Medical Exoskeleton Market to Witness Massive Growth by 2027 - ReWalk Robotics, Bionik Laboratories, Hocoma, Tyromotion, B-Temia, US Bionics and Gogoa Mobility Robots
The market for medical exoskeleton is expected to grow significantly due to factors such as increase in the number of orthopaedic surgeries, rise in the geriatric population and growing incidences of road accidents. However, the factor such as high cost of the product and regulatory concerns are likely to act as challenges for the growth of the market during the forecast period.
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The major players operating in the medical exoskeleton market include, ReWalk Robotics, Ekso Bionics Holdings, Inc., Parker Hannifin Corporation (Indego), CYBERDYNE, INC., Bionik Laboratories Corp., Hocoma AG, Tyromotion GmbH, B-Temia Inc., US Bionics Inc. and Gogoa Mobility Robots. The market has carried out various organic and inorganic growth strategies in the market which has assisted in strengthening their product offering in the market.
Electric actuator segment is expected to grow the market for medical exoskeleton over the forecast period by drive type segment.
Global medical exoskeleton market was segmented by drive type, type, extremity, application and end user. On the basis of the drive type the market is segmented as pneumatic actuator, hydraulic actuator, electric actuator, mechanical, shape memory alloy actuator, other actuator. Based on the type the medical exoskeleton market is segmented into powered exoskeleton, passive exoskeleton); extremity (lower body exoskeleton, upper body exoskeleton. Based on the application the market was segmented into spinal cord injury, multiple sclerosis, cerebral palsy, stroke and others. On the basis of the end user the market was segmented as rehabilitation centers, physiotherapy centers, physiotherapy centers, mining, others.
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Organic and inorganic growth strategies were observed in global medical exoskeleton industry. The organic strategies which were conducted more compared to the inorganic strategies for the Medical Exoskeleton. For instance, in June, 2019, ReWalk Robotics announced that it has received U.S. Food and Drug Administration approval for its ReStore soft exo-suit system. The approval has helped in the sales of the product to the rehabilitation centers across the United States. Thus, the organic strategy has enabled the company to grow its business in the market.
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