(PharmaNewsWire.Com, June 03, 2020 ) The Global Medical Exoskeleton Market is projected to reach USD 571.6 million by 2023 from USD 116.7 million in 2018, at a CAGR of 37.4% during the forecast period.
Market Dynamics:
Driver: 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. All major regions across the globe are witnessing significant growth in their geriatric populations, and this trend is expected to continue in the coming years.
Opportunity: Introduction of soft actuators;
Currently, the medical exoskeletons industry is focusing on developing soft exoskeletons (without electronic motors and heavy batteries), which augment normal muscle function in healthy individuals for commercial use. Currently, these exoskeletons are available only for research purposes. Such exoskeletons have soft actuators that can be easily driven by an off-board compressor.
Lower extremity medical exoskeletons are expected to dominate the market in 2018
By extremity, the market is segmented into lower extremity medical exoskeletons and upper extremity medical exoskeletons. In 2018, lower extremity medical exoskeletons segment is expected to account for the largest share of the global medical exoskeleton market. Lower extremity exoskeletons provide stability to paralyzed and geriatric patients and offer weight-bearing and locomotion capabilities. As a result, they are more widely adopted for rehabilitation applications.
Based on mobility, the mobile segment is projected to grow at the highest CAGR during the forecast period
Based on mobility, the medical exoskeleton market is segmented into mobile and stationary exoskeletons. The mobile segment is expected to register the highest CAGR during the forecast period. The growth of this segment can be attributed to the high demand for compact, light-weight mobile medical exoskeletons that can offer mobility assistance to paralyzed patients.
- In August 2018, Bionik Laboratories integrated Amazon's Echo ("Echo") technology and Alexa Voice Service ("Alexa") for ARKE lower-body exoskeleton
- In March 2018, CYBERDYNE and Brooks Rehabilitation (US) established a joint venture company called CYBERDYNE & BROOKS, Inc. (C&B). C&B opened the Brooks Cybernic Treatment Center (“BCTC”) and commenced its sales operation to spread HAL for Medical Use Lower Limb Type (“Medical HAL”) to all parts of the US. This will help the company to expand its business in the US with a vast network and patient pool of the Brooks Rehabilitation Center.
North America is expected to hold the largest share of the medical exoskeleton market in 2018
In 2018, North America is expected to dominate the market followed by Europe. The large share of this geographical segment is attributed to the growing geriatric population, increasing demand for self-assist exoskeletons, growing number of spinal cord injuries (SCI), and the high prevalence of stroke in the region.
The medical exoskeleton market includes various players. 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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