The Global Medical Exoskeleton Market Is Estimated To Witness High...

The Global Medical Exoskeleton Market Is Estimated To Witness High Growth Owing To Rising Cases Of Accidents And Challenging Mobility Conditions

Posted 2024-01-15 10:15:39

Medical exoskeletons are electromechanical orthoses used for rehabilitation or to assist mobilities in patients. It is used for medical conditions such as stroke, paralysis that restrict body movements. Exoskeletons allow doctors and therapists to facilitate diverse patient rehabilitation activities by improving mobility and minimizing fatigue. They are also used to assist people with disabilities and support strenuous tasks in the healthcare industry. The global medical exoskeleton market is estimated to be valued at US$ 357.4 Mn in 2023 and is expected to exhibit a CAGR of 8.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
Rising cases of accidents and challenging mobility conditions are major drivers of growth for the medical exoskeleton market. According to the CDC, approximately 130 Americans die each day in motor vehicle crashes alone. Such accidents often result in paralysis or other mobility impairments requiring exoskeleton support. Furthermore, an aging global population exacerbates the incidence of neurological disorders such as Parkinson's and strokes. Exoskeletons help enhance independence and quality of life for people suffering from limited mobility due to medical conditions. Manufacturers are increasingly investing in innovative exoskeleton technologies tailored for diverse mobility assistance needs.

SWOT Analysis
Strength: The global medical exoskeleton market offers significant treatment options to impaired and disabled patients. Medical exoskeletons help enhance mobility and independence for those suffering from various physical disabilities. They reduce the burden on care givers and help improve quality of life. The growing geriatric population with age-related mobility issues also presents an opportunity.

Weakness: Medical exoskeletons can be quite expensive for individuals and healthcare systems to adopt and deploy. The high costs limit their accessibility especially in developing regions. Technical challenges regarding efficiency, safety and reliability also need further research and development. Battery life remains a constraint in some mobile exoskeleton models.

Opportunity: Advancements in robotics, sensors and battery technology are improving the functionality of medical exoskeletons. Miniaturization is making them lighter and more user-friendly. Growing insurance coverage and reimbursement programs in developed countries enhance the affordability aspect. The rising incidence of paralysis, strokes and other mobility impairments boost the demand for assistive devices.

Threats: Slow regulatory approvals and certification procedures can delay market entry for new players. Public resistance and perception issues regarding over-reliance on robotic technology is another potential challenge. Competition from alternative assistive devices poses pricing and substitutability threats. Economic slowdowns impact the healthcare budgets andpriority of exoskeleton adoption.

Key Takeaways

The global Medical Exoskeleton market growth is expected to witness high growth on account of rising geriatric population worldwide and the increasing incidence of disabilities, paralysis and mobility limitations. The market size is projected to reach worth US$ 357.4 million by 2024.

Regional analysis: North America currently dominates the global medical exoskeletons market owing to advanced healthcare infrastructure and greater acceptance of robotic technologies. Europe and Asia Pacific are rapidly emerging markets forecast to exhibit substantially high CAGRs during the forecast period. Key players are focusing their strategic initiatives and expanding regional presence in these fast growing regions.

Key players: Key players operating in the global Medical Exoskeleton market are Energizer Holding, Inc., PowerbyProxi, Pathronic AG, Qualcomm Technologies, Inc., ConvenientPower HK Limited, Powermat Technologies, WiTricity Corporation, Xiaomi Inc., Integrated Device Technology Inc., Leggett and Platt Inc., and Texas Instruments Inc. The market demonstrates a moderate level of consolidation with major players focused on innovation and strategic collaborations to strengthen product portfolios.