The advancements in science and technology are providing new tools and opportunities to the global medical exoskeleton market.
Covid-19 Impact & Market Status
Due to an increase in the number of COVID-19 patients, all the medical centers were involved in their treatments. Also, once the medical centers were filled with COVID-19 patients, other patients were not allowed to enter those centers. This was done to avoid COVI-19 from infecting other patients who were not infected by it till then. With the increase in COVID patients, other patients faced a shortage of services. This resulted in the delay in treatment of various patients suffering from stroke, bone fracture, muscle injuries, etc.
Also, due to lockdown, many companies had to pause their work. All of the work related to manufacturing and transportation was stopped. This caused the manufacturing and transportation sectors of the medical exoskeleton market to face a downward trend. They had to face a negative impact and this caused loss to many potential companies and many patients also who were not able to get timely treatment. Hence, everyone faced a negative impact due to lockdown caused by COVID-19. After lockdown, all the potential companies are trying to recover and provide necessary facilities, treatment, and rehabilitation to the patients.
The hardware required by the medical exoskeleton market is expected to increase the overall CAGR
The medical exoskeleton market highly comprises the hardware equipment and tools required for surgeries. These hardware tools are complex to use and their structure might be slippery. Hence, to operate them, we need technical members. This makes their usage quite complicated. Also, even a slight mishandling of the equipment might cause severe risk to the patient. Hence, several potential companies are trying their best to design and manufacture more user-friendly hardware components.
Among all the nations, North America is dominant over the entire medical exoskeleton market
North America is the center of most of the potential companies of the global medical exoskeleton market. These companies are trying their best to increase the sales of the medical exoskeleton market by manufacturing new designs of hardware tools that are more convenient to use and have less risk associated with them. Also, North America is investing high resources for the development of its medical exoskeleton market.
The increase in the requirements of rehabilitation centers due to the increasing rate of disabilities among people is driving the medical exoskeleton market.
The health of people is declining continuously due to an increase in the number of accidents, birth disabilities, illness, etc. This demands an increase in the rate of treatment and equipment and technology used for the treatment of the injured. The rate of skeletal and muscle pain and injuries is high among the elder section of society. Due to their age factor, they face lots of difficulties in their joints and muscles. Hence, there is the requirement for the medical exoskeleton market to look after all these issues.
This demands advancements in the tools and techniques used by the medical exoskeleton market. The treatment sector uses various techniques and tools to help the injured so that they can recover from their pain, disabilities, injuries, etc. Apart from this, after recovery rehabilitation is a must. It is highly required for the elder ones. Their muscles and bones aren’t that strong as compared with the young ones. Hence, they require a proper rehabilitation period so that they can fully recover from their illness.
The Compound Annual Growth Rate (CAGR) of the global medical exoskeleton market is expected to be 40.88% with increased market size of USD 5.52 Billion.
The increasing rate of road accidents has caused an increase in the number of people getting bone and muscle injuries. This calls for immediate action for exoskeleton analysis. Hence, the medical exoskeleton sector plays an important role in our daily lives. Due to a sedentary lifestyle, people get many temporary disabilities that need to be cured at the proper time so that the person can recover immediately. Hence, timely measures are important to have a better life ahead.
There are various major injuries related to the spinal cord, ligaments, bones, muscles, and much more. These require highly advanced treatment and proper rehabilitation so that the patient can be recovered as soon as possible. All these factors demand a proper team that can handle these things effectively and efficiently. This team is the medical exoskeleton department that handles all such cases.
Most of the countries are taking a high interest in the medical exoskeleton market so that they can ensure a healthy life for their citizens. This is important because citizens are the actual earners of a country, so, to develop a nation, the citizens should be healthy. Many organizations provide the healthcare departments with essential tools, technical setups, and all other required facilities. This is done to make sure that almost every healthcare center that deals with the medical exoskeleton department have all the required facilities to treat its patients.
Though there are certain restraints to the medical exoskeleton market. For using certain devices, the doctors must be skilled, the device operation is not easy. Also, during the manufacturing of these devices, highly skilled laborers and technicians are required because even a minor mistake can be life-threatening to the patient. These devices are very delicate and their usage is quite complicated. Hence, this is a risk factor associated with these devices. The approval procedure of these devices required a high check for quality and standard. As these devices have a uniques curvature and are slippery, so their usage is difficult for various complicated purposes like locating bone fracture, spinal cord injury, etc.
The major players of the global medical exoskeleton market are ExoAtlet, Ekso Bionics Holdings Inc., Gogoa Mobility Robots SL, ReWalk Robotics Ltd., Wearable Robotics SRL, Parker Hannifin Corp., Hocoma AG, CYBERDYNE Inc., B-TEMIA Inc., Bionic Laboratories Corp., CorpEkso Bionics Holdings, ActiveLink, Lockheed Martin Corp., Suit X, and Rex Bionics Ltd.
Latest Innovations in the Global Medical Exoskeleton Market: a Snapshot
- Wyss Institute has bagged a license by ReWalk Robotics to commercialize lightweight exoskeletons to manage multiple sclerosis and strokes.
Medical Exoskeleton Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 5.52 Billion|
|Growth Rate||CAGR of 40.88% during 2021-2028|
|Segment Covered||Component, Type, Extremities, Mobility, Drive Type, Application, End-Users, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, The Middle East and South Africa|
|Key Players Profiled||ExoAtlet, Ekso Bionics Holdings Inc., Gogoa Mobility Robots SL, ReWalk Robotics Ltd., Wearable Robotics SRL, Parker Hannifin Corp., Hocoma AG, CYBERDYNE Inc., B-TEMIA Inc., Bionic Laboratories Corp., CorpEkso Bionics Holdings, ActiveLink, Lockheed Martin Corp., Suit X, and Rex Bionics Ltd.|
Key Segments of the Global Medical Exoskeleton Market
Component Overview, 2018-2028 (USD Billion)
- Control System
- Power Source
Type Overview, 2018-2028 (USD Billion)
Extremities Overview, 2018-2028 (USD Billion)
- Lower Body
- Upper Body
- Full Body
Mobility Overview, 2018-2028 (USD Billion)
Drive Type Overview, 2018-2028 (USD Billion)
- Pneumatic Actuator
- Hydraulic Actuator
- Electric Actuator
- Mechanical Actuator
- Shape Memory Alloy Actuator
Application Overview, 2018-2028 (USD Billion)
- Spinal Cord Injury
- Multiple Sclerosis
- Cerebral Palsy
End-Users Overview, 2018-2028 (USD Billion)
- Rehabilitation Centers
- Physiotherapy Centers
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
The Middle East and South Africa