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Rising Incidence Of Spinal Cord And Brain Injuries Drives Growth In Medical Exoskeleton Market: Strengthening the Growth Trajectory of the Medical Exoskeleton Market
Medical Exoskeleton Market
What Is the Expected CAGR for the Medical Exoskeleton Market Through 2025?
In recent years, the market size for medical exoskeletons has experienced significant growth. It's predicted to expand from $0.42 billion in 2024 to $0.53 billion in 2025, marking a compound annual growth rate (CAGR) of 25.3%. The surge witnessed during the historic period can be linked to several factors. These include an increasing senior citizen demographic, a growing number of neurological disorders, enhanced healthcare facilities, greater investments in rehabilitation technologies, and a rise in mobility impairments.
What's the Projected Size of the Global Medical Exoskeleton Market by 2029?
The size of the medical exoskeleton market is anticipated to experience substantial expansion in the coming years. It is predicted to reach $1.29 billion by 2029, growing at a compound annual growth rate (CAGR) of 25.0%. The surge during the forecast period is linked to its widening acceptance and awareness in rehabilitation centers, growing collaborations and investments, the increasing incidence of chronic illnesses, enhancements in energy efficiency and battery life. Notable trends during this forecast period involve home-based rehabilitation, the creation of portable and lightweight designs, integration with telemedicine platforms, and progress in sensor technologies.
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Top Growth Drivers in the Medical Exoskeleton Industry: What's Accelerating the Market?
The expansion of the medical exoskeleton market is anticipated to be fueled by a rising number of spinal cord and brain injuries. These injuries present severe damage to the central nervous system, potentially causing significant motor, sensory, and cognitive disabilities. The swelling number of such injuries can be mainly attributed to mounting vehicular accidents, falls, sports mishaps, and acts of violence. Medical exoskeletons serve as a tool for individuals with spinal cord and brain injuries, aiding mobility and rehabilitation by supporting and augmenting physical capacities. A report published in November 2023 by the New Zealand Spinal Trust, a non-profit organization in New Zealand aiding people with spinal cord injuries, stated a surge in spinal cord injuries (SCI), escalating from 41 per million people in 2021 to 45 per million in 2022. As such, the augmenting cases of spinal cord and brain injuries are expected to stimulate the growth of the medical exoskeleton market.
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What Trends Will Shape the Medical Exoskeleton Market Through 2029 and Beyond?
Leading organizations in the medical exoskeleton market are prioritizing the incorporation of smart power mechanism technology to boost workforce productivity and provide support to the nursing field in the face of labor scarcity. A smart robotic exoskeleton is a wearable robotic tool that is engineered to amplify the physical abilities of a person. For instance, German Bionic, an automation machinery manufacturing company based in Germany, unveiled the new Apogee+ e-exoskeleton in December 2023. This is specially crafted to assist healthcare workers by offering dynamic lifting aid and improving patient mobility. This exoskeleton can ease up to 66 pounds (30 kg) of back stress, assisting in actions like transferring patients, medical check-ups, and repositioning. The device's safety is ensured by the Apogee+ with its safety-centric design. It features a sealed structure and special grips for protection against physical hazards, making it the most secure device for both caregivers and patients. Besides, its ergonomic support blends robotic power with a human-centric design, ensuring optimal interactions between nurses and patients.
What Are the Main Segments in the Medical Exoskeleton Market?
The medical exoskeletonmarket covered in this report is segmented -
1) By Type: Powered Exoskeletons, Passive Exoskeletons
2) By Component: Hardware, Software
3) By Mobility: Stationary, Mobile
4) By Extremities: Lower, Upper, Full Body
5) By Application: Spinal Cord Injury, Stroke, Other Applications
Subsegments:
1) By Powered Exoskeletons: Lower Limb Exoskeletons, Upper Limb Exoskeletons, Full-Body Exoskeletons, Rehabilitation Exoskeletons, Industrial Exoskeletons
2) By Passive Exoskeletons: Lower Limb Passive Exoskeletons, Upper Limb Passive Exoskeletons, Posture-Support Exoskeletons, Assistive Devices for Daily Living
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Which Top Companies are Driving Growth in the Medical Exoskeleton Market?
Major companies operating in the medical exoskeleton market are 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
Which Regions Will Dominate the Medical Exoskeleton Market Through 2029?
North America was the largest region in the medical exoskeleton market in 2024. The regions covered in the medical exoskeleton market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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