February 25, 2024

Global Medical Exoskeleton Market Propelled By Rapid Technological Advancements

The global medical exoskeleton market involves motorized external structures that support and protect the human body and enhance its ability by increasing endurance and strength during rehabilitation and assistance. Powered exoskeletons provide assistance to people who havesuffered from stroke, spinal cord injuries or other mobility impairments to walk again. Medical exoskeletons improve patient recovery process and quality of life. The global medical exoskeleton market is estimated to be valued at US$ 357.4 Mn in 2023 and is expected to exhibit a CAGR of 8.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Rapid Technological Advancements: Over the past few years, technological advancements have allowed the integration of various sensors like joint position sensors, contact sensors, pressure sensors. These advanced sensors enable real-time interaction of humans with exoskeletons. Additionally, advancement in material sciences has enabled development of lightweight and durable materials like aluminum and carbon fiber for developing exoskeleton structures. Ongoing R&D for developing miniaturized actuators, efficient power sources and control systems is expected to make medical exoskeleton more functional and portable.

SWOT Analysis
Strength: The global medical exoskeleton market is witnessing strong demand from rehabilitation clinics and hospitals to help physically disabled patients with their mobility.
Weakness: High cost of medical exoskeleton devices limits wide adoption especially in developing regions. Regulatory approvals also require extensive clinical trials raising product prices.
Opportunity: Growing geriatric population worldwide and increasing incidence of paralysis and other mobility diseases present significant opportunities. Ongoing research and development also aims to make exoskeletons more portable and affordable.
Threats: Competition from alternative assistive technologies and medical devices poses threat from substitute products. Reimbursement policies also vary significantly across nations challenging business case feasibility.

Key Takeaways
The global medical exoskeleton market demand is expected to witness high growth over the forecast period of 2023 to 2030 supported by aging demographics and new product launches. Exoskeletons are gaining widespread acceptance for rehabilitation in developed regions to help mobility for paralysis patients.

Regional analysis: North America currently dominates the global medical exoskeleton market supported by advanced healthcare infrastructure and availability of favorable reimbursements. However Asia Pacific is expected to witness fastest growth through 2030 with China, Japan and India emerging as major markets. Growing medical tourism and initiatives to provide care to disabled also support regional market expansion.

Key players: Key players operating in the global medical exoskeleton market are Energizer Holding, Inc., PowerbyProxi, Pathronic AG, Qualcomm Technologies, Inc., ConvenientPower HK Limited, Powermat Technologies, WiTricity Corporation, Xiaomi Inc., Integrated Device Technology Inc., Leggett and Platt Inc., and Texas Instruments Inc. These manufacturers focus on product innovations as well as strategic partnerships with hospitals and clinics for commercialization.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it