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The medical exoskeleton market is estimated to grow at a CAGR of 36.43% between 2022 and 2027. The size of the market is forecasted to increase by USD 974.84 million. The growth of the market depends on several factors, including increased incidences of SCIs, increasing usage of medical exoskeletons in rehabilitation, and increasing insurance coverage for medical exoskeletons.
This report extensively covers market segmentation by mobility type (mobile exoskeleton and stationary exoskeleton), technology (powered exoskeletons and passive exoskeletons), and geography (North America, Europe, Asia, and Rest of World (ROW)). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The reports categorize the global medical exoskeleton market as a part of the global healthcare equipment market. The parent market, the global healthcare equipment market, covers products and companies engaged in research and development (R&D) of a variety of product categories, including capital equipment, instruments, implants, accessories, and consumables that are used for the diagnosis, monitoring, and treatment of various diseases. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The increasing incidences of SCIs are notably driving the market growth, although factors such as the lack of well-trained caregivers may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Medical Exoskeleton Market Driver
The increasing incidences of SCIs are notably driving the market growth. A person gets SCI when the vertebrae, ligaments, spinal discs, or nerves at the end of the spinal canal (cauda equina) are damaged, causing a permanent loss of strength, sensation, and function below the injured site. Some of the leading causes of SCI are accidental falls, motor vehicle accidents, trauma, sports, and recreational injuries, and diseases such as cancer, arthritis, osteoporosis, and ankylosing spondylitis. People with SCI can develop partial or complete paralysis and paraplegia.
This calls for the need for rehabilitation and assistive devices such as medical exoskeletons to stabilize and assist interlimb movements in patients with SCI at the T7-L5 and T -T6 levels. The increasing incidence of SCI is increasing the demand for medical exoskeletons worldwide.
Significant Medical Exoskeleton Market Trend
The launch of technologically advanced products is the key trend in the market. Vendors in the market are developing and launching advanced products with improved designs to reduce the weight and bulk of these devices. They plan to increase adjustability, improve durability, add one-handed controls, and make these devices more user-friendly.
Some of the technologically advanced products offered by suppliers include the next-generation Indego Therapy device for use in rehabilitation centers, launched by Parker-Hannifin in September 201, and the EksoNR, the next-generation EksoGT for use in neurorehabilitation, launched by Ekso. Bionics Holdings in August. 2019 etc. An increasing number of technologically advanced product launches are fueling the growth of the global medical exoskeleton market.
Major Medical Exoskeleton Market Challenge
The lack of well-trained caregivers is the major challenge in the market. The application of medical exoskeletons in hospital settings, rehabilitation centers, or home care requires the assistance of highly efficient caregivers who can help move the exoskeleton. However, the availability of such dedicated caregivers to help patients with SCI and mobility impairments is limited.
Factors such as insufficient human resources, lack of standardization of training curricula and accreditation guidelines, and poor coordination between patients and caregivers during exoskeleton ambulation limit the availability of well-trained caregivers. Considering the above-mentioned factors, the lack of well-trained caregivers is hindering the growth of the global market.
Key Medical Exoskeleton Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Medical Exoskeleton Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ReWalk Robotics Ltd. - The company offers medical exoskeletons such as ReWalk Personal 6.0 Exoskeleton. The company designs and develops robotic exoskeletons that allow individuals with mobility impairments or other medical conditions the ability to stand and walk once again.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth of the mobile exoskeleton segment will be significant during the forecast period. Mobile exoskeletons are devices that can be used in home care to support knee or hip movement. These devices help patients with spinal cord injury (SCI) and mobility impairments to stand and walk with crutches or a walker to maintain balance. Mobile exoskeletons use a multi-level controller and sensor to determine and enable patient movement. In addition, these devices can be configured and customized according to individual needs.
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The mobile exoskeleton segment was valued at USD 54.27 million in 2017 and continued to grow by 2021. Patients with SCIs and traumatic brain injury using mobile exoskeletons. These products are available in a variety of configurations and can be adjusted to a wide range of leg lengths, hip widths, and foot sizes. In October 2022, a Stanford University research team funded by the National Institutes of Health (NIH) developed an exoskeleton that quickly adapts to the user during normal walking. The researchers developed a model to estimate relative metabolic rates from movement data. This allowed the exoskeleton to carry all the necessary information from portable sensors while walking, eliminating the need to collect data in the laboratory. Such customization and the assistance provided by such devices will fuel the growth of the market during the forecast period.
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North America is estimated to contribute 41% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The United States is the largest contributor to the North American market due to advanced healthcare facilities, increased prevalence of physical injuries due to SCI, and high demand for self-supporting medical exoskeletons. In 2021, the incidence of SCI in the United States was 5 million. In addition to favorable policies regarding medical extraskeletal coverage and third-party commercial payer reimbursement, the American Spinal Injury Association (ASIA) aims to increase awareness of treatment options available to SCI patients and the availability of key providers. such as Exo Bionics Holdings and Parker-Hannifin Corp. (Parker-Hannifin), which provides medical exoskeletons in the region, is driving the market growth.
In 2020, the outbreak of COVID-19 negatively impacted the growth of the market in focus in North America. However, the higher demand for treatments in healthcare facilities will lead to increased demand for medical exoskeletons in North America, allowing the market in focus to grow significantly in the region during the forecast period.
The report forecasts market growth by revenue at global, regional, and country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by Mobility Type (Mobile exoskeleton and Stationary exoskeleton), Technology (Powered exoskeletons and Passive exoskeletons), and Geography (North America, Europe, Asia, and Rest of World (ROW)).
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Medical Exoskeleton Market Scope |
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Report Coverage |
Details |
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Page number |
156 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 36.43% |
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Market growth 2023-2027 |
USD 974.84 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
34.23 |
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Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
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Performing market contribution |
North America at 41% |
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Key countries |
US, Germany, UK, China, and Japan |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Bionik Laboratories Corp., B-Temia, Cyberdyne Inc., DIH Group, Ekso Bionics Holdings Inc., Exoatlet Global SA, Focal Meditech, GOGOA Mobility Robots SL, Honda Motor Co. Ltd, Marsi Bionics SL, Myomo Inc., Ottobock SE and Co. KGaA, P and S Mechanics Co. Ltd., Parker Hannifin Corp., Rehab-Robotics Co. Ltd., ReWalk Robotics Ltd., Rex Bionics Ltd., Sarcos Corp., Wandercraft, and Wearable Robotics Srl |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Mobility Type
7 Market Segmentation by Technology
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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