Spinal Cord Injury Segment, by Application to Account the Largest Share in Medical Exoskeleton Market during 2023-2031

According to our new research study on "Medical Exoskeleton Market Forecast to 2031 - Global Analysis - by Component, Type, Extremity, Application, Mobility, and End User," the market is expected to grow from US$ 374.91 million in 2023 to US$ 3,206.74 million by 2031; it is anticipated to record a CAGR of 30.8% from 2023 to 2031. The medical exoskeleton market report emphasizes the trends prevalent in the global market, along with drivers and deterrents affecting its growth.

Increasing Technological Advancements and Rising Investments Acts as a trend of Medical Exoskeleton Market Growth

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, Exoskeleton maker RoboCT Technology Development Co. 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 wide customer base. The increased adoption of artificial intelligence (AI) and 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.

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 categorized into pneumatic actuators, hydraulic actuators, electric actuators, mechanical actuators, shape memory alloy actuators, and others. The hardware segment held the largest market share in 2023.

By type, the market is segmented into powered exoskeleton and passive exoskeleton. The powered exoskeleton segment held a larger medical exoskeleton market share in 2023.

In terms of extremity, the market is segmented into lower body exoskeleton, upper body exoskeleton, and full body exoskeleton. The lower body exoskeleton segment held the largest market share in 2023.

Based on application, the medical exoskeleton market is segmented into spinal cord injury, multiple sclerosis, stroke, cerebral palsy, Parkinson's disease, and others. The spinal cord injury segment held the largest share of the market in 2023. A spinal cord injury or damage of any part of the spinal cord leads to severe issues such as permanent changes in strength, sensation, and other body functions below the site of the injury. Spinal cord injuries include symptoms such as extreme back pain or pressure in the neck, head or back, difficulty with balance & walking, twisted neck or back, numbness or loss of sensation in hands or feet. There are four types of spinal cord injury-cervical spinal cord injuries, lumbar spinal cord injuries, thoracic spinal cord injuries, and sacral spinal cord injuries.

The medical exoskeleton market size for the spinal cord injury segment is majorly driven by the geriatric population and accident victims with back injuries.

Based on mobility, the market is segmented into mobile exoskeleton and stationary exoskeleton. The mobile exoskeleton segment held a larger market share in 2023.

By end user, the market is segmented into rehabilitation centers, physiotherapy centers, long-term care centers, homecare settings, and others. The rehabilitation centers segment held the largest share of the market in 2023.

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 leading companies operating in the global medical exoskeleton market.

Companies operating in the medical exoskeleton market adopt various organic and inorganic strategies. Organic strategies mainly include product launches and product approvals. Acquisitions, collaborations, and partnerships are among the inorganic growth strategies witnessed in the medical exoskeleton market. These growth strategies allow the market players to expand their businesses and enhance their geographic presence, thereby contributing to the overall medical exoskeleton market growth. Further, acquisition and partnership strategies help them strengthen their customer base and expand their product portfolios.






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