According to a new market research study titled ‘Medical Exoskeleton Market to 2027 – Global Analysis and Forecasts by Drive Type, Type, Extremity, Application, End User and Geography. The global medical exoskeleton market is expected to reach US$ 1,023.0 Mn in 2027 from US$ 96.7 Mn in 2018. The market is estimated to grow with a CAGR of 29.4% from 2019-2027. The market is likely to grow due to the advantages of the medical exoskeleton for the rehabilitation purpose, supporting in mobility, and others.
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The most notable market participants are 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 among the others have occupied a considerable share of the market owing to their product offerings to the companies.
Market leaders are involved in organic and inorganic growth strategies in the medical exoskeleton market. For instance, the companies have maximized their growth with several organic strategies to enhance the market value and position in the market. The organic developments in the market were maximum among the development in the medical exoskeleton.
Increase in The Number of Orthopaedic Surgeries to Drive Global Medical Exoskeleton Market Growth
The rise in orthopaedic 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.
The market has experienced several organic strategies such as product launch, product approval and others activities that has resulted positively for the growth of the market. The companies have also conducted inorganic strategies such as agreements, partnership and others that has enhance the product portfolio.
Below is the list of the inorganic and organic strategies done by the players operating in the medical exoskeleton market:
January, 2019 – BIONIK Laboratories Corp has announced the launch of its new robotic system InMotion ARM/HAND. The systems are used for clinical rehabilitation of stroke survivors and people having mobility impairments. – North America
June, 2019 – ReWalk Robotics announced that it has received U.S. Food and Drug Administration approval for its ReStore soft exo-suit system. The approval has helped in the sales of the product to the rehabilitation centers across the United States. – North America
May, 2019 – Ekso Bionics Holdings, Inc. announced that in Singapore at National University Health System (NUHS) three EksoGT exoskeletons has been adopted for clinical study. – North America
December, 2018 – BIONIK Laboratories Corp has announced signing of an agreement for multiple years with Kindred Hospital Rehabilitation Services for its InMotion Arm robotic systems. – North America
December, 2017 – Ekso Bionics Holdings, Inc Partnered with HASOMED GmbH to Launch Functional Electrical Stimulation (FES) for the EksoGT Exoskeleton interface capability – North America
September, 2016 – Hocomo AG merges with DIH International, the merger was done for providing the solution of entire rehabilitation continuum – North America
Medical 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.
Global medical exoskeleton market was segmented by drive type, type, extremity, application and end user. On the basis of the drive type the market is segmented as pneumatic actuator, hydraulic actuator, electric actuator, mechanical, shape memory alloy actuator, other actuator. Based on the type the medical exoskeleton market is segmented into powered exoskeleton, passive exoskeleton); extremity (lower body exoskeleton, upper body exoskeleton. Based on the application the market was segmented into spinal cord injury, multiple sclerosis, cerebral palsy, stroke and others. On the basis of the end user the market was segmented as rehabilitation centers, physiotherapy centers, physiotherapy centers, mining, others. Among the type segment the powered exoskeleton is likely to enhance the growth due to the advanced mechanism incorporated in the medical exoskeleton and it requires less manual efforts during the therapy.
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. However, the medical technologies and imaging segment is witnessing drop in sales due to a smaller number of surgeries being carried out and delayed or prolonged equipment procurement. Additionally, virtual consultations by healthcare professionals are expected to become the mainstream care delivery model post-pandemic. With telehealth transforming care delivery, digital health will continue to thrive in coming years.
In addition, disrupted clinical trials and the subsequent delay in drug launches is also expected to pave the way for entirely virtual trials in the future. New technologies such as mRNA is expected to emerge and shift the pharmaceutical industry and market is also expected to witness more vertical integration and joint ventures in coming years.