Medical Exoskeleton Market Worth $571.6 million | Anticipated To Witness High Growth In The Near Future

medical exoskeleton market

Medical Exoskeleton Market Medical Exoskeleton Market

PUNE, India, 2020-Jun-03 — /EPR Network/ —

The Global Medical Exoskeleton Market is projected to reach $571.6 million, at a CAGR of 37.4% during the forecast period.

Market Dynamics in Depth:

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.

Soft exoskeletons are attached to the body securely and comfortably and transmit forces over the body through beneficial paths such that biologically appropriate moments are created at the joints. Compared to traditional exoskeletons, these exoskeletons are ultra-light-weight and have low mechanical impedance and inertia. The use of soft actuators has led to the development of inexpensive gait-supportive exoskeletons, creating opportunities for new players in the industry.

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Market Segmentation in Depth:

The powered exoskeleton segment to record the highest CAGR of the medical exoskeleton market

This segment is expected to continue to dominate the market and grow at a higher CAGR during the forecast period. The presence of sensors and various controlling functions in powered exoskeletons to sense motion, tilt, and speed is the major factor driving the growth of this segment.

Mobile medical exoskeletons to dominate this market during the forecast period

Mobile medical exoskeletons are expected to dominate this market. The large share 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.

Recent Developments:

  • 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.

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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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