Lower Body Exoskeleton Segment to Lead Exoskeleton Robotic System Market Growth
According to our latest study on "Exoskeleton Robotic System Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type, Application, and Geography," the market was valued at US$ 1,001.14 million in 2021 and is likely to reach US$ 4,224.63 million by 2028; it is estimated to grow at a CAGR of 23.0% from 2022 to 2028. The rising incidence of stroke and musculoskeletal disorders and increasing strategic initiatives are expected to drive the growth of exoskeleton robotic systems. However, the exoskeleton robotic system's high cost and unfavorable reimbursement scenarios restrict the market growth.
Rising Incidence of Stroke and Musculoskeletal Disorders:
Stroke continues to be a disease of major concern for public health, despite advancements in the medical industry. According to the Indian Stroke Association, the incidence of stroke in India has increased by ~100% over the past few decades. Furthermore, ~1.8 million people in India suffer a stroke yearly, and only early treatment can reduce morbidity and mortality. Even though the growing incidence of this noncommunicable disease threatens the larger population, stroke treatment and rehabilitation remain underdeveloped in the country. As per the Centers for Disease Control and Prevention, every year, more than 795,000 people in the US have a stroke, of which ~610,000 are first or new strokes. Further, stroke is the fifth-highest cause of death in the US, causing 147,810 deaths in 2018. Overall, there were an estimated 460,000 strokes in the US in 2019 (two-thirds were ischemic), 190,000 were stroke-related deaths and 3.83 million stroke-disability-adjusted life years. Therefore, the rising incidences of stroke have increased the demand for exoskeleton robotic systems to rehabilitate stroke patients, which helps improve the quality of life.
Furthermore, musculoskeletal disorders affect the mobility of an individual. The rising prevalence of musculoskeletal disorders, such as tendinitis, sarcopenia, osteopenia, and low back injuries, is expected to fuel the need for exoskeletal robotic systems. According to the World Health Organization (WHO), musculoskeletal diseases affect ~1.71 billion people globally, and low back pain is the leading cause of disability in 160 countries. These exoskeletons robotic system assists the patients in managing their condition and regaining their mobility, thereby improving their overall quality of life. Thus, the rising prevalence of stroke and musculoskeletal disorders has fueled the use of exoskeletal robotic systems for rehabilitation.
Lockheed Martin Corp, Cyberdyne Inc, Panasonic Holdings Corp, Hocoma AG, Rewalk Robotics Inc, Ekso Bionics Holdings Inc, Parker Hannifin Corp, Myomo Inc, B-Temia In, AlterG Inc, and INNOPHYS Co LTD are among the leading companies operating in the exoskeleton robotic system market.
The report segments the exoskeleton robotic system market as follows:
The exoskeleton robotic system market is segmented on the basis of type, application, and geography. Based on type, the exoskeleton robotic system market is segmented into upper body exoskeleton, lower body exoskeleton, and full body exoskeleton. Based on application, the exoskeleton robotic system market is segmented into healthcare, defense, and industrial. Based on geography, the exoskeleton robotic system market is segmented into North America (the US, Canada, and Mexico), Europe (the UK, Germany, France, Italy, the Netherlands, and the Rest of Europe), Asia Pacific (China, Japan, India, Australia, Thailand, and the Rest of Asia Pacific), the Middle East & Africa (the UAE, Saudi Arabia, South Africa, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).
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