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Medical Exoskeleton Global Market Growth Opportunities, Emerging Trends, Industry Analysis And Global Forecast 2024 To 2033
Medical Exoskeleton Global Market
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According to The Business Research Company's, The medical exoskeleton market size has grown exponentially in recent years. It will grow from $0.34 billion in 2023 to $0.42 billion in 2024 at a compound annual growth rate (CAGR) of 25%. The growth in the historic period can be attributed to an increasing aging population, a rising prevalence of neurological disorders, improved healthcare infrastructure, increased investment in rehabilitation technologies, and a and a growing prevalence of mobility impairments.
The medical exoskeleton market size is expected to see exponential growth in the next few years. It will grow to $1.04 billion in 2028 at a compound annual growth rate (CAGR) of 25.1%. The growth in the forecast period can be attributed to increased adoption in rehabilitation centers, growing awareness and acceptance, rising investments and collaborations, the rising prevalence of chronic diseases, improvements in battery life, and energy efficiency. Major trends in the forecast period include home-based rehabilitation, the development of lightweight and portable designs, integration with telemedicine platforms, and advancements in sensor technologies.
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Market Drivers and Trends:
The increase in spinal cord and brain injuries is expected to propel the growth of the medical exoskeleton market going forward. Spinal cord and brain injuries are traumatic damages to the central nervous system that can result in significant impairment of motor, sensory, and cognitive functions. The increase in spinal cord and brain injuries is largely due to a rise in vehicular accidents, falls, sports injuries, and violence. Medical exoskeletons are used for spinal cord and brain injuries to assist with mobility and rehabilitation by providing support and enhancing the user's physical capabilities. For instance, in November 2023, according to a report published by the New Zealand Spinal Trust, a New Zealand-based non-profit organization dedicated to assisting individuals with spinal cord injuries, the incidence of spinal cord injuries (SCI) experienced a rise, increasing from 41 per million in 2021 to 45 per million in 2022. Therefore, the increase in spinal cord and brain injuries will drive the growth of the medical exoskeleton market.
Major companies operating in the medical exoskeleton market are focusing on the integration of smart powering mechanism technologies to enhance workforce efficiency and support the nursing profession amid a labor shortage. A smart robotic exoskeleton is a wearable robotic device designed to improve the physical capabilities of the human body. For instance, in December 2023, German Bionic, a Germany-based automation machinery manufacturing company, launched the new Apogee+ e-exoskeleton, designed to support healthcare professionals by providing dynamic lifting assistance and enhancing patient mobilization. It alleviates up to 66 pounds (30 kg) of back strain, helping with tasks like patient transfers, medical exams, and repositioning. The Apogee+ features a safety-first design with a closed structure and special grips to protect against physical risks, making it the safest device for caregivers and patients. Its ergonomic support also helps maintain optimal nurse-patient interactions by blending robotic power with human-centered design.
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Major Key Players of the Market:
Honda, Panasonic Holdings Corporation, Parker Hannifin Corporation, Ottobock SE & Co KGaA, DIH International Limited, Fourier Intelligence, Cyberdyne Inc., GBS German Bionic Systems GmbH, Hocoma AG, Neofect, Bionic Yantra, Ekso Bionics Holdings Inc., Hexar Humancare, MediTouch, Suit X, ReWalk Robotics, Rex Bionics Ltd., Human Motion Technologies LLC, Guangzhou Yikang Medical Equipment, NextStep Robotics, Marsi Bionics, Focal Meditech, Gogoa Mobility Robots, B-Temia, Rehab-Robotics Company Limited, Roam Robotics, Bionik Laboratories Inc
Medical Exoskeleton Market 2024 Key Insights:
• The medical exoskeleton market size is expected to see exponential growth in the next few years. It will grow to $1.04 billion in 2028 at a compound annual growth rate (CAGR) of 25.1%.
• Rising Incidence Of Spinal Cord And Brain Injuries Drives Growth In Medical Exoskeleton Market
• Advancements In Medical Exoskeletons With Smart Powering For Enhanced Healthcare Support
• North America was the largest region in the medical exoskeleton market in 2023
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