Medical Exoskeleton Market by Mobility Type and Geography - Forecast and Analysis 2020-2024
Global Medical Exoskeleton Market: About this market
Technavio’s medical exoskeleton market analysis considers sales from mobile exoskeleton and stationary exoskeleton. Our study also finds the sales of the medical exoskeleton in Asia, Europe, North America, and ROW. In 2019, the mobile exoskeleton segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as voice recognition control, complemented with artificial intelligence (AI) technology, to aid bodily movements in patients will play a significant role in the mobile exoskeleton segment to maintain its market position. Also, our global medical exoskeleton market report looks at factors such as increasing incidences of SCIs, advantages of medical exoskeletons in rehabilitation, and insurance coverage for the medical exoskeleton. However, the requirement of well-trained caregivers, high cost of medical exoskeletons, and stringent regulations may hamper the growth of the medical exoskeleton industry over the forecast period.
Global Medical Exoskeleton Market: Overview
Advantages of medical exoskeletons in rehabilitation
Medical exoskeletons are used as a rehabilitation therapy device by patients with paraplegia and paralysis, aiding them to stand and walk upright as they lack mobility due to lost brain functions and increased osteoporosis, pressure sores, and blood clots risks. Medical exoskeletons benefit patients by improving their endurance, bowel and bladder control, and bone density and reducing the chances of developing urinary tract infections. Additional benefits include improved cardiovascular and metabolic functions, better circulation, increased oxygen intake, decreased pain, a decrease in body fat percentage, and improved sitting posture. Such benefits will lead to the expansion of the global medical exoskeleton market at a CAGR of almost 29% during the forecast period.
Focus on development of 3D-printed medical exoskeletons
The use of 3D printing technology has allowed healthcare manufacturers to make changes in product designs without incurring additional costs and extra machinery or tools. Moreover, 3D printing technology aids in the development of complex medical devices based on customized or personalized preferences offering benefits such as improved outcomes, reduced complications, and shortened recovery time. Hence, manufacturers in the market are using 3D printing to develop various medical exoskeletons. Such growing use of 3D-printed medical exoskeletons will drive the growth of the global medical exoskeleton market.
For the detailed list of factors that will drive the global medical exoskeleton market during the forecast period 2020-2024, click here.
With the presence of several major players, the global medical exoskeleton market is fragmented. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading medical exoskeleton manufacturers, that include Bioness Inc., Bionik Laboratories Corp., CYBERDYNE Inc., DIH Group, Ekso Bionics Holdings Inc., GOGOA Mobility Robots, Parker-Hannifin Corp., ReWalk Robotics Ltd., Tyromotion GmbH, and Wearable Robotics.
Also, the medical exoskeleton market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook