The global medical exoskeleton market is expected to reach US$ 1,023.0 Mn in 2027 from US$ 96.7 Mn in 2018
NEW YORK, Oct. 29, 2019 /PRNewswire/ -- The global medical exoskeleton market is expected to reach US$ 1,023.0 Mn in 2027 from US$ 96.7 Mn in 2018. The Medical Exoskeleton market is estimated to grow with a CAGR of 29.4% from 2019-2027.
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The market is driven by the 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.
A geriatric population is a group of people who are of the age group of 65 years and above.The geriatric population across the world is rising due to the increase in life expectancy, developments in the healthcare systems, and increasing facilities and services across the globe.
Therefore, the number of geriatric population has been overgrowing across the globe. Also, an aging population is poised to become one of the most significant social transformations of the twenty-first century.
According to the report 'Aging in the United States', revealed that the growing population (people 65 and older) is likely to reshape the scenario for the older people in America.
Similarly, the latest data published by the World Health Organization (WHO) in February 2018 says that in between 2015–2025 the world's population over 60 years is likely to increase roughly from 12% to 22%.Also, the pace of the geriatric population is growing much faster as compared to the past.
Additionally, countries across the world are facing significant challenges, and trying to ensure their health and social systems are ready to accept most of the demographic shift.
The data by the WHO also estimated that until 2050, there would be approximately 120 million people living in China.Moreover, it is expected that near around 434 million people in the age group of 80 and above will be present across the world.
Furthermore, it stated that by 2050, 80% of all older people would be registered in low and middle-income countries.The rise in the geriatric population has been observed across the world, for instance, France had almost taken 150 years to adapt the shift in the portion from 10% to 20% of the population which were older than 60 years.
However, countries such as Brazil, China, and India will be experiencing a slight change, which will be more than 20 years to make the same adaptation.
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, and others.
Some of the major primary and secondary sources included in the report for the medical exoskeleton market are Canadian Agency for Drugs and Technologies in Health, Centers for Disease Control and Prevention, European Committee for Standardization, Food and Drug Administration and others.
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