PUBLISHER: The Business Research Company | PRODUCT CODE: 1619743
PUBLISHER: The Business Research Company | PRODUCT CODE: 1619743
A medical exoskeleton is a wearable robotic device designed to support and enhance the user's body movements. It is primarily used to assist individuals with mobility impairments or physical disabilities, helping them in rehabilitation and daily activities by providing support and improving their ability to move.
The main types of medical exoskeletons are powered exoskeletons and passive exoskeletons. Powered exoskeletons are equipped with motors or actuators to aid or enhance the wearer's movements, offering powered support to assist users with mobility challenges, aid in rehabilitation, or improve physical capabilities for various tasks. The components of these exoskeletons include hardware and software, and they can be categorized by mobility types into stationary and mobile. They are designed for different extremities, including lower, upper, and full-body applications, and are used for conditions such as spinal cord injuries, stroke, and other mobility impairments.
The medical exoskeleton market research report is one of a series of new reports from the business research company that provides medical exoskeleton market statistics, including medical exoskeleton industry global market size, regional shares, competitors with an medical exoskeleton market share, detailed medical exoskeleton market segments, market trends and opportunities, and any further data you may need to thrive in the medical exoskeleton industry. This medical exoskeleton market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The medical exoskeleton market size has grown exponentially in recent years. It will grow from $0.34 billion in 2023 to $0.42 billion in 2024 at a compound annual growth rate (CAGR) of 25%. The growth during the historic period can be attributed to an aging population, a rising prevalence of neurological disorders, improved healthcare infrastructure, increased investment in rehabilitation technologies, and a growing prevalence of mobility impairments.
The medical exoskeleton market size is expected to see exponential growth in the next few years. It will grow to $1.04 billion in 2028 at a compound annual growth rate (CAGR) of 25.1%. The growth during the forecast period can be attributed to increased adoption in rehabilitation centers, growing awareness and acceptance, rising investments and collaborations, the increasing prevalence of chronic diseases, and advancements in battery life and energy efficiency. Major trends expected include the rise of home-based rehabilitation, the development of lightweight and portable designs, integration with telemedicine platforms, and advancements in sensor technologies.
The rising incidence of spinal cord and brain injuries is expected to drive the growth of the medical exoskeleton market. These injuries, which involve significant damage to the central nervous system, often lead to severe impairments in motor, sensory, and cognitive functions. The increase in such injuries is primarily due to a rise in vehicular accidents, falls, sports injuries, and violence. Medical exoskeletons are utilized to assist with mobility and rehabilitation for individuals with spinal cord and brain injuries by providing support and enhancing physical capabilities. For example, a November 2023 report from the New Zealand Spinal Trust, a non-profit organization focused on spinal cord injury assistance, indicated that the incidence of spinal cord injuries rose from 41 per million in 2021 to 45 per million in 2022. This uptick in spinal cord and brain injuries is expected to boost the medical exoskeleton market.
Leading companies in the medical exoskeleton market are incorporating advanced smart powering mechanisms to improve workforce efficiency and support the nursing profession amid labor shortages. Smart robotic exoskeletons are wearable devices designed to enhance human physical capabilities. For instance, in December 2023, German Bionic, a Germany-based automation machinery manufacturer, introduced the Apogee+ e-exoskeleton. This device is designed to aid healthcare professionals by providing dynamic lifting assistance and improving patient mobilization. It can reduce up to 66 pounds (30 kg) of back strain, assisting with tasks such as patient transfers and medical exams. The Apogee+ features a safety-focused design with a closed structure and specialized grips to minimize physical risks, making it safe for both caregivers and patients. Its ergonomic design also ensures better nurse-patient interactions by combining robotic support with human-centered design.
In December 2022, Ekso Bionics Holdings Inc., a U.S.-based company specializing in exoskeleton technology for medical and industrial uses, acquired the Human Motion and Control (HMC) Business Unit from Parker Hannifin Corporation for $10 million. This acquisition included Parker's Indego lower limb exoskeleton product line and future developments in robotic-assisted orthotic and prosthetic devices. The move aims to expand Ekso Bionics' product range into home and community markets, strengthen its position in lower extremity robotics, and leverage new technologies for further growth and innovation. Parker Hannifin Corporation is a U.S.-based company known for its advanced motion and control technologies, including medical exoskeletons.
Major companies operating in the medical exoskeleton market are Honda, Panasonic Holdings Corporation, Parker Hannifin Corporation, Ottobock SE & Co KGaA, DIH International Limited, Fourier Intelligence, Cyberdyne Inc, GBS German Bionic Systems GmbH, Hocoma AG, Neofect, Bionic Yantra, Ekso Bionics Holdings Inc., Hexar Humancare, MediTouch, Suit X, ReWalk Robotics, Rex Bionics Ltd, Human Motion Technologies LLC, Guangzhou Yikang Medical Equipment, NextStep Robotics, Marsi Bionics, Focal Meditech, Gogoa Mobility Robots, B-Temia, Rehab-Robotics Company Limited, Roam Robotics, Bionik Laboratories Inc
North America was the largest region in the medical exoskeleton market in 2023. The regions covered in the medical exoskeleton market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the medical exoskeleton market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The medical exoskeleton market consists of sales of robotic exoskeletons, wearable exoskeletons, and orthotic exoskeletons. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Medical Exoskeleton Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on medical exoskeleton market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for medical exoskeleton ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The medical exoskeleton market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.