The medical field is witnessing a surge in the adoption of the Medical Exoskeleton Market, offering new hope for individuals with mobility impairments. According to a recent report, the global market for these innovative devices is projected to experience phenomenal growth.
Market Poised for Takeoff:
The market value for medical exoskeletons has skyrocketed from an estimated USD 98 million in 2019 to a projected USD 394.3 million in 2024. This translates to a remarkable growth rate of 38.4% over just five years.
Looking Ahead: A Brighter Future:
The positive trend is expected to continue, with an anticipated Compound Annual Growth Rate (CAGR) of 29.1% through 2034. This signifies that the global medical exoskeleton market is poised to reach a staggering USD 5.1 billion by 2034.
The increasing need for rehabilitation of the aging population and patients suffering from limb paralysis is the key factor driving the demand for powered exoskeleton devices. Increasing awareness and technical innovation in wearable medical device technology for military and sports training applications is likely to boost market sales further in the coming days. Advances in interactions between humans and machines are expected to usher in the era of rehabilitation robotics technology soon.
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Key Takeaways from the Medical Exoskeleton Market Study Report
- The global market is expected to witness an absolute growth of around US$ 4,800 million over the next ten years.
- The United States dominates the global market, with the advancement of rehabilitation robotics likely to register a 28.6% CAGR through 2034.
- In Europe, the United Kingdom is the most lucrative region for medical exoskeleton manufacturers, following a CAGR of 29.8% till 2034.
- China is the dominant market for medical exoskeleton production in Asia and is poised to progress further at a CAGR of 30.2% from 2024 to 2034.
Competitive Landscape for the Medical Exoskeleton Market Participants
The market is concentrated as a few leading players account for more than half of the global demand for medical exoskeleton devices. National and international funding for research, manufacturing, and accessibility of medical exoskeleton development and adoption are expected to increase market competition.
“Patients demanding more convenient and extended rehabilitation at their homes with medical equipment is boosting the sales of exoskeleton suits in recent years. So, manufacturers that are focusing on rationalizing technologies and materials used to make it more affordable are expected to witness more growth opportunities.” – says a lead analyst at FMI
Recent Developments by the Medical Exoskeleton Industry Players
- In July 2023, Fourier Intelligence, a world leader in the rehabilitation technology sector, opened its Advanced Rehab Robotics Center in Malaysia. The firm specializes in rehabilitation technology and has over 2,000 installations worldwide. Its goal is to empower patients and therapists via the use of robots and artificial intelligence. It offers more than 200 turnkey solutions and more than 30 products. It is now developing virtual reality-based therapeutic platforms and sophisticated robotic exoskeletons to address upper, lower, balance, and mobility impairments.
- In February 2022, CYBERDYNE Inc. declared that the Ministry of Health Republic of Indonesia had accepted their application for a medical device marketing license for Medical HAL Single Joint Type. It is a wearable cyborg that enhances physical functions, and the company plans to expand its marketing channels in South Asia through this license.
Key Players Profiled in the Medical Exoskeleton Market Report
- CYBERDYNE Inc.
- Wearable Robotics srl
- B-Temia
- Rewalk Robotics
- DIH Medical
- Ekso Bionics
- Human Motion Technologies LLC
- Ottobock SE & Co, KGaA
- ExoAtlet
- Erosante
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Key Segments Covered by Medical Exoskeleton Industry Survey Report
By Product Type:
- Powered Exoskeleton
- Passive Exoskeleton
By Mobility:
- Stationary
- Mobile
By Application:
- Spinal Cord Injury
- Stroke
- Other Applications
By Component:
- Hardware
- Software
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and Pacific
- Middle East and Africa
Author by:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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