Medical Exoskeleton Market 2022 - Market Size & Forecast, Industry Trends, Manufacturers Analysis, & Opportunities 2030

The global medical exoskeleton market size is anticipated to expand at a compounded annual growth rate (CAGR) of 40.0% during the forecast period of 2022-2030.

Exoskeletons are applications of bio-mechatronics and robotics towards the enhancement of humans while performing different tasks. Exoskeletons are available in various types including wearable machines, power jackets, robotic suits, powered armors, and exo-frames or suits.

They are utilized in the medical field to improve lost functionality and the quality of life of physically disabled people, treat musculoskeletal disorders, and in rehabilitation, especially inpatient training and locomotion and for lower and upper extremity treatment. Exoskeletons also aid physical therapists in training patients with degenerative disabilities of motor nerves and cognitive-motor limitation.

Growth Drivers:

Factors primarily driving the growth of this market include: the growing advancements & adaption of exoskeleton devices across the globe; the increasing access to insurance coverage for medical exoskeleton in the majority of countries worldwide; the increasing number of spinal cord injuries; the growing availability of innovative rehabilitation approaches, and the proliferating usage of exoskeletons in medical applications.

Additionally, the number of people with some or other physical disability across the globe has been surging at a tremendous pace since the last few years. The major reasons or causes behind these disabilities include strokes, road accidents, or severe injuries. The geriatric population, which is more prone to suffer from strokes, is also rapidly rising across the globe. As per data released by The U.S. Census Bureau, the number of people aged 65 or above will almost double by 2050. All these factors give rise to the need and demand for effective rehabilitation. This increasing demand for rehabilitation by the proliferating number of patients with physical disabilities across the globe is therefore expected to boost the growth of the global medical exoskeleton market during the forecast period.

Moreover, the market players present in the medical exoskeleton market are increasingly focusing on the launch of new and more advanced products and on adopting strategies such as mutually beneficial collaborations with other companies in the market to gain competitive advantages. These new product launches, approvals, and increasing collaborations between market players are anticipated to fuel the growth of the medical exoskeleton market during the forecast period.

Furthermore, other factors such as: the increasing advances in medical robotics and the surging number of orthopaedic surgeries due to rising chronic conditions, including rheumatoid arthritis (RA), ankylosing spondylitis (AS), and osteoporosis leading to the growing demand for exoskeleton systems for providing strength and assisting in maintaining the proper posture of the body are expected to further bolster the growth of the market during the forecast period.

However, factors such as: the high cost associated with medical exoskeletons and the increasing stringency of regulatory approvals for new product launches for medical applications are expected to hamper the growth of the global medical exoskeletons market to some extent during the forecast period.

Medical Exoskeleton Market Segmentation:

By Component:

·         Hardware

o   Sensors

§  Gyroscopes

§  Microphones

§  Accelerometers

§  Tilt Sensors

§  Force/Torque sensors

§  Position Sensors

§  Others

o   Actuators

§  Electrical

§  Pneumatic

§  Hydraulic

§  Piezoelectric

o   Power Sources

o   Control Systems

o   Other Hardware Components

·         Software

By Type:

·         Powered Exoskeletons

·         Passive Exoskeletons

By Extremity:

·         Upper Extremity Medical Exoskeletons

·         Lower Extremity Medical Exoskeletons

·         Full Body

By Mobility:

·         Mobile Exoskeletons

·         Stationary Exoskeletons

By Structure:

·         Rigid Exoskeletons

·         Soft Exoskeleton

By Drive Type:

·         Pneumatic Actuator

·         Hydraulic Actuator

·         Electric Actuator

·         Mechanical

·         Shape Memory Alloy Actuator

·         Other Actuator

By Application:

·         Spinal Cord Injury

·         Multiple Sclerosis

·         Cerebral Palsy

·         Stroke

·         Other

By End- User:

·         Rehabilitation Centers

·         Physiotherapy Centers

·         Others

By Region:

·         North America

·         Europe

·         Asia Pacific

·         Latin America

·         Middle East and Africa

Based on component, the hardware segment acquired the largest share of the global exoskeleton market in 2021. The segment is predicted to retain its dominance further and attain the highest CAGR in the market during the forecast period of 2022-2030. The burgeoning prevalence of neurological, neurodegenerative, psychotic, and sleep disorders; the increasing awareness among consumers; the rising need for various hardware sub-components, power sources, and smarter & interactive solutions; and the surging need for early diagnosis are among the major factors contributing to the segment’s growth.

Based on type, the powered exoskeletons segment is projected to register the highest growth in the market during the forecast period of 2022-2030. Factors such as the surging obligation for personal safety and productivity and the growing adoption of powered medical exoskeleton by construction workers for moving weighted objects are majorly ascribed to the expansion of this particular segment.

Based on mobility, the mobile exoskeletons market size is anticipated to achieve the highest growth in the market during 2022-2030. The increasing usage of this type of skeletons due to their compact and lightweight attributes, the escalating number of favorable reimbursement policies, and the high number of R&D activities are the major factors propelling the growth of this segment.

Based on extremity, the lower extremity medical exoskeletons segment held the largest share of the global medical exoskeletons market in 2021. The segment is expected to maintain its lead further and grow at the highest growth rate in the market during the forecast period owing to the higher adoption of these exoskeletons due to their ability to provide stability to paralyzed and old-aged patients, among various other functions.

Regional Outlook:

The North American region led the global medical exoskeleton market in 2021, followed by Asia Pacific, and Europe. The region is likely to remain dominant throughout the forecast years. The large share and the growth of the market in the region can be attributed to the proliferating demand for self-assist exoskeletons; the rising cases of stroke and spinal cord injuries (SCI); the high healthcare research expenditure; the ever-increasing geriatric population base; the raising purchasing power of patients; the higher availability of advanced medical devices; and the escalating growing government support in the region. The U.S. and Canada stand as the major contributors to the growth of the market in the region.

Key Companies in Medical Exoskeleton Market:

·         Bioventus

·         Hocoma AG

·         Wearable Robotics SRL

·         Gogoa Mobility Robots SL

·         ExoAtlet

·         Meditouch

·         Suit X

·         Focal Meditech

·         Honda Motors

·         Wandercraft

·         BAMA Teknoloji

·         Medexo Robotics

·         Fourier Intelligence

·         Parker Hannifin Corp.

·         Lockheed Martin Corporation

·         ReWalk Robotics Ltd.

·         Bionik Laboratories Corp.

·         Ekso Bionics Holdings Inc.

·         B-TEMIA Inc.

·         Other Players