WASHINGTON, Aug. 23, 2023 (GLOBE NEWSWIRE) -- According to Vantage Market Research, the Global Medical Exoskeleton Market is estimated to be valued at USD 5.59 Billion by 2030 and is expected to exhibit a CAGR of 44.70% during the forecast period 2023 to 2030. The global Medical Exoskeleton market grew to USD 0.30 Billion in 2022.
The Medical Exoskeleton Market has emerged as a groundbreaking innovation in the realm of healthcare technology, aiming to redefine the way patients regain mobility and independence. This advanced technology integrates engineering, biomechanics, and medical science to create wearable robotic devices that can assist individuals with impaired mobility due to various medical conditions. With an increasing focus on enhancing the quality of life for patients and improving rehabilitation outcomes, the medical exoskeleton market is witnessing rapid growth, driven by a range of factors that have captured the attention of healthcare professionals, researchers, and investors alike.
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Top Report Findings:
- The medical exoskeleton market is projected to experience substantial growth at a CAGR of 44.70 % over the forecast period.
- Neurological applications are anticipated to dominate the market, accounting for the largest market share.
- Robotic lower-limb exoskeletons are expected to witness high demand, attributed to their effectiveness in addressing gait-related issues.
Top Companies in The Global Medical Exoskeleton Market
- Rex Bionics Ltd. (UK)
- Wearable Robotics SRL (Italy)
- Hocoma AG (a subsidiary of DIH Technologies) (Switzerland)
- ExoAtlet (Luxembourg)
- and Gogoa Mobility Robots SL (Spain).
- Bionik Laboratories Corp (Canada)
- CYBERDYNE Inc. (Japan)
- B-TEMIA Inc. (Canada)
- ReWalk Robotics Ltd. (Israel)
- Ekso Bionics Holdings Inc. (US)
- Parker Hannifin Corp (US)
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Medical Exoskeleton Market Dynamics:
The dynamic landscape of the medical exoskeleton market is primarily attributed to the growing prevalence of neurological disorders, spinal cord injuries, and musculoskeletal disorders. The rising geriatric population, coupled with the increasing number of individuals living with mobility impairments, has necessitated the development of innovative solutions like medical exoskeletons. These devices offer personalized rehabilitation and assistive therapy, enabling patients to regain mobility and perform daily activities with greater ease.
Top Trends in Global Medical Exoskeleton Market:
- Personalized Rehabilitation: Medical exoskeletons are shifting from one-size-fits-all solutions to personalized devices that can be tailored to an individual's specific needs and conditions. This trend is driven by advancements in sensor technology, artificial intelligence, and data analytics.
- Neurorehabilitation Focus: There is a growing emphasis on using medical exoskeletons for neurorehabilitation, helping patients recover from neurological conditions such as stroke, spinal cord injuries, and multiple sclerosis. These devices aid in neural recovery through targeted therapy and repetitive motion training.
- Home-based Care: The trend of providing medical exoskeletons for home-based use is on the rise. This allows patients to continue their rehabilitation journey in a familiar environment, enhancing their comfort and adherence to therapy protocols.
- Collaboration between Medical and Engineering Fields: The convergence of medical expertise and engineering innovation is fostering interdisciplinary collaboration, leading to the development of more advanced and efficient exoskeleton designs.
Global Medical Exoskeleton Market Segmentation
By Component
- Hardware
- Software
By Type
- Powered
- Passive
By Extremities
- Lower
- Upper
- Full body
By Mobility
- Mobile
- Stationary
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Challenges:
However promising, the medical exoskeleton market does face certain challenges: Adoption Hurdles: The high cost of medical exoskeletons remains a barrier to their widespread adoption among patients and healthcare facilities. Technical Complexities: Designing exoskeletons that seamlessly integrate with human biomechanics while offering precise control poses engineering challenges. Regulatory Approvals: Stringent regulatory processes can delay market entry, hindering the swift introduction of new and improved exoskeleton models.
Opportunities:
Amidst the challenges lie opportunities that can drive the market forward: Cost Reduction: Advancements in materials, manufacturing processes, and economies of scale can lead to cost reduction, making medical exoskeletons more accessible. Research and Development: Continued research into neurorehabilitation and biomechanics can lead to the development of even more effective and efficient exoskeleton designs. Collaborative Ecosystems: Partnerships between medical institutions, technology companies, and regulatory bodies can accelerate innovation and facilitate faster regulatory approvals.
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Recent Development
- June 2023: Ekso Bionics received FDA approval for its EksoNR robotic exoskeleton for the treatment of stroke patients.
- July 2023: Rewalk Robotics announced that it has received CE Mark approval for its Rewalk Personal 6.0 exoskeleton for use in Europe.
- August 2023: Lockheed Martin and ReWalk Robotics announced a partnership to develop exoskeletons for military applications.
Key Questions Answered in the Report:
- How is the medical exoskeleton market expected to grow in the coming years?
- What are the primary factors driving the demand for medical exoskeletons?
- Which segment of medical exoskeletons is projected to hold the largest market share?
- What are the challenges hindering the widespread adoption of medical exoskeletons?
- How can the technical complexities associated with exoskeleton design be addressed?
- What role does personalized rehabilitation play in the medical exoskeleton market?
- How are advancements in artificial intelligence contributing to the evolution of medical exoskeletons?
- What are the potential applications of medical exoskeletons beyond rehabilitation?
Browse market data Tables and Figures spread through 183 Pages and in-depth TOC on Medical Exoskeleton Market Forecast Report (2023-2030).
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 0.30 Billion |
| Revenue Forecast by 2030 | USD 5.59 Billion |
| CAGR | 44.70% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | ReWalk Robotics Ltd., Ekso Bionics Holdings, Inc., Parker Hannifin Corp, Bionik Laboratories Corp, CYBERDYNE Inc., B-TEMIA Inc., Rex Bionics Ltd., Wearable Robotics SRL, Hocoma AG (a subsidiary of DIH Technologies), ExoAtlet (Luxembourg), and Gogoa Mobility Robots SL |
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Regional Analysis:
In North America, the medical exoskeleton market has witnessed remarkable growth due to robust healthcare infrastructure, increasing investment in research and development, and a growing patient pool with neurological disorders. The United States, in particular, has been at the forefront of adopting and developing medical exoskeleton technology. With a strong focus on innovation and a proactive regulatory framework, the region is expected to continue leading the market in terms of technology advancements and market share.
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