Medical Exoskeleton Market Expected to Reach $3.0 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Medical Exoskeleton Market," The medical exoskeleton market size was valued at $232.49 million in 2021, and is estimated to reach $3,044.7 million by 2031, growing at a CAGR of 29.4% from 2022 to 2031. The exoskeleton robotic device is a wearable, battery-operated exoskeleton that enables patients with lower extremity weakness or partial paralysis to stand and walk on level surfaces. Motors power the hip and knee joints, and the patient initiates all motion either through specific actions or by using an external controller. Exoskeletons are used to support body weight, assist with lifting, help maintain loads, or stabilize the user's body. Many exoskeleton systems assist the arms, upper, and lower body. The exoskeleton is designed to help people who have suffered strokes, multiple sclerosis, Parkinson’s disease, or spinal cord injury below C7, limiting its use for patients with higher or invasive injuries

Factors that drive the growth of the medical exoskeleton market include rise in number of product launches and product approvals for medical exoskeleton and surge in prevalence of neurological diseases and orthopedic diseases. For instance, in March 2021, CYBERDYNE Inc., Japanese robotics and technology company, received medical device approval from Thai Food and Medical Products Approval Authority (Thai FDA) for HAL Single Joint Type. The product is for patients with reduced mobility in the upper and lower limbs due to muscle weakness or paralysis. In addition, in June 2022, Ekso Bionics Holdings, Inc., an industry leader in exoskeleton technology for medical and industrial use, announced it has received 510(k) clearance from the U.S. Food and Drug Administration (FDA) to market its EksoNR robotic exoskeleton for use with Multiple Sclerosis (MS) patients. EksoNR is the first exoskeleton device to receive FDA clearance for rehabilitation use in patients with MS, an indication which significantly expands the device’s use to a broader group of patients.

Medical exoskeleton market trends include rise in the number of insurance coverage policies for exoskeleton devices. For instance, in April 2020, ReWalk Robotics, Ltd. a leading manufacturer of robotic medical devices for individuals with lower limb disabilities, has announced the finalization of national agreements with top German Statutory Health Insurers (“SHI”) Techniker Krankenkasse (“TK”) and Deutsche Angestellten-Krankenkasse – Gesundheit to Provide insurance coverage of robotic exoskeletons for individuals with spinal cord injuries. These new policies will allow any eligible beneficiary with a spinal cord injury (“SCI”) to seek procurement of a ReWalk 6.0 exoskeleton system.

Moreover, the market for medical exoskeleton is expected to develop due to increase in clinics equipped with advance technology and the number of key players who manufactures medical exoskeleton devices. In addition, rise in disposable income among the population of developing nations and increase in R&D activities, both contribute toward the medical exoskeleton market growth.

Based on type, the market is segmented into powered exoskeleton and passive exoskeleton. The powered exoskeletons segment dominated the market in 2021 and is expected to continue this trend during the forecast period, owing to rise in number of product launch and product approvals for powered medical exoskeleton devices.

Based on component, the market is classified into hardware and software. The software segment dominated the market in 2021 and is expected to continue this trend during the forecast period, owing to technological advancement in healthcare sector and rise in awareness among people regarding software component in exoskeletons.

Based on mobility, the market is divided into stationary and mobile. The mobile segment dominated the market in 2021 and is expected to continue this trend during the forecast period, owing to rise in the number of market players who manufactures mobile medical exoskeleton devices.

Based on application, the market is divided into spinal cord injury, stroke, and others. The spinal cord injuries segment dominated the market in 2021 and is expected to continue this trend during the forecast period, owing to rise in the prevalence of road traffic accidents and fall injuries and technological advancement in the healthcare sector.

North America accounted for most of the global medical exoskeleton market share in 2021 and is anticipated to remain dominant during the forecast period. This is attributed to rise in the number of product launch and product approval, increase in the number of medical exoskeleton industry, and developed healthcare infrastructure. Asia-Pacific is anticipated to witness lucrative growth during the forecast period, owing to rise in expenditure by government organization to develop the healthcare sector and increase in awareness among people regarding technological advancement.

Key Findings of The Study

• By type, the powered exoskeletons segment was the highest contributor to the market in 2021.
• By component, the software segment was the highest contributor to the market in 2021.
• By mobility, the mobile segment was the highest contributor to the market in 2021.
• By application, the spinal cord injuries segment dominated the market in 2021 and is expected to continue this trend during the forecast period.
• By region, North America garnered the largest revenue share in 2021, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.