Impact of COVID-19: Exoskeleton Market is expected to register a CAGR of around 34%, reaching a value of more than USD 3 billion by the end of 2027.
MEDICAL EXOSKELETON MARKET: Summary
The Global Medical Exoskeleton Market is expected to register a CAGR of around 34%, reaching a value of more than USD 3 billion by the end of 2027.
Medical exoskeletons are mainly used to restore or improve people’s ability to walk or to lift normal objects. They are used for improving mobility among paraplegics, amputees, and others. Exoskeletons can provide patients with the strength and balance needed to stand and walk. It benefits patients with paraplegia and paralysis by improving their endurance, bowel, and bladder control, bone density and reducing the chances of developing urinary tract infections. Additionally, it improves cardiovascular and metabolic functions, better circulation, increased oxygen intake, and improved sitting posture.
Medical exoskeleton ensures that the wearer can perform enhanced functionalities, more than their conventional capabilities.
MEDICAL EXOSKELETON MARKET: Drivers & OPPORTUNITY
Market Driver:
- Rising Prevalence of Physical Disability Disorders
Increasing incidences of physical injuries in accidents due to alcohol consumption, traffic volume, and others are expected to drive the demand for medical exoskeleton. Moreover, the rising geriatric population results in a large number of people with disabilities. This is attributed to the fact that elderly people are more prone to conditions such as stoke and severe musculoskeletal injuries resulting from falls.
Furthermore, poor eating habits and unhealthy lifestyle choices among the consumers results in childbirth with physical disabilities. According to the World Health Organization, around 15% of the global population suffers from a certain form of disability.
Thus, the rising prevalence of physical disability disorders across the globe is driving the demand for medical exoskeletons.
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- Increasing Insurance Coverage for Medical Exoskeleton
Presently, insurance coverage for medical exoskeleton is low. Therefore, insurance companies are focused on policy-making for the reimbursement of medical exoskeleton devices.
For instance, in February 2019, Cigna Corporation revised its policy on coverage of exoskeleton medical devices for people with spinal cord injury. Previously, the insurer had a non-coverage policy, but it announced plans to review submissions on a case-by-case basis.
Therefore, increasing insurance coverage for the medical exoskeleton is driving the growth of the medical exoskeleton market.
Market Opportunity:
- Technological Advancements in the Medical Exoskeleton
Technological advancements such as voice recognition control and artificial intelligence technology, and cognitive stimulation, among others to help with the bodily movements in patients is expected to play a vital role in the growth of the exoskeleton market.
The introduction of soft robotics, as well as the use of flexible materials, is projected to bring growth avenues in the exoskeletons market. Moreover, the use of lightweight advanced materials can reduce the risk of injury, make exoskeletons easier to fit and improve maneuverability.
Medical EXoskeleton market: Key segments
- Segmentation based on type: Powered and Passive.
- Segmentation based on component: Hardware and Software.
- Segmentation based on mobility: Stationary and Mobile.
- Segmentation based on extremity: Lower and Upper.
- Segmentation based on region covers: North America, South America, Europe, Asia-Pacific, Middle East & Africa and South America, with individual country-level analysis.
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Medical EXoskeleton MARKET: Report SCOPE
The report on the medical exoskeleton market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
Report FeaturesSpecificsHistorical/Estimated/Forecasted Market Size Years2018–2027Base Year for Market Calculation2019Forecasted Period2020–2027 (2020 estimated year, forecasted up to 2027)Measured UnitsValue (USD Million)Segments IncludedType, Component, Mobility, and ExtremityRegional CoverageNorth America, Asia-Pacific, Europe, Middle East & Africa, South Africa
KEY Companies Covered
- CYBERDYNE INC. (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
- Ekso Bionics
- ReWalk Robotics
- Bionik Laboratories Corp.
- Rex Bionics Ltd.
- B-Temia Inc.
- Bioness Inc.
- Hocoma
- GOGOA
- ExoAtlet
- Wearable Robotics srl
- Other Key Companies
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Medical EXoskeleton MARKET: report segmentation
For the scope of the report, In-depth segmentation is offered by Forencis Research
Medical Exoskeleton Market, by Type
- Powered
- Passive
Medical Exoskeleton Market, by Components
- Hardware
- Sensors
- Actuators
- Power Sources
- Control Systems
- Others
- Software
Medical Exoskeleton Market, by Mobility
- Stationary
- Mobile
Medical Exoskeleton Market, by Extremity
- Lower Extremity
- Upper Extremity
Medical Exoskeleton Market, by Region
- North America
- US
- Canada
- Mexico
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Europe
- Germany
- UK
- France
- Italy
- Rest of Europe
- Middle East & Africa
- Saudi Arabia
- UAE
- Rest of Middle East & Africa
- South America
- Brazil
- Argentina
- Rest of South America
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Table of Content
1 Introduction
2 Research Design & Scope
3 Executive Summary
4 Market Dynamics
5 Industry Trends — Porters Five Forces Analysis
6 GLOBAL MEDICAL EXOSKELETON MARKET BY TYPE, Market Size in USD Million (2019–2027)
7 GLOBAL MEDICAL EXOSKELETON MARKET BY COMPONENTS, Market Size in USD Million (2019–2027)
8 GLOBAL MEDICAL EXOSKELETON MARKET BY MOBILITY, Market Size in USD Million (2019–2027)
9 GLOBAL MEDICAL EXOSKELETON MARKET BY EXTREMITY, Market Size in USD Million (2019–2027)
10 Competitive Landscape
11 Company Profiles
12 Appendix
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