Global Medical Exoskeleton Market Size, Share, Growth Analysis, By Technology(Powered and Non-powered), By End-Use(Healthcare, Military) - Industry Forecast 2024-2031

Medical Exoskeleton Market size was valued at USD 286.14 million in 2021 and is poised to grow from USD 334.5 million in 2022 to USD 997.46 million by 2030, growing at a CAGR of 16.9% during the forecast period (2023-2030).

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. 'Ekso Bionics (U.S.)', 'ReWalk Robotics (Israel)', 'PARKER HANNIFIN CORP (U.S.)', 'CYBERDYNE INC. (Japan)', 'BIONIK (Canada)', 'Rex Bionics Ltd., (U.K.)', 'B-Temia (Canada)', 'Bioventus (U.S.)', 'Hocoma (Switzerland)', 'Wearable Robotics srl (Italy)', 'ExoAtlet (Luxembourg)', 'Meditouch (Israel)', 'Suit X (U.S.)', 'MarsiBionics (Spain)', 'Rehab-Robotics Company Limited (Hong Kong)', 'Myomo Inc. (U.S.)', 'Focal Meditech (Netherlands)', 'Honda Motor Co., Ltd. (Japan)', 'Wandercraft (France)', 'MEDEXO ROBOTICS (Hong Kong)'

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.

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.

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.