Medical Exoskeleton Market Growing at a CAGR of 37.4% – North America is expected to hold the largest share

PUNE, India, 2021-Feb-23 — /EPR Network/ — A medical exoskeleton, also known as a wearable robot, is a robotic machine suite worn by humans in place of their limbs to complement, substitute, and enhance human functions. It helps in physical movements by offering increased strength and endurance.

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

Major Growth Boosting Factors: The Factors such as the increasing number of people with physical disabilities and subsequent growth in the demand for effective rehabilitation approaches; agreements and collaborations among companies and research organizations for the development of the exoskeleton technology; and increasing insurance coverage for medical exoskeletons in several countries driving the growth of the market. However, the high cost of medical exoskeletons may restrict market growth to a certain extent.

Recent Developments:

# In August 2018, Bionik Laboratories integrated Amazon’s Echo (“Echo”) technology and Alexa Voice Service (“Alexa”) for ARKE lower-body exoskeleton

# In July 2017, ReWalk entered into an agreement with Harmonie Médical Service (France). Under the agreement, Harmonie Médical Service will facilitate the distribution of ReWalk systems to the spinal cord injured (SCI) community. This will help the company to grow its market in France.

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By extremity,

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.

Growth Opportunity: Introduction of soft actuators;

Currently, the medical exoskeleton market 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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Geographical Scenario:

North America is expected to dominate the medical exoskeleton 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.

Global Leaders:

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).