Medical Exoskeleton Market size is set to grow by USD 974.84 mn from 2023-2027, increasing incidences of scis to boost the market growth, Technavio

NEW YORK, May 10, 2024 /PRNewswire/ -- The global medical exoskeleton market size is estimated to grow by USD 974.84 mn from 2023-2027, according to Technavio. The market is estimated to grow at a CAGR of almost 36.43% during the forecast period. 

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Market Driver

The medical exoskeleton market is experiencing significant growth due to its application in workplace safety, particularly for frontline workers with motor impairments from conditions such as spinal cord injuries (SCIs), stroke, cerebral palsy, and severe musculoskeletal injuries. These advanced assistive devices, which include offerings from companies like Ekso Bionics and ReWalk Robotics, employ formidable technologies such as deep learning, artificial intelligence, smart sensors, and actuation technologies. These innovations enable these exoskeletons to adapt to individual user needs, providing assistance in rehabilitation centers and home settings for individuals with SCI, neuropathy, or other neurological conditions.
Furthermore, cloud computing integration allows for remote monitoring and adjustments, enhancing the return on investment for healthcare providers. Companies like Bionic Yantra, Fourier Intelligence, Gloreha, Hexar Humancare, Milebot Robotics, Myomo, Neofect, NextStep Robotics, Rex Bionics, Roam Robotics, Trexo Robotics, Tyromotion, U&O Technologies, and others are leading this revolution in rehabilitation tools. FDA regulations and ISO standards ensure the safety and efficacy of these medical exoskeletons, making them increasingly accessible for able-bodied users and those with cardiovascular disorders, metabolic disorders, and other conditions that may benefit from their use.

Market Challenges

• The medical exoskeleton market caters to the use of these advanced assistive devices in hospitals, rehabilitation centers, and home-care settings for individuals with spinal cord injuries, neurological disorders, and mobility impairments. Key players include BIONIK, B-Temia, Bioventus, Hocoma, Wearable Robotics srl, ExoAtlet, Meditouch, Suit X, MarsiBionics, Focal Meditech, Wandercraft, MEDEXO ROBOTICS, EksoVest, EVOTM, Shoulder Jacket, Thumb Slim, Cool Sleeve, and others. However, the scarcity of well-trained caregivers, insufficient human resources, and lack of standardization in training curricula and accreditation guidelines pose challenges. Incorrect usage, improper fastening, and loss of balance may result in injuries, fractures, and falls. Additionally, these exoskeletons find applications in industries such as aerospace, aircraft manufacture, shipyards, foundries, factories, and workplaces to prevent work-related accidents.

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Segment Overview 

This medical exoskeleton market report extensively covers market segmentation by

1. Technology 
• 1.1 Powered exoskeletons
• 1.2 Passive exoskeletons
2. Mobility Type
• 2.1 Mobile exoskeleton
• 2.2 Stationary exoskeleton
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 Asia
• 3.4 Rest of World (ROW)

1.1 Powered exoskeletons- The medical exoskeleton market is experiencing significant growth, driven by the increasing prioritization of workplace safety and the integration of advanced technologies such as cloud computing, deep learning, and smart sensors. Powered exoskeletons, a form of this technology, are predicted to dominate the market, with revenue contributions from able-bodied users, rehabilitation tools for motor impairments, and frontline workers. Actuation technologies like artificial intelligence and motor control systems enable these devices to adapt to various user needs and environments. In home settings, medical exoskeletons are becoming essential assistive devices for individuals with cardiovascular disorders, metabolic disorders, and neurological conditions like stroke, severe musculoskeletal injuries, spinal cord injuries (SCI), neuropathy, and cerebral palsy. FDA regulations and ISO standards ensure the safety and efficacy of these devices, which include offerings from companies like Bionic Yantra, Fourier Intelligence, Gloreha, Hexar Humancare, Milebot Robotics, Myomo, Neofect, NextStep Robotics, Rex Bionics, Roam Robotics, Trexo Robotics, Tyromotion, U&O Technologies, and Ekso Bionics. Self-assist exoskeletons are also gaining popularity for rehabilitation approaches, providing increased strength and endurance for users. ReWalk Robotics and Rex Bionics are notable players in this segment. The return on investment for medical exoskeletons is substantial, as they help reduce the risk of workplace injuries, improve productivity, and provide effective rehabilitation tools for various conditions. These devices are revolutionizing the healthcare industry and are expected to maintain their dominance in the global medical exoskeleton market throughout the forecast period.

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Research Analysis

The medical exoskeleton market encompasses the development, production, and distribution of advanced assistive devices designed to enhance mobility and improve quality of life for individuals with neurological disorders such as Stroke, SCI, cerebral palsy, and neuropathy. These rehabilitation approaches incorporate wearable robotic technologies, including those from Ekso Bionics, BIONIK, B-Temia, Bioventus, Hocoma, Wearable Robotics srl, ExoAtlet, Meditouch, and others. FDA regulations and ISO standards ensure the safety and efficacy of these rehabilitation devices, which can supplement traditional rehabilitation methods using wheelchairs, crutches, and walkers. Medical exoskeletons offer significant benefits for individuals with mobility impairments due to neurological disorders, contributing to improved overall well-being and independence.

Market Research Overview

The Medical Exoskeleton market is experiencing significant growth due to the increasing adoption of these devices in rehabilitation and mobility assistance. These wearable robots, which include brands like ReWalk, Ekso Bionic, and Rex Bionics, are revolutionizing the way we approach mobility issues. They provide support and assistance to individuals with neurological and orthopedic conditions, enabling them to regain mobility and independence. The technology behind these devices is advanced, with features such as real-time monitoring, adjustable support, and wireless connectivity. The market is driven by factors such as an aging population, increasing prevalence of chronic diseases, and technological advancements. The future of medical exoskeletons looks promising, with potential applications in military, industrial, and even athletic settings. The global market for medical exoskeletons is expected to reach substantial growth in the coming years.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Technology
• Powered Exoskeletons
• Passive Exoskeletons
• Mobility Type
• Mobile Exoskeleton
• Stationary Exoskeleton
• Geography
• North America
• Europe
• Asia
• Rest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio