Medical Exoskeleton Market Increase In The Number of Orthopaedic Surgeries to Drive Market Growth
The medical exoskeleton market was valued at US$ 96,783.1 thousand in 2018 and it is projected to reach US$ 1,023,036.8 thousand in 2027; it is expected to grow at a CAGR of 29.4% from 2019 to 2027.
Exoskeletons are used to enhance the physical strength of the human by assisting the limb movements with extra strength. The medical exoskeletons improve the quality of life of the physically disabled people such as patient with spinal cord injury, neurological disorder, paralysis or old age people. Some of the medical human exoskeletons are used by physiotherapy centers and rehabilitation centers, for lower and upper extremity treatment. The growth of the global medical exoskeleton market is attributed to the increase in the number of orthopaedic surgeries, rise in the geriatric population and growing incidences of road accidents. However, high cost of the product and regulatory concerns is the major factor hindering the market growth.
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Key findings from the report
- In terms of drive type, the global medical exoskeleton market is segmented into pneumatic actuator, hydraulic actuator, electric actuator, mechanical, shape memory alloy actuator and other actuators. In 2018, the electric actuator segment held largest share of the market and, the same segment is estimated to register the highest CAGR during the forecast period.
- Based on type, the global medical exoskeleton market is segmented into powered exoskeleton and passive exoskeleton. The powered exoskeleton segment held the largest market share in 2018. Also, the same segment is estimated to grow at the fastest rate during the forecast period.
- In terms of extremity, the global medical exoskeleton market is segmented into lower body exoskeleton and upper body exoskeleton. In 2018, the lower body exoskeleton segment held largest share of the market. The upper body exoskeleton segment is expected to register the highest CAGR during the forecast period
- In terms of application, the global medical exoskeleton market is segmented into spinal cord injury, multiple sclerosis, cerebral palsy, stroke and others. In 2018, the spinal cord injury segment held largest share of the market. Also, the same segment is expected to register the highest CAGR during the forecast period.
- In terms of end user, the global medical exoskeleton market is segmented into rehabilitation centers, physiotherapy centers, and others. The rehabilitation centers segment held the largest share of the market in 2018, and the same segment is estimated to grow at the fastest rate during the forecast period.
- The major players operating in the medical exoskeleton market include, ReWalk Robotics, Ekso Bionics Holdings, Inc., Parker Hannifin Corporation (Indego), CYBERDYNE, INC., Bionik Laboratories Corp., Hocoma AG, Tyromotion GmbH, B-Temia Inc., US Bionics Inc. and Gogoa Mobility Robots. The market has carried out various organic and inorganic growth strategies in the market which has assisted in strengthening their product offering in the market.
The global medical exoskeleton market is expected to witness substantial growth post-pandemic. The COVID-19 has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The COVID-19 crisis has overburdened public health systems in many countries and highlighted the strong need for sustainable investment in health systems. As the COVID-19 pandemic progresses, the healthcare industry is expected to see a drop in growth. The life sciences segment thrives due to increased demand for invitro diagnostic products and rising research and development activities worldwide.
The rise in orthopedic surgeries is majorly driven by the operations done for the replacements of the knee and hip joints. The surgeries have been done for the amputations of limbs due to the increasing rate of damages or injuries caused by road accidents or various diseases. The rising number of operations for amputation are observed for patients who have diabetes and also have developed a condition of gangrene. For instance, according to the U.S. Agency for Healthcare Research and Quality, in the United States, approximately replacement surgeries are performed per year. For the deteriorating joints, the knee replacement surgeries have performed in the geriatric population.
Knee replacement is among the most commonly performed orthopedic procedures. The number of surgeries is increasing due to the rising chronic conditions, including rheumatoid arthritis (RA), ankylosing spondylitis (AS) and osteoporosis. For instance, according to a report published in 2018 of Healthline Media, rheumatoid arthritis (RA) affects 41 in every 100,000 people per year, and near round, 1.3 million Americans have RA. Likewise, data published by the Spondylitis Association of America, states that in America, spondyloarthritis is found in approximately in 2.7million people, which is 1 in 100 population.
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