According to a new market research 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 to 2023", published by MarketsandMarkets™. The global Medical Exoskeleton Market is projected to reach USD 571.6 million by 2023 from USD 116.7 million in 2018, at a CAGR of 37.4%.
The growth of the 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 Medical Exoskeleton Market.
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Lower extremity medical exoskeletons are expected to dominate the market in 2018
By extremity, the market is 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, the mobile segment is projected to grow at the highest CAGR during the forecast period
Based on mobility, the Medical Exoskeleton Market is 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.
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North America is expected to hold the largest share of the Medical Exoskeleton Market in 2018
In 2018, 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.
The Medical Exoskeleton Market includes various players. Key players in this market include the major players in the 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).