(PharmaNewsWire.Com, March 31, 2020 ) [116 Pages Report] The medical exoskeleton market is projected to reach USD 571.6 million by 2023 from USD 85.7 million in 2017, at a CAGR of 37.4% during the forecast period.
Factors such as the increasing number of people with physical disabilities and subsequent growth in the demand for effective rehabilitation approaches and increasing insurance coverage for medical exoskeletons in several countries are driving the growth of the medical exoskeleton market. The report segments the market into component, type, mobility, extremity, and region.
An increasing number of people with physical disabilities and subsequent growth in the demand for effective rehabilitation approaches
Globally, the number of people with physical disabilities is increasing majorly due to the rising geriatric population, increasing number of road accidents and severe trauma injuries, and increasing prevalence of stroke, among other factors. According to the US Census Bureau, the global elderly population is estimated to increase at a steady pace in the coming years, from 900.9 million in 2015 to 1,402.4 million by 2030, and 2,092.0 million by 2050. All major regions across the globe are witnessing a significant growth in their geriatric populations, and this trend is expected to continue in the coming years.
Market Segmentation:
By extremity, the market is segmented into lower extremity medical exoskeletons and upper extremity medical exoskeletons. The upper extremity segment is projected to grow at the highest CAGR during the forecast period. These exoskeletons are generally used in the rehabilitation of upper limb amputees and stroke and cerebral palsy patients.
The medical exoskeleton market is segmented on the basis of component, into hardware and software. The hardware segment is estimated to account for the largest market share in 2018. The large share of this segment can be attributed to the fact that a large number of parts such as sensors, actuators, power sources, and control systems are required to manufacture exoskeletons. Manufacturers are also adding upgraded and advanced hardware into the overall design to enhance the capability of medical exoskeletons, making them smarter and more interactive.
The market is dominated by North America, followed by Europe. Factors such the growing geriatric population, increasing demand for self-assist exoskeletons, high prevalence of stroke, and the growing number of spinal cord injuries (SCI) are driving market growth in this region. However, the high cost of medical exoskeletons may restrain the growth of the market to a certain extent.
Major Players:
The medical exoskeleton market includes various players. Key players in this market include The major players in the market are Ekso Bionics Holdings, Inc. (US), ReWalk Robotics Ltd (Israel), Parker Hannifin Corp (US), Bionik Laboratories Corp (Canada), CYBERDYNE Inc. (Japan), Rex Bionics Ltd. (UK), B-TEMIA Inc. (Canada), Hocoma AG (A Subsidiary of DIH Technologies) (Switzerland), Wearable Robotics SRL (Italy), Gogoa Mobility Robots SL (Spain), and ExoAtlet, O.O.O. (Russia).
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