passive exoskeleton); extremity (lower body exoskeleton, upper body exoskeleton. Based on the application the market was segmented into spinal cord injury, multiple sclerosis, cerebral palsy, stroke and others. On the basis of the end user the market was segmented as rehabilitation centers, physiotherapy centers, physiotherapy centers, mining, others.

The market for medical exoskeleton is expected to grow significantly due to factors such as increase in the number of orthopaedic surgeries, rise in the geriatric population and growing incidences of road accidents. However, the factor such as high cost of the product and regulatory concerns are likely to act as challenges for the growth of the market during the forecast period.

The major players operating in the medical exoskeleton market include, ReWalk Robotics, Ekso Bionics Holdings, Inc., Parker Hannifin Corporation (Indego), CYBERDYNE, INC., Bionik Laboratories Corp., Hocoma AG, Tyromotion GmbH, B-Temia Inc., US Bionics Inc. and Gogoa Mobility Robots. The market has carried out various organic and inorganic growth strategies in the market which has assisted in strengthening their product offering in the market.

Market Insights

Increase In The Number of Orthopaedic Surgeries

The rise in orthopedic surgeries is majorly driven by the operations done for the replacements of the knee and hip joints. The surgeries have been done for the amputations of limbs due to the increasing rate of damages or injuries caused by road accidents or various diseases. The rising number of operations for amputation are observed for patients who have diabetes and also have developed a condition of gangrene. For instance, according to the U.S. Agency for Healthcare Research and Quality, in the United States, approximately replacement surgeries are performed per year. For the deteriorating joints, the knee replacement surgeries have performed in the geriatric population. Knee replacement is among the most commonly performed orthopedic procedures. The number of surgeries is increasing due to the rising chronic conditions, including rheumatoid arthritis (RA), ankylosing spondylitis (AS) and osteoporosis. For instance, according to a report published in 2018 of Healthline Media, rheumatoid arthritis (RA) affects 41 in every 100,000 people per year, and near round, 1.3 million Americans have RA.

High Market Potential In Developing Nations

With increasing costs of manufacturing against their practices, the medical device manufacturers are struggling to generate enough revenue to please their investors. The emerging markets are expected to be the crucial factor for offering better and lucrative growth opportunities for the market players to expand their business and geographic reach. The treatment for the musculoskeletal diseases and orthopedic conditions become more straightforward due to the help of the advancement in the technologies. As compared to consuming heavy dose medicines and hectic therapies, braces and supports have reduced the number of the consumption of the medication and the treatments. The exoskeleton devices have helped so many patients to manage and reduce their pains and helped to move along with the other healthy people. Also, the healthcare expenditure has created lots of opportunities for the developing nations to provide better and more services and facilities to their people. Regions such as Asia, the Middle East, and Africa are investing more in the healthcare sectors.

Besides, the population in these regions and health regarding awareness is aggressively increasing. Therefore, the incidences of the orthopedic conditions are growing. The regions are also witnessing a rise in the start-up companies investing more on the healthcare sectors. Therefore, owing to the factors mentioned above, the market for medical exoskeleton is likely to show a high potential in emerging nations.

The report segments the global medical exoskeleton market as follows:

Global Medical Exoskeleton Market – By Drive Type

Pneumatic Actuator
Hydraulic Actuator
Electric Actuator
Mechanical
Shape Memory Alloy Actuator
Other Actuator

Global Medical Exoskeleton Market – By Type

Powered Exoskeleton
Passive Exoskeleton

Global Medical Exoskeleton Market – By Extremity

Lower Body Exoskeleton
Upper Body Exoskeleton

Global Medical Exoskeleton Market – By Application

Spinal Cord Injury
Multiple Sclerosis
Cerebral Palsy
Stroke
Others

Global Medical Exoskeleton Market – By End User

Rehabilitation Centers
Physiotherapy Centers
Others

Global Medical Exoskeleton Market – By Geography

North America
- U.S
- Canada
- Mexico
Europe
- France
- Germany
- U.K
- Italy
- Spain
Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
South & Central America
- Brazil
- Argentina

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