Medical exoskeleton market size is expected to grow significantly from 2019 to 2025. High demand for effective rehabilitation by rising number of patients with physical disabilities across the globe will drive medical exoskeleton market. The number of individuals with physical disabilities is growing rapidly due to road accidents, strokes, severe injuries that should foster business growth. Elderly population is more prone to suffer from stroke. According to the U.S. Census Bureau Americans age 65 or over will be doubled by 2050 thereby, should foster industry growth. As a result, demand for rehabilitation will drive the medical exoskeleton market growth.
Growing insurance coverage for medical exoskeleton in many countries will act as a positive impact rendering factor. Moreover, assistive technology is an important part of the healthcare industry. In several economies, many rehabilitation centers use assistive devices that are adapted to assist an individual to perform a particular task, use of such assistive devices should favor industry growth over the forecast timeline. In the U.S. insurance coverage of an exoskeleton device is managed by patient themselves that will eventually foster business growth. However, coverage for exoskeleton technology by insurance companies is less that eventually decreases the business of exoskeleton industry in some economies. Thus, to overcome these companies are focusing on collaborations that will favor medical exoskeleton industry growth over the coming years.
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Hardware segment held substantial revenue share owing to increasing awareness about medical exoskeleton. Surge in demand for hardware sub components such as sensors, actuators, control systems as well as power sources will spur the revenue size during the forecast period. Manufactures are also computing advanced and upgraded hardware into design so as to increase the capability of medical exoskeleton. Additionally, manufacturers are focusing on innovative and interactive medical exoskeleton that should boost segmental growth.
Powered exoskeleton segment is anticipated to witness robust growth during the forecast period. Presence of different controlling functions and presence of sensors in powered exoskeletons to sense the tilt, speed and motion is positive impact rendering factor that drives segment growth.
Lower extremity medical exoskeleton segment held momentous share in 2018. These exoskeletons are generally used in the rehabilitation of lower body parts preventing normal motions such as mobility and helps in sustaining body weight that boosts customer preference. Increasing awareness of lower extremity medical exoskeleton in developing countries should favor business growth over the forecast period.
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Mobile exoskeleton segment is anticipated to witness robust growth during the forecast period. These are light weight and compact that provides mobility to the patient’s or assistance to paralyzed patients. Growing patient inclination towards medical exoskeleton and growing technological advances will further spur revenue size.
North America medical exoskeleton market will account for significant revenue size due to increasing elderly population, rising self-assist exoskeletons and growing spinal cord injuries. Furthermore, growing awareness and favorable government support will augment regional growth during the forthcoming years.
Few of the prominent industry competitors operating in the medical exoskeleton industry include ReWalk Robotics, Ekso Bionics Holdings, Parker Hannifin, Bionik Laboratories, Lockheed Martin, Suit X, ActiveLink, Gogoa Mobility Robots SL, Wearable Robotics SRL and B-TEMIA. Numerous activities along with various strategies conducted by major industry players provides an ability to sustain competition in the industry.
- Bionik Laboratories Corp
- B-TEMIA Inc.
- Ekso Bionics Holdings, Inc.
- Gogoa Mobility Robots SL
- Lockheed Martin Corporation
- Parker Hannifin Corp
- Bionik Laboratories Corp
- ReWalk Robotics Ltd
- Suit X
- Wearable Robotics SRL