PUBLISHER: Allied Market Research | PRODUCT CODE: 1239491
PUBLISHER: Allied Market Research | PRODUCT CODE: 1239491
The global medical exoskeleton market was valued at $232.5 million in 2021, and is projected to reach $3,044.7 million by 2031, growing at a CAGR of 29.4% from 2022 to 2031.Medical exoskeleton is a wearable electromechanical device that has been developed as external framework that is worn in the body to help patient recover from an injury and to enhance the biological capabilities such as orthotic devices for gait rehabilitation or locomotion assistance. Therefore, this frame offers limbs extra movement, strength, and endurance. Medical exoskeletons are used to power disabled, injured, or vulnerable people suffering from a variety of medical conditions such as spinal cord injury (SCI), neuropathy, major trauma such as stroke, and cerebral palsy. These medical exoskeletons are typically used in monitored settings such as hospitals and rehab centers under the supervision of medical professionals.
The growth of the medical exoskeleton market is driven by technological advancement for development of different medical exoskeleton devices, and rise in prevalence of spinal cord injuries, neurological disorders such as multiple sclerosis, Parkinson's disease, and others. In addition, increase in number of people suffering from disability is anticipated to fuel the demand for medical exoskeleton and is anticipated to drive the growth of the market. For instance, according to World Health Organization (WHO), in December 2022, it was reported that, an estimated 1.3 billion people - or 16% of the global population experience a significant disability. This number is growing because of an increase prevalence of neurological disorders and rise in number of geriatric populations. Moreover, rise in number of people suffering from spinal cord injuries, neurological disorders such as multiple sclerosis, Parkinson's disease and others is attributed to increase the demand for medical exoskeleton devices and boosts the market growth. For instance, according to National Spinal Cord Injury Model Systems Database (NSCMSD), in June 2022, it was reported that, approximately 51000 people are suffering from spinal cord injury.
In addition, rise in prevalence of neurological disorders such as multiple sclerosis, Parkinson's disease and stroke are anticipated to drive the demand for medical exoskeleton devices and fuels the market growth. For instance, according to National Multiple Sclerosis Society, it was reported that, in September 2020, approximately 2.8 million people worldwide are suffering from multiple sclerosis (MS). As per the same source, it was reported that, nearly 1 million of them are living in the U.S. in 2020.
Moreover, rise in healthcare expenditure, increase in disposable income, and expansion of middle-class population in developing countries are expected to create lucrative growth opportunities to drive the growth of the medical exoskeleton market. In addition, geriatric population is susceptible to neurological disorders and orthopedic diseases. Thus, rise in number of geriatric population is anticipated to fuel the demand for medical exoskeleton devices and drive the market growth. For instance, according to Population Reference Bureau, in 2019, regions such as Asia and Europe are home to some of the world's oldest populations, those ages 65 and above. Top countries include Japan at 28%, followed by Italy at 23%. Finland, Portugal, and Greece round out the top five at just under 22%.
Moreover, rise in expenditure by government to develop healthcare infrastructure fuels the market growth. For instance, as per the Office for National Statistics, total healthcare expenditure in the UK accounted for 12.0% of the gross domestic product (GDP) in 2020, as compared to 9.9% in 2019. Furthermore, it has been estimated that 30% of the healthcare expenditure is used in upgrading the healthcare infrastructure, especially medical equipment and application used at public health centers, such as hospitals. Hence, rise in healthcare expenditure across the globe is expected to fuel the demand for medical exoskeleton application in disabled population, thereby boosting the market growth.
On the other hand, high cost of medical exoskeleton devices and safety concern for devices are some factors that are anticipated to restrain the growth of the medical exoskeleton market.
The medical exoskeleton market is segmented into type, component, mobility, and application. Based on type, the market is divided into powered exoskeleton and passive exoskeleton. Based on component, the market is divided into hardware and software. Based on mobility, the market is bifurcated into stationary and mobile. Based on application, the market is divided into spinal cord injury, stroke, and others. The others segment includes multiple sclerosis, osteoarthritis, Parkinson's disease and acquired brain injuries. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Some of the major companies that operate in the global medical exoskeleton market include: CYBERDYNE INC., Ekso Bionics, Ergosante, B-Temia, ExoAtlet, ReWalk Robotics., Ottobock SE & Co. KGaA (suit X), DIH medical Hocoma., Human Motion Technologies LLC., and Wearable Robotics srl.