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(Health-NewsWire.Net, May 11, 2021 ) The report “Medical Exoskeleton Market by Component (Hardware (Sensor, Actuator, Control System, Power Source), Software), Type (Powered, Passive), Extremities (Lower, Upper) & Mobility (Mobile, Stationary) – Global Forecast”, is projected to reach USD 571.6 million, at a CAGR of 37.4%.
What Drives the Market Growth?
The Growth of the Exoskeleton Market can be attributed to the factors such as 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 is driving the growth of the exoskeleton market.
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Growth Opportunity: Introduction of soft actuators;
Currently, the medical exoskeletons industry is focusing on developing soft exoskeletons (without electronic motors and heavy batteries), which augment normal muscle function in healthy individuals for commercial use. Currently, these exoskeletons are available only for research purposes. Such exoskeletons have soft actuators that can be easily driven by an off-board compressor.
Soft exoskeletons are attached to the body securely and comfortably and transmit forces over the body through beneficial paths such that biologically appropriate moments are created at the joints. Compared to traditional exoskeletons, these exoskeletons are ultra-light-weight and have low mechanical impedance and inertia. The use of soft actuators has led to the development of inexpensive gait-supportive exoskeletons, creating opportunities for new players in the industry.
Market Segmentation in Detailed:
By extremity, Segmented into lower extremity medical exoskeletons and upper extremity medical exoskeletons. In 2018, lower extremity medical exoskeletons segment is expected to account for the largest share of the global medical exoskeleton market. Lower extremity exoskeletons provide stability to paralyzed and geriatric patients and offer weight-bearing and locomotion capabilities. As a result, they are more widely adopted for rehabilitation applications.
Based on mobility, Segmented into mobile and stationary exoskeletons. The mobile segment is expected to register the highest CAGR during the forecast period. The growth of this segment can be attributed to the high demand for compact, light-weight mobile medical exoskeletons that can offer mobility assistance to paralyzed patients.
Geographical View in-detailed:
North America is expected to dominate the market followed by Europe. The large share of this geographical segment is attributed to the growing geriatric population, increasing demand for self-assist exoskeletons, growing number of spinal cord injuries (SCI), and the high prevalence of stroke in the region.
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Global Key Leaders:
The major players in the Medical Exoskeleton Market are 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).
Parker Hannifin Corp (US) held the second position in the medical exoskeleton market in 2017. This can be attributed to the company’s strong brand name in high-growth geographies and its wide geographical presence. Parker Hannifin sells its products in the US and Europe. Furthermore, to expand its territorial reach, the company also sells its products in Asia and the Middle East through its strong distribution network. To strengthen its position Parker Hannifin also focuses on product approvals, for example, in September 2017, the company received expanded FDA clearance for its Indego Exoskeleton for personal and clinical use.
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