Global Medical Exoskeleton Market Size to Reach USD 6.25 Billion 2030 | Emergen Research

Increasing number of individuals with physical disabilities and subsequent rise in demand for effective rehabilitation approaches is a significant factor driving the global medical exoskeleton market revenue growth

Vancouver, Aug. 21, 2023 (GLOBE NEWSWIRE) — The global market for medical exoskeletons is projected to achieve a noteworthy growth trajectory, with an anticipated market value of approximately USD 6.25 Billion by the year 2030. This growth will be underpinned by a consistent revenue Compound Annual Growth Rate (CAGR) of around 45.0%, as analyzed by Emergen Research. This positive outlook is primarily attributed to substantial investments directed towards advancing exoskeleton technology. Illustrating this trend is the case of Wandercraft, a developer of exoskeletons located in Paris, which secured a substantial sum of USD 45 million in Series C funding. This financial injection is earmarked for the advancement and commercialization of a personalized exoskeleton designed for both outdoor and domestic use.

The inception of the Atalante exoskeleton dates back to 2017, when its clinical trials commenced. Subsequently, in 2019, multiple products received the Conformité Européene (CE) marking, indicative of their compliance with European regulations. Notably, the exoskeleton integrates a hands-free functionality, affording wearers the freedom to maneuver their upper body and torso without encumbrance. This innovation holds particular significance in aiding individuals undergoing physical therapy by facilitating more fluid and comfortable movement patterns.

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A notable factor that could potentially impede the market’s revenue growth is the challenges associated with regulatory processes for obtaining approvals for medical exoskeletons. Successfully navigating these regulatory landscapes necessitates the manufacturer’s technical acumen and design expertise, which play a pivotal role during the product testing phase. Given the critical nature of medical exoskeletons, careful scrutiny is imperative due to the potentially severe ramifications of equipment malfunction.

Presently, the exoskeleton industry operates under a limited set of standards. The U.S. Food and Drug Administration (FDA) recognizes the relevance of the International Organization for Standardization (ISO) standards applicable to related sectors. Consequently, only products that have received regulatory clearances are eligible for market introduction. This stringent approach underscores the significance of adhering to established standards in ensuring the safety and efficacy of medical exoskeletons.

Despite substantial advancements in this field, challenges remain for users of powered lower-limb exoskeletons, particularly when encountering uneven or slippery surfaces. Moreover, individuals utilizing these devices while carrying objects face the risk of fatigue, as current prototypes are not yet equipped to adequately manage such dynamic scenarios. This underscores the ongoing need for innovation and refinement in exoskeleton technology to address these real-world usage challenges.

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Scope of Research

Major Companies and Competitive Landscape

The global medical exoskeleton market is consolidated, with few large and medium-sized players accounting for the majority of market revenue. Major companies are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective medical exoskeleton products. Some major players included in the global medical exoskeleton market report are:

• Cyberdyne Inc.
• Ekso Bionics
• ReWalk Robotics
• Bionik
• Rex Bionics Ltd.
• Parker Hannifin Corp.
• B-Temia
• Bioventus
• Hocoma
• Wearable Robotics srl

Strategic Development

• On 25 February 2020, Kindred Healthcare, LLC announced a partnership with Ekso Bionics Holdings, Inc., which is a leading creator of exoskeletons for medical and industrial usage, to test EksoNR, the most clinically used robotic exoskeleton, in their long-term acute care hospitals. Patients recuperating from stroke or other diseases can utilize the user-friendly exoskeleton device EksoNR, the most clinically used robotic exoskeleton, to retrain their gaits and learn to walk more naturally. With the use of EksoNR, patients can mobilize sooner and regain independence by assisting the relearning of proper step patterns, weight shifting, and possibly moderating compensatory behaviors.

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Some Key Highlights From the Report

• On 5 December 2022, the Indego exoskeleton line and the remainder of Parker Hannifin’s Human Motion and Control (HMC) business unit were acquired by Ekso Bionics Holdings. The companies stated in a press statement that the USD 10 million transaction includes the anticipated development of robotically assisted orthotic and prosthetic devices. For the rehabilitation of patients with spinal cord injuries or hemiplegia (one-sided paralysis) following strokes, Indego Therapy has been approved. Patients with spinal cord injuries can use Indego Personal to get around their homes and neighborhoods.
• The passive segment is expected to account for largest revenue share in the global market over the forecast period. Passive, or non-motorized, exoskeletons are widely used to hold tools or equipment, provide ergonomic support, and guard against repetitive stress injuries. Passive exoskeletons function mechanically only by shifting body weight from one region to another. They are not powered and they frequently work by transferring weight from the arms and shoulders to the muscles in the core or the legs. As the weight is distributed more uniformly and the arms feel less fatigued, the danger of strain and injury is reduced in this way.
• The lower extremity segment is expected to account for largest revenue share in the global market over the forecast period. A condition known as spinal cord damage results in severe impairment. Lower limb rehabilitation is essential as it can make patients’ reintegration into society easier and less expensive by improving their ability to walk, take care of oneself, and increase their self-esteem. In addition, these advantages can speed up a patient’s recovery from spinal cord damage. A bionic device called the lower limb exoskeleton robot can be worn on a human lower limb and is designed to carry out specific tasks at the user’s command. Robotics, mechanisms, bionics, control theory, communication technology, and information processing technology were all used in its development.
• The rigid exoskeletons segment accounted for largest revenue share in 2021. Exoskeletons can be made from stiff materials, such as metal or carbon fiber. Stationary exoskeletons are frequently fastened to a wall or connected to the ground by a stiff frame. Sensors such as encoders or potentiometers are frequently employed in robotic joints of rigid exoskeletons to precisely detect joint angles, however these technologies are incompatible with soft structures.

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For the purpose of this report, Emergen Research has segmented the global medical exoskeleton market on the basis of component, type, extremity, structure, and region:

• Component Outlook (Revenue, USD Million; 2019–2030)

• • Hardware
    1. Sensors
       • Gyroscopes
       • Microphones
       • Accelerometers
       • Tilt Sensors
       • Force/Torque Sensors
       • Position Sensors
       • Others
    2. Actuators
       • Electrical
       • Pneumatic
       • Hydraulic
       • Piezoelectric
    3. Power Sources
    4. Control Systems/Controllers
    5. Others
  • Software

• Type Outlook (Revenue, USD Million; 2019–2030)

• • Powered
  • Passive

• Extremity Outlook (Revenue, USD Million; 2019–2030)

• • Lower Extremity
  • Upper Extremity
  • Full Body

• Structure Outlook (Revenue, USD Million; 2019–2030)

• • Rigid Exoskeletons

• • Soft Exoskeletons
• Regional Outlook (Revenue, USD Million, 2019–2030)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. U.K.
    3. France
    4. Spain
    5. BENELUX
    6. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. U.A.E.
    3. Israel
    4. Rest of MEA

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