Rising number of strategic initiatives, growing incidence of stroke and musculoskeletal, and increasing longevity of aging population are among the factors propelling the market growth. However, the high cost of products and regulatory concerns are hampering the growth of the market. Increasing technological advancements and rising investments are expected to bring new medical exoskeleton market trends in the coming years.
Increasing Technological Advancements and Rising Investments Act as Trends in the Medical Exoskeleton Market
Globally, people strive for better health and do not compromise with low-quality products. Owing to this, continuous technological developments and innovations are being made in the healthcare industry to enhance healthcare services and improve the quality of care. Various global market players are attempting to acquire a larger market share by increasing investments in exoskeleton systems on a global level. For instance, RoboCT Technology Development Co. (a maker of exoskeleton) completed a US$ 15.7 million (RMB 100 million) Series A+ financing round in April 2022. RoboCT (headquartered in Hangzhou, China) provides smart rehabilitation devices and robotic technology, coupled with data analysis and cloud computing, to medical rehabilitation institutes for addressing the needs of elderly people and disabled individuals. In addition, growing R&D activities by companies operating in the market are anticipated to accelerate the development of advanced systems in various application areas. The companies also hold their technology and intellectual property rights that help them retain their market share.
Medical exoskeletons are likely to grow dramatically due to increasing revolutionary technology, innovative products, and successful events. Thus, companies manufacturing exoskeleton systems are expected to add value and attract a wide customer base. The increased adoption of artificial intelligence (AI) and the Internet of Things in developing intelligent exoskeleton systems is expected to complement the market growth. For instance, German Bionic has developed an AI-based exoskeleton system that has added a smart safety companion and a cloud-based platform for exoskeletons. Thus, the increasing technological advancements and rising investments are likely to catalyze the growth of the global medical exoskeleton market during the forecast period.
The scope of the medical exoskeleton market report covers North America (the US, Canada, and Mexico), Europe (Spain, the UK, Germany, France, Italy, and the Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America). The US held the largest share of the North America medical exoskeleton market in 2023. Market players are receiving product approvals in the US to enhance the exoskeleton business. For instance, in July 2022, Ekso Bionics Holdings Inc. received marketing approval from the US Food and Drug Administration for its EksoNR robotic exoskeleton to use in patients with multiple sclerosis. Thus, the growing developments by various medical device giants in the US healthcare industry will further boost the market for medical exoskeletons in the country in the upcoming years.
The FDA clears exoskeleton products for marketing across the US only when the products are compatible with electromagnetics technology; have valid software, material composition, and geometry; suitable for several nonclinical performance testings, clinical testings, training programs; and are labeled with essential details. Thus, the market for medical exoskeletons is highly regulated in the country. The growth of the market is estimated to propel due to the rising number of spinal injuries, musculoskeletal disorders, and other related health conditions. According to the American Association of Neurological Surgeons, nearly 17,000 new spinal cord injuries (SCIs) occur in the US every year. Further, according to the National Multiple Sclerosis Society, about 1 million people in 2020 were affected by multiple sclerosis in the US. Thus, the demand for medical exoskeletons is likely to grow during the forecast period. Across the US, heart disease and stroke are the first and fifth leading causes of mortality, respectively. Although hypertension is a major factor that leads to heart disease and stroke, it is greatly treatable. According to the Centers for Disease Control and Prevention statistics, in 2021, ~119.9 million adults across the US suffered from high blood pressure. The prevalence is expected to rise in the coming future. The US is among the highly advanced countries that have various technologies available for medical devices, and the country is also involved in the research and development of medical technologies. The medical exoskeleton market growth in Canada is due to the increasing cases of stroke, traumatic brain injury (TBI), and disabilities caused by related conditions. According to the Brain Injury Association of Waterloo-Wellington, TBI occurs in 500 out of 100,000 people yearly in Canada; over 6,000 patients become permanently disabled each year due to a TBI. Acquired brain injury is the top cause of disability and death for Canadians under the age of 35.
Additionally, market players in the country are continuously researching, developing, and launching advanced medical exoskeletons. In October 2022, the Association for People with Cerebral Palsy in Mexico City introduced an innovative robotic exoskeleton—ATLAS 2030—a device to assist young patients (3–14 years of age) in walking for the first time. It is a motorized suit that adjusts to the motion of the wearer and helps strengthen muscles. Similarly, in January 2022, the University of Waterloo team launched a self-walking robot exoskeleton—ExoNet—for people with mobility impairment. ExoNet collects data from its surroundings using a wearable camera to sense when the user wants to move and execute that movement safely. In November 2022, XoMotion, the Canada-based wearable lower-limb exoskeleton developer, supplied two units for clinical testing at the Queen Elizabeth Hospital in Charlottetown, Prince Edward Island.
The medical exoskeleton market analysis has been carried out by considering the following segments: component, type, extremity, application, mobility, end user, and geography. Based on component, the medical exoskeleton market is bifurcated into hardware and software. The hardware subsegment is divided into sensors, actuators, power sources, control systems, and others. Actuators are further segmented into pneumatic actuators, hydraulic actuators, electric actuators, mechanical actuators, shape memory alloy actuators, and others. Based on type, the medical exoskeleton market is segmented into powered exoskeleton and passive exoskeleton. Based on extremity, the medical exoskeleton market is segmented into lower body exoskeleton, upper body exoskeleton, full body exoskeleton. In terms of application, the medical exoskeleton market is segmented into spinal cord injury, multiple sclerosis, stroke, cerebral palsy, Parkinson’s disease, and others. By mobility, the medical exoskeleton market is segmented into mobile exoskeleton and stationary exoskeleton. Based on end user, the medical exoskeleton market is categorized into rehabilitation centers, physiotherapy centers, long-term care centers, homecare settings, and others.
Medical Exoskeleton Market: Competitive Landscape and Key Developments
Ekso Bionics Holdings Inc, Lifeward Inc, ExoAtlet, Cyberdyne Inc, Bionik Laboratories Corp, B-Temia Inc, Hocoma AG, Wearable Robotics SRL, MYOMO Inc., and Rex Bionics Ltd. are among the prominent players profiled in the medical exoskeleton market report. In addition, several other players have been studied and analyzed during the study to get a holistic view of the market and its ecosystem. These companies focus on geographic expansions and new product launches to meet the increasing demand from consumers worldwide and increase their product range in specialty portfolios. Their global presence allows them to serve a large customer base, subsequently facilitating market expansion.