USD 286.14 million
Medical Exoskeleton Market Size, Share, Growth Analysis, By Component (Hardware, Software), By Type (Powered, Passive), By Extremity (Upper Extremity, Full Body), By Structure (Rigid Exoskeletons, Soft Exoskeletons), By Mobility (Stationary, Mobile), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35A2311 |
Region:
Global |
Published Date: September, 2024
Pages:
157
|Tables:
61
|Figures:
75
Medical Exoskeleton Market Insights
Medical Exoskeleton Market size was valued at USD 334.50 million in 2022 and is poised to grow from USD 391.03 million in 2023 to USD 1363.72 million by 2031, growing at a CAGR of 16.90% during the forecast period (2024-2031).
The global medical exoskeleton market is a rapidly developing sector within the healthcare industry that offers innovative solutions for individuals with mobility impairments. These wearable robotic devices, known as medical exoskeletons, are designed to enhance the strength and mobility of users, assisting them in performing daily activities with greater ease. In recent years, the medical exoskeleton market has witnessed significant growth due to several factors. The prevalence of disabilities and mobility impairments resulting from factors such as aging populations, chronic diseases, and traumatic injuries has led to a higher demand for assistive technologies that can improve the quality of life for affected individuals. Advancements in robotics, sensor technologies, and artificial intelligence have played a crucial role in the development of more advanced medical exoskeletons. These devices have become lighter, more compact, and more comfortable to wear, making them more practical and widely accepted by users. Despite the promising growth prospects, the medical exoskeleton market faces challenges that need to be addressed. High costs, limited reimbursement policies, and regulatory barriers hinder the widespread adoption of these devices. However, ongoing research and development efforts, along with collaborations between manufacturers, healthcare providers, and regulatory bodies, aim to overcome these obstacles and foster market growth. To summarize, the global medical exoskeleton market is witnessing rapid growth driven by the increasing demand for assistive technologies and advancements in robotics and sensor technologies. These innovative devices have the potential to transform the lives of individuals with mobility impairments, granting them greater independence and improving their overall quality of life. Continued progress, affordability improvements, and expanded applications across sectors are expected as the market continues to evolve.
US Medical Exoskeleton Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Powered
Fastest Growth
Powered
Growth Rate
16.9% CAGR
Global Medical Exoskeleton Market($ Bn)
Country Share for North America Region (%)
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Medical Exoskeleton Market Segmental Analysis
Global Medical Exoskeleton Market is segmented by Component, Type, Extremity, Structure, Mobility, and region. Based on Component, the market is segmented into software, service, and hardware. Based on Type, the market is segmented into Powered, and Passive. Based on Extremity, the market is segmented into Lower Extremity, Upper Extremity, and Full Body. Based on Structure, the market is segmented into Rigid Exoskeletons, and Soft Exoskeletons. Based on Mobility, the market is segmented into Stationary, and Mobile. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Medical Exoskeleton Market Analysis by Technology
By Technology, the market can be segmented into powered and non-powered. Powered technology segment dominated the global market. These exoskeletons utilize motors, actuators, and sensors to provide active assistance to users, enhancing their strength and mobility. Powered exoskeletons offer a wide range of applications, including rehabilitation for individuals with neurological disorders, spinal cord injuries, or musculoskeletal conditions. They provide dynamic support, help in relearning motor skills, and improve overall mobility and independence. The increasing demand for advanced technologies and the growing awareness of the benefits of powered exoskeletons contribute to their dominance in the market.
While the non-powered technology segment is experiencing significant growth and are the fastest-growing segment. Non-powered exoskeletons, also known as passive exoskeletons, do not rely on external power sources or motors. Instead, they use mechanical structures, springs, and other mechanisms to provide support and stability to users. Non-powered exoskeletons are generally lighter, more affordable, and easier to use compared to their powered counterparts. They find applications in various industries, such as manufacturing, where they assist workers in physically demanding tasks and reduce the risk of injury. The increasing adoption of non-powered exoskeletons in industrial sectors, coupled with their cost-effectiveness and simplicity, are driving their rapid growth in the market.
Medical Exoskeleton Market Analysis by End-Use
By application, the market can be segmented into healthcare, military, and industry. The healthcare sector holds the largest revenue share of 50.6% in the medical exoskeleton market. Medical exoskeletons have gained significant traction in rehabilitation centers and hospitals, where they are used to assist patients with mobility impairments, neurological disorders, spinal cord injuries, and musculoskeletal conditions. These devices play a crucial role in the rehabilitation process by providing support, enhancing mobility, and helping patients regain strength and independence. The healthcare sector's dominance is attributed to the increasing prevalence of disabilities, advancements in medical technology, and the growing awareness of the benefits of medical exoskeletons among healthcare professionals.
The industry segment is witnessing the fastest growth in the medical exoskeleton market. Industries such as manufacturing, logistics, and construction are recognizing the potential of exoskeletons in improving worker safety, reducing fatigue, and increasing productivity. Exoskeletons provide support and assist workers in performing physically demanding tasks, reducing the risk of injuries and musculoskeletal disorders. The implementation of exoskeletons in the industry sector helps enhance operational efficiency and ensures a safer working environment. The fast growth in the industry segment can be attributed to the increasing adoption of automation and robotics technologies, as well as the rising emphasis on worker well-being and ergonomics.
Global Medical Exoskeleton Market By Technology
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Medical Exoskeleton Market Regional Insights
North America dominated the global Medical Exoskeleton market. North America holds a significant market share due to several factors. The region has a well-established healthcare infrastructure, including advanced rehabilitation centers and hospitals, which are early adopters of medical exoskeletons. Additionally, North America has a robust research and development ecosystem, with numerous academic institutions and technology companies actively involved in developing innovative exoskeleton technologies. The presence of major market players and favorable reimbursement policies further contribute to North America's dominance in the market.
On the other hand, the Asia Pacific region is experiencing the fastest growth in the medical exoskeleton market. The region has a large population base, including a significant aging population, which is driving the demand for assistive technologies. Moreover, countries like Japan and South Korea are known for their technological advancements and investments in robotics, making them key contributors to the growth of the medical exoskeleton market in the region. Rising healthcare expenditures, increasing awareness about mobility-enhancing technologies, and supportive government initiatives are also fueling market growth in Asia Pacific.
Global Medical Exoskeleton Market By Geography
- Largest
- Fastest
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Medical Exoskeleton Market Dynamics
Medical Exoskeleton Market Drivers
Increasing number of orthopaedic surgeries
- The increase in orthopaedic procedures will slow the market's rate of expansion for medical exoskeletons. Joint replacement procedures for the knee and hip are mostly to blame for the increase in orthopaedic surgery. With an increase in the incidence of vehicle accidents and other disorders, limb amputations have become more common. There has been a significant increase in the number of amputation procedures performed on diabetic individuals with gangrene. These particular elements are what propel market expansion.
Medical Exoskeleton Market Restraints
Obtaining regulatory approval for exoskeleton medicinal applications presents a number of challenges
- The manufacturer's technical design proficiency and understanding may be important during product testing. Exoskeletons designed for medical applications must be thoroughly evaluated because a broken piece of medical equipment could be lethal. Regulatory bodies have established a stringent licencing process to make sure that a wearer's safety is not jeopardised by the high-power output of actuators utilised in such devices.
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Medical Exoskeleton Market Competitive Landscape
The global medical exoskeleton market has a competitive landscape with several key players operating in the industry. These companies are actively involved in the development, manufacturing, and commercialization of medical exoskeletons. The competitive landscape is dynamic, with companies constantly striving to gain a competitive edge by differentiating their products, improving user experience, and addressing the specific needs of patients and healthcare providers. Partnerships, acquisitions, and collaborations are common strategies employed by companies in this market to expand their geographical presence and strengthen their product portfolios.
Medical Exoskeleton Market Top Player’s Company Profiles
- Cyberdyne Inc. (Japan)
- Ekso Bionics (USA)
- ReWalk Robotics (USA)
- Bionik Laboratories (Canada)
- PARKER HANNIFIN CORP (USA)
- B-Temia Inc. (Canada)
- Bioventus (USA)
- Wearable Robotics (Italy)
- Gogoa Mobility Robots (Spain)
- Exoatlet (Russia)
- Meditouch (Israel)
- Medexo Robotics (Germany)
- P & S Mechanics (South Korea)
- Marsi Bionics S.L. (Spain)
- Rehab Robotics (China)
- Fourier Intelligence (China)
- Myomo Inc. (USA)
- Focal Meditech (Netherlands)
- Honda Motors (Japan)
- Wandercraft (France)
- Bama Teknoloji (Turkey)
Medical Exoskeleton Market Recent Developments
- In December 2022, The Human Motion and Control ("HMC") Business Unit from Parker Hannifin Corporation ("Parker"), a leading provider of motion and control technologies, has been acquired by Ekso Bionics, a leader in exoskeleton technology for medical and industrial applications. The purchase covers both the planned development of robotic assisted orthotic and prosthetic devices as well as the Indego lower limb exoskeleton product line.
- In April 2021, Ottobock introduced the Paexo Shoulder Jacket, Paexo Thumb Slim, and Paexo Cool Sleeve items at the Hannover Messe Digital Edition 2021 event. These tools provide effective body relaxation during challenging tasks like carrying heavy products or performing overhead labour.
Medical Exoskeleton Key Market Trends
- Several key market trends are shaping the global medical exoskeleton market. Firstly, there is a growing emphasis on research and development efforts to enhance the capabilities and usability of medical exoskeletons. Manufacturers are focusing on improving the devices' ergonomics, reducing their weight and size, and increasing their functionality to meet the specific needs of users. This trend is driving the development of more advanced and user-friendly medical exoskeletons. In addition, there is a growing trend towards strategic collaborations and partnerships among key stakeholders in the medical exoskeleton market. Manufacturers are collaborating with healthcare providers, research institutions, and regulatory bodies to accelerate product development, ensure safety and compliance, and expand market reach. These collaborations are fostering innovation, knowledge sharing, and market growth. The key market trends in the global medical exoskeleton market include a focus on research and development, expansion into industrial applications, integration of AI and ML technologies, adoption of value-based healthcare models, and strategic collaborations among stakeholders. These trends are shaping the market by driving innovation, expanding applications, improving user experience, increasing reimbursement coverage, and fostering partnerships for mutual growth.
Medical Exoskeleton Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global medical exoskeleton market analysis, the market is a rapidly growing sector within healthcare, offering wearable robotic devices to assist individuals with mobility impairments. These devices enhance strength and mobility, improving daily activities. Factors driving market growth include the rising prevalence of disabilities, advancements in robotics and sensor technologies, and increased demand for assistive technologies. The market is segmented into powered and passive exoskeletons, with powered exoskeletons utilizing motors for active assistance. Medical exoskeletons find applications in rehabilitation centers, hospitals, and industrial sectors. North America has traditionally dominated the market, but Europe and Asia-Pacific are experiencing substantial growth. Challenges such as high costs, limited reimbursement, and regulatory barriers exist, but ongoing research, collaborations, and technological advancements aim to address them. The market holds immense potential for transforming the lives of individuals with mobility impairments, offering greater independence and improved quality of life. Continued progress, affordability, and expanded applications are expected as the market evolves.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 334.50 million |
| Market size value in 2031 | USD 1363.72 million |
| Growth Rate | 16.90% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Medical Exoskeleton Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Medical Exoskeleton Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Medical Exoskeleton Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Medical Exoskeleton Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Medical Exoskeleton Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Medical Exoskeleton Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Medical Exoskeleton Market Report Snapshots
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