Rising Population With Physical Disabilities To Drive The Medical Exoskeleton Market Growth

Global Medical Exoskeleton Market: Key Highlights

• According to the new market research report “Medical Exoskeleton Market by Type (Powered, Passive), by Component (Hardware, Software), by Mobility (Stationary, Mobile), by Extremity (Lower, Upper), by Region (North America, Asia Pacific, Europe, Middle East and Africa, South America,) – Global Forecast (2019 to 2027)”, the global Medical Exoskeleton market is projected to reach a value of around USD 3 billion, registering a CAGR of around 34% during the review period
• The medical exoskeleton is used for improving mobility among paraplegics, amputees, and others
• It improves endurance, bowel, bladder control, and bone density in patients with paraplegia and paralysis
• Apart from this, it enhances the cardiovascular and metabolic functions, circulation, oxygen intake, and sitting posture.
• However, high cost of the exoskeleton is a major restraining factor

Global Medical Exoskeleton Market: Key Market Dynamics

• According to the World Health Organization, around 15% of the global population suffers from a certain form of disability  
• Increasing incidences of physical injuries in accidents due to alcohol consumption, traffic volume, and others is a key driver of the medical exoskeleton
• Additionally, poor eating habits and unhealthy lifestyle choices among the consumers results in childbirth with physical disabilities, which is expected to further drive the market
• Increasing insurance coverage for medical exoskeleton is another major driver of the global market
• Voice recognition control and artificial intelligence technology, and cognitive stimulation are some of the technological advancements which likely to offer new opportunities
• Use of 3D printing technology to manufacture medical exoskeletons without incurring additional costs and extra machinery or tools is a megatrend followed in this market

Global Medical Exoskeleton Market: Regional Overview

• North America

The market in North America is expected to witness high demand for medical exoskeleton owing to the higher penetration of technology and the high prevalence of physical disability disorders. The American Community Survey (ACS) estimates the overall rate of people with disabilities in the US population in 2016 was 12.8%.

• Europe

The European market is projected to showcase high growth during the review period on the backdrop of expanding the healthcare industry. Presence of a large healthcare base coupled with extensive spending of the consumers is expected to drive the market. For instance, according to Eurostat, the total healthcare spending was 7% of the GDP in 2017.

Global Medical Exoskeleton Market: Key Players Overview

• CYBERDYNE INC.:

CYBERDYNE INC. is a Japan-based robotics technology company. It manufactures and sells medical products as well as provide services relating to rental and training. Cyberdyne's main product is a cyborg-type robot, HAL (Hybrid Assistive Limb). In August 2018, the company announced its collaboration with Brooks Rehabilitation and the Brooks Cybernic Treatment Center to bring its HAL exoskeleton to the US market.

• Ekso Bionics:

Ekso Bionics is engaged in the development of exoskeletons to enhance natural abilities and, ultimately, improve the quality of life. It operates through two business segments, namely Ekso Health and Ekso Works. In August 2019, the company launched Next Generation Exoskeleton, named EksoGT for neurorehabilitation.

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