Global Medical Exoskeleton Market Is Driven By Growing Healthcare Expenditure
A medical exoskeleton refers to a wearable robotic system that is externally powered and works in tandem with the user’s own muscular-skeletal system to provide support or mobility assistance in patients with disabilities or injuries. Medical exoskeletons are valuable rehabilitation devices used to help physically challenged and elderly population regain mobility by supporting body weight and assisting limb movements either during physical therapy of at home. Key featured devices include powered leg exoskeletons that help those with spinal cord injuries to walk or climb stairs, upper limb exoskeletons that assist with daily activities like feeding or dressing for people with limited hand and arm functionality due to conditions like stroke.
The Global Medical Exoskeleton Market Size is estimated to be valued at US$ 411.73 Bn in 2024 and is expected to exhibit a CAGR of 8.4% over the forecast period 2024 to 2031.
Key Takeaways
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 growing demand for medical exoskeletons globally is due to the rising prevalence of physical disabilities and chronic conditions like spinal cord injuries, cerebral palsy, multiple sclerosis that impair mobility. Medical exoskeletons help improve quality of life and independence of such patients. Additionally, growing geriatric population worldwide who are prone to age-related mobility issues is another key factor driving the demand for medical exoskeletons.
The global medical exoskeleton market is expected to witness significant expansion over the forecast period aided by increasing investments by players for R&D and manufacturing of innovative exoskeleton systems. Growing access and adoption in emerging markets of Asia Pacific and Latin America will further provide high growth opportunities to market players.
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