WASHINGTON, April 04, 2023 (GLOBE NEWSWIRE) -- The Global Medical Exoskeleton Market is valued at USD 0.21 Billion in 2021 and is projected to reach a value of USD 5.80 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 44.8% over the forecast period 2022-2028.
Market Overview
The global medical exoskeleton market is projected to grow from USD 0.21 Billion in 2021 to USD 5.80 Billion by 2028, at a CAGR of 44.8% during the forecast period. The growth of the market is attributed to the increasing prevalence of neurological disorders, rising prevalence of spinal cord injury, increasing number of brain injuries, and technological advancements in the healthcare sector.
The market is segmented on the basis of type, application, end-user, and region. Based on type, the market is segmented into powered exoskeletons and passive exoskeletons. The powered exoskeletons segment is expected to account for the largest share of the market during the forecast period. This is attributed to the increasing demand for powered exoskeletons for rehabilitation and gait training purposes.
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Market Dynamics
The growth of the medical exoskeleton market is driven by the increasing prevalence of neurological disorders, rising prevalence of spinal cord injury, increasing number of brain injuries, and technological advancements in the healthcare sector.
The increasing prevalence of neurological disorders such as stroke, cerebral palsy, and multiple sclerosis is driving the growth of the medical exoskeleton market. Medical exoskeletons are used to rehabilitate patients with these disorders and help them regain their mobility.
The rising prevalence of spinal cord injury is also driving the growth of the medical exoskeleton market. Spinal cord injury is caused by road traffic accidents, falls, and other injuries. Medical exoskeletons are used to rehabilitate patients with spinal cord injury and help them regain their mobility.
The increasing number of brain injuries is also driving the growth of the medical exoskeleton market. Brain injuries are caused by road traffic accidents, falls, and other injuries. Medical exoskeletons are used to rehabilitate patients with brain injuries and help them regain their mobility.
Technological advancements in the healthcare sector are also driving the growth of the medical exoskeleton market. Technological advancements have led to the development of more advanced and sophisticated medical exoskeletons. These exoskeletons are more effective in rehabilitating patients and helping them regain their mobility.
The medical exoskeleton market is also facing some challenges, such as the high cost of medical exoskeletons, the lack of reimbursement for medical exoskeletons, and the need for skilled personnel to operate medical exoskeletons.
Top Players in the Global Medical Exoskeleton Market
- ReWalk Robotics Ltd. (Israel)
- Ekso Bionics Holdings Inc. (US)
- Parker Hannifin Corp (US)
- Bionik Laboratories Corp (Canada)
- CYBERDYNE Inc. (Japan)
- B-TEMIA Inc. (Canada)
- Rex Bionics Ltd. (UK)
- Wearable Robotics SRL (Italy)
- Hocoma AG (a subsidiary of DIH Technologies) (Switzerland)
- ExoAtlet (Luxembourg)
- Gogoa Mobility Robots SL (Spain)
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Top Report Findings:
- Based on application, the market is segmented into spinal cord injury, stroke, and others. The spinal cord injury segment is expected to account for the largest share of the market during the forecast period. This is attributed to the increasing prevalence of spinal cord injuries, which are caused by road traffic accidents, falls, and other injuries.
- Based on end-user, the market is segmented into hospitals, rehabilitation centers, and others. The hospitals segment is expected to account for the largest share of the market during the forecast period. This is attributed to the increasing number of hospitals that are adopting medical exoskeletons for rehabilitation and gait training purposes.
- Based on region, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America is expected to account for the largest share of the market during the forecast period. This is attributed to the early adoption of medical exoskeletons in the region. Europe is expected to follow North America in terms of market share. This is attributed to the increasing awareness about the benefits of medical exoskeletons in the region. Asia Pacific is expected to be the fastest growing market during the forecast period. This is attributed to the increasing prevalence of neurological disorders, rising prevalence of spinal cord injury, and technological advancements in the healthcare sector in the region.
Top Trends in Global Medical Exoskeleton Market
- Increasing prevalence of neurological disorders: Neurological disorders such as stroke, cerebral palsy, and multiple sclerosis are a major cause of disability worldwide. The increasing prevalence of these disorders is driving the demand for medical exoskeletons, which can help patients with these disorders to regain their mobility.
- Rising prevalence of spinal cord injury: Spinal cord injury is a devastating condition that can lead to paralysis. The rising prevalence of spinal cord injury is driving the demand for medical exoskeletons, which can help patients with spinal cord injury to regain their mobility.
- Increasing number of brain injuries: Brain injuries are a major cause of disability worldwide. The increasing number of brain injuries is driving the demand for medical exoskeletons, which can help patients with brain injuries to regain their mobility.
- Technological advancements in the healthcare sector: Technological advancements in the healthcare sector are leading to the development of more advanced and sophisticated medical exoskeletons. These exoskeletons are more effective in rehabilitating patients and helping them regain their mobility.
- Government initiatives: Governments around the world are promoting the use of medical exoskeletons to help people with disabilities regain their mobility. These initiatives are driving the growth of the medical exoskeleton market.
- Private funding: Private investors are also funding the development of medical exoskeletons. This funding is helping to accelerate the development of these devices and bring them to market faster.
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Regional Analysis
The global medical exoskeleton market is segmented into North America, Europe, Asia Pacific, and the Rest of the World.
North America is expected to account for the largest share of the market during the forecast period. This is attributed to the early adoption of medical exoskeletons in the region. The United States is the largest market for medical exoskeletons in North America. This is attributed to the increasing prevalence of neurological disorders, rising prevalence of spinal cord injury, and technological advancements in the healthcare sector in the country.
Europe is expected to follow North America in terms of market share. This is attributed to the increasing awareness about the benefits of medical exoskeletons in the region. Germany is the largest market for medical exoskeletons in Europe. This is attributed to the increasing prevalence of neurological disorders, rising prevalence of spinal cord injury, and technological advancements in the healthcare sector in the country.
Asia Pacific is expected to be the fastest growing market during the forecast period. This is attributed to the increasing prevalence of neurological disorders, rising prevalence of spinal cord injury, and technological advancements in the healthcare sector in the region. China is the largest market for medical exoskeletons in Asia Pacific. This is attributed to the increasing prevalence of neurological disorders, rising prevalence of spinal cord injury, and technological advancements in the healthcare sector in the country.
The Rest of the World is expected to grow at a moderate rate during the forecast period. This is attributed to the low awareness about the benefits of medical exoskeletons in the region.
Browse market data Tables and Figures spread through 183 Pages and in-depth TOC on Medical Exoskeleton Market Forecast Report (2022-2028).
Global Medical Exoskeleton Market Segmentation
Component
- Hardware
- Software
Type
- Powered
- Passive
Extremities
- Lower
- Upper
- Full body
Mobility
- Mobile
- Stationary
By Region
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 0.21 Billion |
| Revenue Forecast by 2028 | USD 5.80 Billion |
| CAGR | 44.8% from 2023 to 2028 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2028 |
| Key Players | ReWalk Robotics Ltd. (Israel), Ekso Bionics Holdings, Inc. (US), Parker Hannifin Corp (US), Bionik Laboratories Corp (Canada), CYBERDYNE Inc. (Japan), B-TEMIA Inc. (Canada), Rex Bionics Ltd. (UK), Wearable Robotics SRL (Italy), Hocoma AG (a subsidiary of DIH Technologies) (Switzerland), ExoAtlet (Luxembourg), and Gogoa Mobility Robots SL (Spain) are some of the key players in the global Medical Exoskeleton market. |
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Key Questions Answered in the Medical Exoskeleton Market Report are:
- What is the market size and growth rate of the global medical exoskeleton market?
- What are the key factors driving the growth of the market?
- What are the key trends in the market?
- What are the challenges and opportunities in the market?
- Who are the key players in the market?
- What are the strategies adopted by the key players?
- What are the latest developments in the market?
- What are the potential growth opportunities in the market?
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