The global medical exoskeleton market is expected to reach USD 571.6 million by 2023 from USD 116.7 million in 2018, at a CAGR of 37.4%. The increasing number of people with physical disabilities and subsequent growth in the demand for effective rehabilitation approaches; agreements and collaborations among companies and research organizations for the development of the exoskeleton technology; and increasing insurance coverage for medical exoskeletons in several countries are driving the growth of the market. However, the high cost of medical exoskeletons may restrict market growth to a certain extent.
Research Methodology: –
The study estimates the market size for 2018 and projects its demand till 2023. In the primary research process, various sources from both the demand side and supply side were interviewed to obtain qualitative and quantitative information for the report. Primary sources from the demand side include various industry CEOs, vice presidents, marketing directors, technology and innovation directors, and related key executives from the various players in the market.
For the market estimation process, both top-down and bottom-up approaches were used to estimate and validate the market size of the medical exoskeleton market as well as to estimate the market size of various other dependent submarkets. Also, the study took into account the data shared by various associations and organizations such International Federation for Robotics (IFR), American Stroke Association (ASA), The International Journal of Robotics Research and Robotics Industries Association.
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Industry Segmentation in Depth: –
The market, by component, is
segmented into hardware and software. In 2018, the software segment is expected
to register the highest CAGR during the forecast period. The adoption of medical
exoskeleton software is increasing as these solutions offer OS–like
functionalities and provide services such as hardware abstraction, low-level
device control, implementation of commonly used functionality, message passing
between processes, and package management.
By type, the medical exoskeleton market is segmented into powered and passive exoskeletons. In 2018, the powered exoskeletons segment is expected to register the highest CAGR during the forecast period. The presence of sensors and various controlling functions in powered exoskeletons to sense motion, tilt, and speed is the key factor driving the growth of this segment.
The market, by mobility, is segmented into stationary medical exoskeletons and mobile medical exoskeletons. In 2018, the mobile medical exoskeletons segment is expected to register the highest CAGR during the forecast period. This growth can be attributed to the high demand for compact, light-weight mobile medical exoskeletons that can offer mobility assistance to paralyzed patients.
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The Asian medical exoskeletons market is expected to register the highest CAGR during the forecast period. The growing geriatric and physically disabled population, large population base, increase in disposable income, and the presence of prominent manufacturers in this region are some of the key factors driving the growth of the medical exoskeleton market in Asia.
Leading Key Players operating in the Market:
Ekso Bionics Holdings, Inc. (US), ReWalk Robotics Ltd (Israel), Parker Hannifin Corp (US), Bionik Laboratories Corp (Canada), CYBERDYNE Inc. (Japan), Rex Bionics Ltd. (UK), B-TEMIA Inc. (Canada), Hocoma AG (A Subsidiary of DIH Technologies) (Switzerland), Wearable Robotics SRL (Italy), Gogoa Mobility Robots SL (Spain), and ExoAtlet, O.O.O. (Russia)).