Medical Exoskeleton Market by Component (Hardware and Software), by Type (Powered Exoskeleton and Passive Exoskeleton), by Extremity (Lower Extremity Medical Exoskeletons and Upper Extremity Medical Exoskeletons), and by Mobility (Mobile and Stationary): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 – 2024
Sarasota, FL -- (SBWIRE) -- 11/19/2018 -- Global medical exoskeleton market was valued at approximately USD 118 million in 2017 and is expected to reach around USD 578 million by 2024, growing at a CAGR of 38.64 % between 2018 and 2024.
The use of robots in healthcare is a growing trend that seems to have gained momentum in recent years. Researchers have introduced several medical robots designed to improve the quality of healthcare. Robots are widely being used in surgical procedures, medication management, offer assistance in various therapies and improve direct patient care. Nowadays, the use of robots for patient rehabilitation, assistance for the disabled, and support for elderly living independently are becoming possible due to medical exoskeletons. Medical exoskeletons have a wide range of applications in medical rehabilitation centers, offering valuable assistance to the handicapped and disabled. Several manufacturers are offering their strong, lightweight, and technologically advanced medical exoskeletons to the market, which is anticipated to drive the expansion of medical exoskeleton market in the upcoming years.
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The medical exoskeleton market is anticipated to witness a robust growth in the upcoming years. Rising geriatric population, an increasing number of physically disabled people, and growing R&D investments made in the robotics industry are key factors accelerating the development of a medical exoskeleton market. According to the American Journal of Public Health, nearly 16,000 people die from physical injuries every day. Incidences of road traffic injuries, self-inflicted injuries, and violence are the three leading causes of death and fatal injuries. The number of deaths due to road accidents and physical injuries are constantly increasing. Many survivors live with permanent disabilities. Rising incidences of physical injuries and increasing number of physically disabled patients around the world are contributing to the expansion of the medical exoskeleton market. However, the high capital requirement in exoskeleton manufacturing is hampering this market's growth. Alternatively, ongoing research regarding the production of lightweight, energy-efficient, and cost-effective exoskeletons are expected to present lucrative opportunities to the key players in the forecast period.
On the basis of the component, the medical exoskeleton market is bifurcated into hardware and software. The hardware segment is further divided into sensors, actuators, power sources, and control systems. The hardware segment dominated the human exoskeletons market in 2017 and is anticipated to lead the market during the forecast timeframe, owing to its wide usage in various medical and industrial applications. On the basis of type, this market is divided into the powered exoskeleton and passive exoskeleton. The powered exoskeleton segment is anticipated to be the fastest growing segment with the highest growth rate in the forecast timeframe. Based on an extremity, this market includes upper extremity medical exoskeletons and lower extremity medical exoskeletons. The lower extremity medical exoskeletons segment was the leading segment and held the largest share in terms of revenue in the year 2017. By mobility, the market is divided into mobile and stationary.
Based on geography, the global medical exoskeleton market is divided into five regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America was the leading region in terms of revenue generation in 2017. The Asia Pacific was the fastest growing market in 2017 and is anticipated to grow at a high growth rate in the forecast timeframe, due to the region's large geriatric and disabled population base. This region is projected to adopt exoskeletons for rehabilitation applications, owing to rising geriatric population in countries like China and Japan.
Some of the key players in medical exoskeleton market include Rex Bionics Plc, ActiveLink, Cyberdyne, Inc., ReWalk Robotics Ltd., Ekso Bionics, Lockheed Martin Corporation, Suit X, RB3D, and Hocoma among others.
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This report segments the global medical exoskeleton market as follows:
Global Medical Exoskeleton Market: ComponentSegment Analysis
Global Medical Exoskeleton Market: TypeSegment Analysis
Global Medical Exoskeleton Market: ExtremitySegment Analysis
Lower Extremity Medical Exoskeletons
Upper Extremity Medical Exoskeletons
Global Medical Exoskeleton Market: MobilitySegment Analysis
Global Medical Exoskeleton Market: Regional Segment Analysis
The Middle East and Africa