Medical Exoskeleton Market size is poised to witness promising growth from 2021 to 2027 owing to the rising number of spinal cord injuries. The increasing prevalence of road accidents, strokes, and severe injuries has triggered the increase in physical disabilities. The booming geriatric population prone to various diseases along with the influx of innovative rehabilitation approaches will play a key role in the market growth.
The increasing access to insurance coverage for medical exoskeleton in many countries is another prominent factor for the industry growth. However, the higher production costs and the rising stringency of regulatory approvals for product launches will negatively impede the market demand to some extent.
The hardware segment is anticipated to rise at a significant rate driven by higher consumer awareness. The growing need for smarter and interactive solutions has made way for more upgraded and advanced hardware to offer more enhanced capabilities. The increasing efforts undertaken by product manufacturers and the rising requirement for various hardware sub-components and power sources will amplify the market revenue.
The powered medical exoskeleton market is set to gain notable proceeds through 2027 on account of the rising obligation for personal safety and productivity. These exoskeletons are extensively used to sense the tilt, speed as well as motion, given the presence of different controlling functions and sensors. For instance, Cyberdyne, a Japanese robotics technology company developed a powered exoskeleton suit, Hybrid Assistive Limb (HAL), used in the treatment of lower limb disorders. Increasing adoption of powered medical exoskeleton by construction workers for moving weighted objects will further add to the segment growth.
Mobile medical exoskeleton market size is expected to grow considerably with the rise in the number of favorable reimbursement policies. Given their compact and lightweight features, these exoskeletons provide optimum mobility assistance to paralyzed patients. The rising number of R&D activities is another factor influencing the market expansion.
North America is slated to collect a significant share in the medical exoskeleton market due to the higher instances of spinal cord injuries and the growing healthcare research expenditure in the region. The rising purchasing power of patients has given rise to the higher availability of advanced medical devices. The increasing elderly population, growing government support, along with rising demand from military and industrial sectors will foster the regional growth.
Gogoa Mobility Robots SL, Parker Hannifin Corp., Lockheed Martin Corporation, ReWalk Robotics Ltd., Bionik Laboratories Corp., Ekso Bionics Holdings, Inc. (Ekso Bionics Holdings Inc), Wearable Robotics SRL, B-TEMIA Inc., ActiveLink, and Suit X are some of the global market players.
These companies are not only working towards collaborative strategies, such as partnerships and mergers but are also focusing on novel product launches and production expansions to tap into several regional markets for enhanced presence.
For instance, in August 2019, Ekso Bionics Holdings launched its next-generation EksoGT robotic exoskeleton, the EksoNR, to cater to neurorehabilitation purposes. The novelty helps patients recovering from conditions like a stroke, to walk with a more natural gait.
In another instance, in March 2021, ReWalk Robotics, Ltd. signed a contract with BKK Mobil Oil Insurance to provide its exoskeleton systems to its eligible beneficiaries affected with spinal cord injuries.
Apart from largely impacting the global economy, the ongoing coronavirus crisis brought severe repercussions to numerous businesses worldwide. However, in response to the growing infection rate, the demand for exoskeletons saw a significant rise for assisting the medical staff during the prone positioning of mechanically ventilated patients. Increasing acceptance for the exhaustion of the healthcare staff and the relief of the patients suffering from the disease also uplifted the industry expansion during the pandemic.