The exoskeleton market was found witnessing a CAGR of 42.87%. The major factors propelling the market growth are the rising prevalence of stroke, increasing adoption of the exoskeleton, and growing geriatric population at a global level are some of the key factors anticipated to influence the market growth over the forecast period. Moreover, the growing usage of the exoskeleton healthcare industry is anticipated to drive the global market over the forecast period.
In addition, with the increasing number of disabled people, there has been an increase in the demand for robotic rehabilitation around the globe. The role of technology in healthcare has become evident with the enhanced rate of survival from medical disorders such as stroke. Robotic rehabilitation and assistive technologies, therefore, promise to ease the stress on the physiotherapy staff and control expenses while refining patients’ quality of life. On the other hand, the cost of the exoskeleton is generally found to be high and is not affordable by most people in need. However, there are many efforts taking place in order to reduce these prices by developing cheaper components so that the technology become more accessible for people.
Key Market Trends
Mobile Segment is Expected to hold the Highest Market Share in the Product Type
Mobile Exoskeleton is the products/devices that are found supporting the powered hip and knee motion to enable individuals with spinal cord injuries to stand and walk. Exoskeletons can cover the entire body or even a specific body segment such as the ankle or the hip. Therefore the mobile exoskeleton is anticipated to witness significant growth as they can be worn outside or in a person’s home. They are also found supporting the powered hip and knee motion to enable individuals with spinal cord injuries to stand and walk. Hence the system can be controlled by a physical therapist or can be controlled by the user.
North America Dominates the Market and is Expected to do the Same in the Forecast Period
North America is the dominant in the exoskeleton market in the world, with the United States controlling the major share. The key factors responsible for the large share includes the growing geriatric population, high purchasing power of patients, and presence of public and private organizations offering grants & funds for the development of technologically advanced products.
Furthermore, increasing prevalence of spinal cord injury (SCI) is one of the leading factors expected to increase the adoption of exoskeleton in the United States. Thus, presence huge cases of spinal cord injury (SCI) and stroke associated disability factor is expected to show growth in the coming years. Furthermore, increasing number of FDA approvals on medical exoskeletons and rising awareness regarding technologically advanced systems are likely to increase the demand for exoskeletons in the region.
Some of the key players in the market studied are Cyberdyne, Ekso Bionics Holdings, Rewalk Robotics, Bionik Laboratories and among others. Therefore the increasing investments by these players in the development of new and innovative products and FDA approvals on their products are supporting the market growth.
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