$4550
$3640
The medical exoskeleton market was valued at US$ 96,783.1 thousand in 2018 and it is projected to reach US$ 1,023,036.8 thousand in 2027; it is expected to grow at a CAGR of 29.4% from 2019 to 2027.
Exoskeletons are used to enhance the physical strength of the human by assisting the limb movements with extra strength. The medical exoskeletons improve the quality of life of the physically disabled people such as patient with spinal cord injury, neurological disorder, paralysis or old age people. Some of the medical human exoskeletons are used by physiotherapy centers and rehabilitation centers, for lower and upper extremity treatment. The growth of the global medical exoskeleton market is attributed to the increase in the number of orthopaedic surgeries, rise in the geriatric population and growing incidences of road accidents. However, high cost of the product and regulatory concerns is the major factor hindering the market growth.
The global medical exoskeleton market is expected to witness substantial growth post-pandemic. The COVID-19 has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The COVID-19 crisis has overburdened public health systems in many countries and highlighted the strong need for sustainable investment in health systems. As the COVID-19 pandemic progresses, the healthcare industry is expected to see a drop in growth. The life sciences segment thrives due to increased demand for invitro diagnostic products and rising research and development activities worldwide. However, the medical technologies and imaging segment is witnessing drop in sales due to a smaller number of surgeries being carried out and delayed or prolonged equipment procurement. Additionally, virtual consultations by healthcare professionals are expected to become the mainstream care delivery model post-pandemic. With telehealth transforming care delivery, digital health will continue to thrive in coming years. In addition, disrupted clinical trials and the subsequent delay in drug launches is also expected to pave the way for entirely virtual trials in the future. New technologies such as mRNA is expected to emerge and shift the pharmaceutical industry and market is also expected to witness more vertical integration and joint ventures in coming years.
Lucrative Regions for Global Medical Exoskeleton Market
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Market Insights
Increase In The Number of Orthopaedic Surgeries to Drive Global Medical Exoskeleton Market Growth
The rise in orthopedic surgeries is majorly driven by the operations done for the replacements of the knee and hip joints. The surgeries have been done for the amputations of limbs due to the increasing rate of damages or injuries caused by road accidents or various diseases. The rising number of operations for amputation are observed for patients who have diabetes and also have developed a condition of gangrene. For instance, according to the U.S. Agency for Healthcare Research and Quality, in the United States, approximately replacement surgeries are performed per year. For the deteriorating joints, the knee replacement surgeries have performed in the geriatric population.
Knee replacement is among the most commonly performed orthopedic procedures. The number of surgeries is increasing due to the rising chronic conditions, including rheumatoid arthritis (RA), ankylosing spondylitis (AS) and osteoporosis. For instance, according to a report published in 2018 of Healthline Media, rheumatoid arthritis (RA) affects 41 in every 100,000 people per year, and near round, 1.3 million Americans have RA. Likewise, data published by the Spondylitis Association of America, states that in America, spondyloarthritis is found in approximately in 2.7million people, which is 1 in 100 population. Similarly, according to the International Osteoporosis Foundation, osteoporosis is estimated to affect 200 million women across the world, in 2018. Among which near around one-tenth of women are above the age of 60, one-fifth of women aged more than 70, two-fifths of women aged above 80 and two- thirds of women aged more than 90.
Moreover, the number of surgeries is expected to be rising to the musculoskeletal disorders that are associated with sports, occupational injuries, and age-related dysfunction. For instance, according to Arthritis Foundation, in 2017, approximately 54 million adults have been diagnosed with arthritis. Also, nearly 300,000 babies and children have arthritis or a rheumatic condition. Also, the standard type of arthritis diagnosed is osteoarthritis, which affects approximately 31 million Americans. Therefore, demand for the exoskeleton systems is increasing owing to providing strength and helps in maintaining the proper posture of the body. Thus, increasing rate of orthopedic surgeries is likely to drive the market for the medical exoskeleton in the coming years.
Drive Type -Based Insights
In terms of drive type, the global medical exoskeleton market is segmented into pneumatic actuator, hydraulic actuator, electric actuator, mechanical, shape memory alloy actuator and other actuators. In 2018, the electric actuator segment held largest share of the market and, the same segment is estimated to register the highest CAGR during the forecast period.
Global Medical Exoskeleton Market, by Drive Type – 2018 and 2027
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Type -Based Insights
Based on type, the global medical exoskeleton market is segmented into powered exoskeleton and passive exoskeleton. The powered exoskeleton segment held the largest market share in 2018. Also, the same segment is estimated to grow at the fastest rate during the forecast period.
Extremity-Based Insights
In terms of extremity, the global medical exoskeleton market is segmented into lower body exoskeleton and upper body exoskeleton. In 2018, the lower body exoskeleton segment held largest share of the market. The upper body exoskeleton segment is expected to register the highest CAGR during the forecast period
Application-Based Insights
In terms of application, the global medical exoskeleton market is segmented into spinal cord injury, multiple sclerosis, cerebral palsy, stroke and others. In 2018, the spinal cord injury segment held largest share of the market. Also, the same segment is expected to register the highest CAGR during the forecast period.
End User-Based Insights
In terms of end user, the global medical exoskeleton market is segmented into rehabilitation centers, physiotherapy centers, and others. The rehabilitation centers segment held the largest share of the market in 2018, and the same segment is estimated to grow at the fastest rate during the forecast period.
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Medical Exoskeleton Market: Strategic Insights
Market Size Value in US$ 96,783.1 thousand in 2018 Market Size Value by US$ 1,023,036.8 thousand by 2027 Growth rate CAGR of 29.4% from 2019-2027 Forecast Period 2019-2027 Base Year 2019
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Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Medical Exoskeleton Market: Strategic Insights
| Market Size Value in | US$ 96,783.1 thousand in 2018 |
| Market Size Value by | US$ 1,023,036.8 thousand by 2027 |
| Growth rate | CAGR of 29.4% from 2019-2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
Akshay
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Akshay will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to Analyst
The global medical exoskeleton market players are adopting the product launch and expansion strategies to cater to changing customer demands worldwide, which also allows them to maintain their brand name globally.
Global Medical Exoskeleton Market – by Drive Type
- Pneumatic Actuator
- Hydraulic Actuator
- Electric Actuator
- Mechanical
- Shape Memory Alloy Actuator
- Other Actuator
Global Medical Exoskeleton Market – by Type
- Powered Exoskeleton
- Passive Exoskeleton
Global Medical Exoskeleton Market – by Extremity
- Lower Body Exoskeleton
- Upper Body Exoskeleton
Global Medical Exoskeleton Market – by Application
- Spinal Cord Injury
- Multiple Sclerosis
- Cerebral Palsy
- Stroke
- Other
Global Medical Exoskeleton Market – by End- User
- Rehabilitation Centers
- Physiotherapy Centers
- Others
Global Medical Exoskeleton Market – by Geography
North America
- US
- Canada
- Mexico
Europe
- France
- Germany
- Italy
- UK
- Spain
- Rest of Europe
Asia Pacific (APAC)
- China
- India
- South Korea
- Japan
- Australia
- Rest of APAC
Middle East & Africa (MEA)
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
South America and Central America (SCAM)
- Brazil
- Argentina
- Rest of SCAM
Company Profiles
- Bioness Inc.
- B-Temia Inc.
- BIONIK Laboratories Corp
- CYBERDYNE INC
- Ekso Bionics Holdings, Inc
- EXOATLET
- GOGOA Mobility Robots
- Hocoma AG
- Wearable Robotics srl
- Parker Hannifin Corporation
- ReWalk Robotics
- US Bionics, Inc.
- Tyromotion GmbH
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Drive Type ; Type ; Extremity ; Application ; End User , and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Frequently Asked Questions
Asia pacific medical exoskeleton market is expected to grow at fastest rate during the forecast period. The growth of the market is expected to growth during the forecast period due to the rising developments by the Chinese, Japanese, South Korean and Indian companies in the market of medical exoskeleton.
Various companies are focusing on organic strategies such as product launches, approvals and others. For the inorganic growth strategies witnessed in the market include, acquisitions, partnership & others. These growth strategies has aided the market players in the expansion of their business and enhance their product portfolio, and geographic expansion. Additionally, growth strategy such as acquisitions helped in strengthening their customer base and increase the product portfolio and others.
The key market opportunities are high market potential in developing nations and rise in obesity, chronic disease and osteoarthritis cases.
The medical exoskeleton market players are Ekso Bionics Holdings, ReWalk Robotics, Inc., Parker Hannifin Corporation (Indego), Hocoma AG, CYBERDYNE, INC., Bionik Laboratories Corp., Tyromotion GmbH, B-Temia Inc., US Bionics Inc. and Gogoa Mobility Robots among the others.
The List of Companies
- Bioness Inc.
- B-Temia Inc.
- BIONIK Laboratories Corp
- CYBERDYNE INC
- Ekso Bionics Holdings, Inc
- EXOATLET
- GOGOA Mobility Robots
- Hocoma AG
- Wearable Robotics srl
- Parker Hannifin Corporation
- ReWalk Robotics
- US Bionics, Inc.
- Tyromotion GmbH
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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