Medical Exoskeleton Market Expected to Reach US ~$4,676.61 Million and CAGR 44.8% by 2030 – Polaris Market Research
The global medical exoskeleton market size is expected to reach USD4,676.61 billion by 2030, according to a new study by Polaris Market Research.
The rising occurrence of traffic accidents, strokes, and serious injuries has increased physical disability. According to the Indian government, vehicle accidents are still the largest cause of death, disability, and hospitalization. India is #1 among the 199 countries in road accident fatalities, accounting for over 11 percent of all accident-related deaths worldwide. According to the 2019 Road Accident Report, there were 449,002 incidents in the country in 2019, resulting in 151,113 deaths and 451,361 injuries. The decrease in road accidents, fatalities, and injuries reported during the calendar year 2019 appears to be an outcome of the Motor Vehicle Act, which was implemented in states beginning September 1, 2019 and focused on road safety by including, among other things, stiffer penalties for traffic violations as well as electronic enforcement. Thus, road accidents have led to an increase in disabilities which is boosting the demand for the medical exoskeleton.
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Moreover, the growing elderly population, which is prone to numerous diseases, and the influx of innovative rehabilitation methodologies, will play a significant role in market expansion. For instance, according to the United Nations, by 2050, one out of six in the global population would be aged more than 65 years. In 2019, there were 703 million people worldwide who were older than 65 years. The population of older people is expected to more than treble to 1.5 billion by 2050. Globally, the individuals aged 65 and up climbed from 6% in 1990 to 9% in 2019. Thus, the rising geriatric population increased chronic illness, boosting the demand for medical exoskeletons during the forecast period.
Based on the component, the hardware segment accounted for the leading share in the market in 2021. The hardware segment is expected to grow rapidly as a result of increased customer awareness. The increased need for smarter and more interactive solutions has resulted in more upgraded and improved technology with enhanced capabilities. The increased efforts made by product makers and the rising demand for various hardware sub-components and power sources would boost market revenue.
Market players such as Bionik Laboratories, Bioventus, B-TEMIA Inc, Cyberdyne Inc., Ekso Bionics, Gogoa Mobility Robots, Lockheed Martin Corporation, Parker Hannifin Corp, Rewalk Robotics, Rex Bionics, Suit X, Wearable Robotics are some key players operating in the global market. In March 2021, ReWalk Robotics, Ltd., a leading maker of robotic medical equipment for individuals with poor extremity disabilities, announced a partnership with BKK Mobil to donate ReWalk Personal Exoskeleton devices to the beneficiaries.
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Polaris Market Research has segmented the medical exoskeleton market report based on component, type, application, end-use, and region:
Medical Exoskeleton, Component Outlook (Revenue – USD Million, 2017 – 2030)
- Control System
- Power Source
Medical Exoskeleton, Type Outlook (Revenue – USD Million, 2017 – 2030)
- Powered Exoskeletons
- Passive Exoskeletons
Medical Exoskeleton, Application Outlook (Revenue – USD Million, 2017 – 2030)
- Spinal Cord Injury
- Multiple Sclerosis
- Cerebral Palsy
Medical Exoskeleton, End-Use Outlook (Revenue – USD Million, 2017 – 2030)
- Rehabilitation Centers
- Physiotherapy Centers
- Physiotherapy Centers
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