In-depth Analysis and Data-driven Insights on the Impact of COVID-19 Included in this Global Medical Exoskeleton Market Report
The medical exoskeleton market by revenue is expected to grow at a CAGR of over 36% during the period 2022-2027.
Government is responsible for ensuring that exoskeleton products sold in its region are accepted and meet market requirements. As a result, the government has enacted appropriate legislation to ensure that goals are achieved, product safety is the primary objective, and that the sale of unsafe products does not harm citizens. However, if commercialization involves technical product developments, a technical, regulatory framework in which the appropriate regional authorities enact legislation applicable to all levels of government (national, state, state, local, etc.) covering product services and actions. Governments and regulators' safety is a major concern before new products are generally commercially available. In this regard, only a few exoskeletons such as ReWalk, Ekso Bionics, and Cyberdyne have been certified to comply with the evolving international safety guidelines in medical and non-medical applications essential for the market growth.
The following factors are likely to contribute to the growth of the medical exoskeleton market.
- The Emergence of Soft Actuator Medical Exoskeletons
- Focus on Development of 3D- Printed Medical Exoskeletons
- Increasing Focus on Developing Brain-Machine Interface Based Medical Exoskeleton
- Increasing Number of People with Physical Disabilities
- Recent Advancements in the Medical Exoskeleton
- Increasing Insurance Coverage for Medical Exoskeleton
- Wearable robots and exoskeletons are used to assist in personal mobility. Exoskeletons deliver high-quality rehabilitation, thereby providing the base for a growth strategy for clinical facilities in the medical exoskeleton market.
- 3D printing exoskeletons allow designing and producing parts with complex shapes and geometries without waste or composite materials. This technology gives the manufacturer design freedom and allows us to design customer-specific products in small quantities and at a low cost.
MEDICAL EXOSKELETON MARKET SEGMENTATION
This research report includes a detailed segmentation by:
- Powered exoskeletons accounted for the larger share of the overall exoskeleton market in 2020. The high cost of powered exoskeletons leads to a higher market share of the technology than passive exoskeletons. Passive exoskeletons are often cheaper and lighter than powered exoskeleton, thereby, the combination of powered and passive exoskeleton characteristics in a new class of pseudo-passive (or semi-active) devices may provide a promising future direction for exoskeleton technology.
- The ReWalk exoskeleton developed by ReWalk Robotics (Marlborough, MA, US) is a LEE that enables motorized movement of the hip and knee so that people with SCI can stand and walk upright. It is the first exoskeleton suit, approved by the US Food and Drug Administration in 2014, that can be used as a personal device at home and in the community, which propel the market's growth.
Market Segmentation by Modality
- Powered Exoskeletons
- Passive Exoskeletons
Market Segmentation by Extremity
- Lower Extremity Exoskeletons
- Upper Extremity Exoskeletons
Market Segmentation by Mobility
- Mobile Exoskeletons
- Stationary Exoskeletons
Market Segmentation by Usage
- Rehabilitation Exoskeletons
- Augmentation Exoskeletons
- Massachusetts-based exoskeleton maker ReWalk Robotics. The company`s latest product, the augmentative ReWalk 6.0, uses cutting-edge technology to allow individuals with paraplegia, a spinal cord injury resulting in complete or incomplete paralysis of the legs, to stand, turn and walk.
- Ekso Bionics, a Singapore-based company, announces a partnership with Australia's Royal Rehab to further expand the use of robotic exoskeletons in the Asia-Pacific region.
- California's Ekso Bionics' Ekso GT is also a major rehabilitation exoskeleton, equipped with smart assist software, the physiotherapist can change the support for each leg device individually. This ability allows Ekso GT to rehabilitate more patients, from those too weak to walk to those who are almost independent, eventually for the market's growth.
- Ekso bionics
- ReWalk Robotics
- PARKER HANNIFIN
- Rex Bionics
- DIH Medical
OTHER PROMINENT VENDORS
- Wearable Robotics
- Honda Motor
- Bionic Power
- ANGEL ROBOTICS
- BAMA Teknoloji
- Bionic Yantra
- Bioservo Technologies
- Fourier Intelligence
- FREE Bionics
- Gloreha Idrogenet
- Harmonic Bionics
- HEXAR Humancare
- Human in Motion Robotics
- MARSI BIONICS
- The reason for the high uptake of the medical exoskeleton market in North America was contributed by the factors of the increasing elderly population, the prevalence of chronic illness, increasing strokes, rise in the number of the rehabilitation center, rise in prescriptions and hospitalization rates, increase in government funding and healthcare expenditure, as well as growing awareness of technological developments. The strong presence of key medical exoskeleton players is also another reason for the high uptake of the medical exoskeleton in North America.
- APAC has a growing number of exoskeleton developers actively involved in the development of innovative medical exoskeletons at affordable cost. APAC is projected to grow at a lucrative rate due to an increase in stroke incidence, a growing aging population, related health conditions, favorable government policies, increasing healthcare expenditures are some of the factors driving the market.
Market Segmentation by Geography
- North America
- South Korea
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
KEY QUESTIONS ANSWERED:
- 1. What is the size of the medical exoskeleton market and growth rate during the forecast period?
- 2. Which region is generating the largest revenue in the medical exoskeleton market?
- 3. Who are the key players in the medical exoskeleton market?
- 4. What are the factors driving the market growth for the medical exoskeleton market?
- 5. What are the opportunities in the medical exoskeleton market?