PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1457961
PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1457961
The medical exoskeleton market generated a value of USD 485.8 million in 2023, which will increase to USD 6,336.8 million, with a 44.8% CAGR, by 2030.
The growth of this industry is mainly because of the surging count of people with physical disabilities, the increasing elderly population, and the rising number of orthopedic surgeries.
For instance, as per the World Health Organization, an estimated 1.3 billion individuals, or 1 out of 6 people globally, experience significant disability.
Moreover, as per the United Nations, the number of people who are 65 years and above is rising at a faster rate compared to those below this age. Also, the percentage of the worldwide population aged 65 and above is likely to reach 16% in 2050 from 10% in 2022.
Furthermore, more than 300 million orthopedic operations are performed across the globe every year, 75% of which take place in developed nations.
In addition, the surging number of road accidents, strokes, and severe injuries, is also aiding the expansion of this industry. The WHO says that around 1.3 million people die annually because of road traffic crashes. Therefore, the rising acceptance of medical exoskeletons for the curing of injuries is boosting industry expansion.
North America Leading the Global Market
North America was the largest contributor to the industry in 2023, with a 55% share, and it will advance significantly in the coming years. This is because of the surging elderly population, rising government support for exoskeletons, and high incidence of neurological ailments.
For example, Human in Motion Robotics Inc. (HMR), in September 2022, declared a CAD 663,000 contract from Innovative Solutions Canada for the Department of National Defence Canada.
The contract is for the Canadian government to buy HMR's next-generation lower-extremity exoskeleton, XoMotion, which is intended to remove people's reliance on wheelchairs and enable them total mobility.
APAC is advancing at the fastest rate, owing to the increasing funding in healthcare, recent product approvals, and a growing patient pool requiring mobility and rehabilitation support.
Segmentation Analysis
The hardware category, based on component, led the industry in 2023, with a 60% share, and it will propel at a 45.0% CAGR in the coming years. This can be because exoskeletons are produced using different pieces of hardware, such as powered systems, sensors, control systems, and actuators.
The powered category, based on type, was the larger contributor to the industry, owing to the recent improvements in them. For example, Stanford University, with investment from the NIH, has developed an exoskeleton that rapidly adapts to users' movement while they walk normally.
Additionally, major players in this industry are concentrating on incorporating cutting-edge technologies like AI, to improve their product performance. AI increases the human potential, along with the efficiency of the devices.
In 2023, lower-extremity exoskeletons led the extremity category. This can be credited to the increasing prevalence of lower body parts disability, including the ankles, feet, and knee & hip joints.