The global medical exoskeleton market is expected to reach US$ 3,206.74 million in 2031 from US$ 374.91 million in 2023. The market is estimated to grow with a CAGR of 30.8% from 2023 to 2031.

Key factors driving the market such as rising number of strategic initiatives and growing incidences of strokes and musculoskeletal disorder are expected to propel the growth of the market. However, high cost of the products and regulatory concern is the major factor hindering the market growth. Reduced physical activity and the predominance of seated activities can lead to severe physical and psychological deterioration in people suffering from SCI. Secondary complications related to SCI can also reduce life expectancies. According to the National Library of Medicine, nearly 250,000-500,000 patients suffer from SCIs every year worldwide. Thus, the increase in the prevalence of SCI and ongoing research for the use of exoskeletons for SCI patients can be expected to fuel the market growth during the forecast period.

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Reduced physical activity and the predominance of seated activities can lead to severe physical and psychological deterioration in people suffering from SCI. Secondary complications related to SCI can also reduce life expectancies. According to the National Library of Medicine, nearly 250,000-500,000 patients suffer from SCIs every year worldwide. According to a report published by the Association for Spinal Injury Research, Rehabilitation and Reintegration (Aspire, UK), ~2,500 people are diagnosed with SCIs annually in the UK. Currently, ~50,000 people are living with these injuries in the UK. The National Spinal Cord Injury Statistical Center estimates that ~320,000 people are living with traumatic SCIs in the US. An elevated number of cases is attributed to motocross and motorcycling competitions emerging as the most popular sporting activities worldwide, as per the National Institute of Health report. According to the WHO, globally, ~1.19 million people die every year in road crashes, and 20-50 million people suffer non-fatal injuries, with many incurring disabilities. Similarly, according to the Mayo Clinic estimates, sports and athletic activities such as diving in shallow water, basketball, and football cause ~10% of spinal cord injuries. Companies such as Lifeward are focusing on developing exoskeletons that help patients with SCI perform physical activities without pain. For instance, about 20% of the SCI population can be considered candidates for clinical trials of the current ReWalk Personal Exoskeleton or ReWalk Rehabilitation Exoskeleton. Moreover, soft exo-suit devices in medical exoskeletons can be used for patients suffering from SCI. Thus, the increase in the prevalence of SCI and ongoing research for the use of exoskeletons for SCI patients can be expected to fuel the market growth during the forecast period.

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Exoskeleton systems are accepted in the medical industry as wearable robots that support patients who receive rehabilitation and therapeutic services. Manufacturers of exoskeletons focus on improving products to offer more purpose and reliability. However, the market faces several challenges, such as the high cost of the product and fewer approvals from the regulatory bodies. For instance, the powered lower exoskeleton is available between US$ 70,000 and US$ 120,000, excluding the services and maintenance. Therefore, the high price of the exoskeleton is hampering the market growth.

Further, the regulatory gap between industry and regulation is vast. ReWalk Robotics, Ekso Bionics Holding, Parker Hannifin Corporation, Cyberdyne Inc., and Hocomo AG are among a few companies to have received approval from the FDA. As exoskeletons are used as therapeutic devices and have various important applications in rehabilitation and other clinical applications, it has stringent regulations. Additionally, the risk management and laws for exoskeletons have not been addressed adequately. Thus, owing to the factors mentioned above, the high cost of the product and regulatory concerns are impeding the market growth

Based on component, the medical exoskeleton market is bifurcated inti 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. The powered exoskeleton segment held the largest share in the medical exoskeleton market in 2023.

Based on extremity, the medical exoskeleton market is segmented into lower body exoskeleton, upper body exoskeleton, full body exoskeleton. The lower body exoskeleton segment held the largest share in the medical exoskeleton market.

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 in the medical exoskeleton market.

Based on mobility, the medical exoskeleton market is bifurcated into mobile exoskeleton and stationary exoskeleton. The mobile exoskeleton segment held the largest share in the medical exoskeleton market.

Based on end user, the medical exoskeleton market is segmented into rehabilitation centers, physiotherapy centers, long term care centers, homecare settings, and others. The rehabilitation centers segment held the largest share in the medical exoskeleton market.

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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 the 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