by Medical exoskeletons are wearable robotics used for rehabilitation or assistance of physically disabled patients and elderly population. They help in restoring mobility for patients suffering from multiple sclerosis, stroke or spinal cord injuries by supporting their body weight and enabling them to perform daily activities. Medical exoskeletons improve movement, reduce fatigue and enhance the quality of life. The increasing geriatric population that is prone to mobility issues and rise of lifestyle diseases like strokes is expected to drive the demand for medical exoskeletons over the coming years.
The Global Medical Exoskeleton Market Growth is estimated to be valued at US$ 411.73 Bn in 2024 and is expected to exhibit a CAGR of 8.4% over the forecast period from 2024 to 2031.
Medical exoskeletons find applications in rehabilitation centers as well as for personal & home care use. Technological advancements have resulted in lightweight, wearable exoskeleton designs that enhance strength and endurance. Moreover, ongoing clinical trials and partnerships between healthcare firms and exoskeleton developers are expanding applications of medical exoskeletons.
Key Takeaways
Key players operating in the Global Medical Exoskeleton Market are Energizer Holding, Inc., PowerbyProxi, Pathronic AG, Qualcomm Technologies, Inc., ConvenientPower HK Limited, Powermat Technologies, WiTricity Corporation, Xiaomi Inc., Integrated Device Technology Inc., Leggett and Platt Inc., and Texas Instruments Inc.
The Global Medical Exoskeleton Market offers lucrative opportunities such as development of affordable lower limb and full body medical exoskeletons. Ongoing R&D efforts aim to replace batteries with alternative power sources like energy harvesting to improve portability. Stakeholders are also investing in wireless technology integration for remote health monitoring and assistance.
Medical exoskeleton adoption is growing across North America, Europe and Asia Pacific with rapid aging demographics as well as rising incidence of mobility impairing conditions. Countries like Japan and South Korea have emerged as early adopters. To cater to the global market, manufacturers are focusing on partnerships, mergers and acquisitions for collaborative R&D and geographical expansion.
Market drivers
A major driver for the Global Medical Exoskeleton Market is the increasing geriatric population worldwide that is more susceptible to chronic diseases, limited mobility and disability. As per WHO estimates, the number of people aged 60 years and above will double to nearly 2.1 billion by 2050. This growing elderly demographic requires aid for independent living and rehabilitation, boosting demand for medical exoskeletons. Another key driver is the rising prevalence of conditions that impair mobility like spinal cord injuries, cerebral palsy and multiple sclerosis globally. Advanced medical exoskeletons offer effective non-invasive solutions to regain movement and augment quality of life for such patients.
PEST Analysis
Political: The government support through funding and favorable regulations has accelerated the adoption of medical exoskeletons across regions. This has allowed extensive R&D to be carried out in this domain.
Economic: Rising healthcare costs as a result of increasing incidence of road accidents and work related injuries has driven demand for medical exoskeletons. They enable faster rehabilitation and reintegration of people into the workforce.
Social: Aging population and rising cases of physical disabilities has increased focus on devices enabling mobility. Medical exoskeletons help improve quality of life and allow people to remain independent for daily activities.
Technological: Advancements in material science, sensors, actuators and power sources have enhanced the capabilities of exoskeletons. New technologies like 3D printing and AI are allowing for customized solutions based on an individual’s physiology. Further R&D helps address limitations and expand applications.
Regions where medical exoskeleton market in terms of value is concentrated include North America and Europe. This can be attributed to high awareness, developed healthcare infrastructure as well as presence of major manufacturers in these regions. The Asia Pacific region represents the fastest growing geographical area driven by growing population, increasing medical spending and expansion of local manufacturers. China, India and Japan are emerging as lucrative markets.
The fastest growing region for the global medical exoskeleton market is Asia Pacific. Factors such as rising geriatric population, increasing healthcare expenditure, growing incidence of road accidents, improving regional economy and expansion of domestic players are expected to fuel high demand in Asia Pacific countries over the forecast period. Government efforts to strengthen healthcare systems also bolster the regional market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
