Medical Exoskeleton Market size to grow by USD 974.84 million from 2022 to 2027, Increasing usage of medical exoskeletons in rehabilitation will drive market growth, Technavio

NEW YORK, March 1, 2024 /PRNewswire/ -- The medical exoskeleton market size is estimated to grow by USD 974.84 million from 2022 to 2027 at a CAGR of 36.43% according to Technavio. Request a Free sample report

Medical Exoskeleton Market Insights -

• Vendors: 15+, Including Bionik Laboratories Corp., B-Temia, Cyberdyne Inc., DIH Group, Ekso Bionics Holdings Inc., Exoatlet Global SA, Focal Meditech, GOGOA Mobility Robots SL, Honda Motor Co. Ltd, Marsi Bionics SL, Myomo Inc., Ottobock SE and Co. KGaA, P and S Mechanics Co. Ltd., Parker Hannifin Corp., Rehab-Robotics Co. Ltd., ReWalk Robotics Ltd., Rex Bionics Ltd., Sarcos Corp., Wandercraft, Wearable Robotics Srl, among others
• Coverage: Parent market analysis; key drivers, major trends, and challenges; customer and vendor landscape; vendor product insights and recent developments; key vendors; and market positioning of vendors
• Segments: Technology (Powered exoskeletons and Passive exoskeletons), Mobility Type (Mobile exoskeleton and Stationary exoskeleton), and Geography (North America, Europe, Asia, and Rest of World (ROW)) To understand more about the information services market, request a Free sample report

Increasing usage of medical exoskeletons in rehabilitation

By increasing the standing and walking time of patients with muscular impairment, mechanical exoskeletons are used in addition to restoration of movement but also for improved exercise. In patients with paraplegia and paralysis, it is used mainly as a rehabilitation device to help them stand up when they lose movement due to reduced function of their brains resulting from the loss of erythropoietic functions or an increased risk for osteoporosis, pressure ulcers, and blood clots.

Segmentation Analysis

The Mobile Exoskeleton segment is significant during the forecast period. Mobile exoskeletons, specialized for homecare, assist spinal cord injury patients by enabling standing, walking, and balance support. Utilizing advanced sensors and controllers, they offer tailored assistance but pose higher complexity and costs compared to stationary exoskeletons. Drivers, and challenges have an impact on market dynamics and can impact businesses. Find some insights from a free sample report!

Analyst Review

The medical exoskeleton market is a rapidly evolving sector that addresses the needs of individuals with physical disabilities stemming from various conditions such as stroke, trauma injuries, musculoskeletal injuries, and spinal cord injury (SCI). As the geriatric population grows and road accidents remain a significant contributor to disabilities, the demand for rehabilitation approaches and assistive devices like exoskeletons continues to rise.

Research organizations play a crucial role in advancing exoskeleton technology and improving rehabilitation outcomes. However, the high cost of medical exoskeletons poses a significant barrier to insurance coverage and market growth, limiting access for potential users. This challenge is particularly acute in countries with large elderly populations like the United States, where organizations such as the US Census Bureau track demographic trends.

Despite regulatory challenges and the need for FDA approvals and compliance with ISO standards, companies like Ekso Bionics and ReWalk Robotics have made strides in developing powered lower-limb exoskeletons that offer mobility and independence to individuals with disabilities. However, concerns about malfunctioning and adverse events, such as skin and tissue damages or even bone fractures, underscore the importance of regulatory bodies and wearers' safety.

To capitalize on the growing opportunity in the medical exoskeleton market, collaborations between government organizations, special agencies, and charitable and non-governmental organizations are essential. Insurance coverage from entities like BKK Mobil Oil Insurance and Centers for Medicare and Medicaid Services, as well as third-party insurers, can make exoskeletons more accessible to those in need.

In addition to addressing physical disabilities, medical exoskeletons also offer benefits in rehabilitation centers, facilitating recovery and improving quality of life for individuals with disabilities. The emergence of self-assist exoskeletons further expands the potential user base, enabling active people to enhance their mobility and prevent falls.

In conclusion, the medical exoskeleton market is driven by a confluence of factors, including demographic trends, technological advancements, and regulatory considerations. By addressing rehabilitation needs and enhancing mobility, exoskeletons have the potential to significantly impact the lives of individuals with physical disabilities across regions. Download sample report!

Related Reports:

The global exoskeleton market size is estimated to grow by USD 1,851.23 million at a CAGR of 35.98% between 2022 and 2027.

The Wearable Robots and Exoskeletons Market size is estimated to grow at a CAGR of 33.11% between 2022 and 2027 and the size of the market is forecast to increase by USD 4,718.14 million.

ToC:

1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix

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SOURCE Technavio