The global medical exoskeleton market is predicted to reach $571.5m in value by 2023, up from almost $117m in 2018, rising at a CAGR of more than 37% during the forecast period, Research and Markets has found.
A Research and Markets report links the escalated growth in the exoskeleton market to the increasing number of people with physical disabilities, propelling subsequent growth in the demand for effective rehabilitation methods. Additionally, the increasing insurance coverage for medical exoskeletons in several countries is also expected to drive demand.
However, Research and Markets also noted the high cost of medical exoskeletons would be expected to restrain the growth of the market. Ekso Bionic co-founder and VP of engineering, Wayne Tung, stated that the average market price for an exoskeleton was currently around $100,000.
Visit Innovation Enterprise's Big Data & Machine Learning for Pharma in Madrid on October 10, 2018
"The medical exoskeleton market is segmented on the basis of component, into hardware and software," explained Research and Markets. "The hardware segment is estimated to account for the largest market share in 2018.
"The large share of this segment can be attributed to the fact that a large number of parts such as sensors, actuators, power sources and control systems are required to manufacture exoskeletons," Research and Markets added. "Manufacturers are also adding upgraded and advanced hardware into the overall design to enhance the capability of medical exoskeletons, making them smarter and more interactive."
The report segmented the medical exoskeleton market into powered and passive exoskeletons. In 2018, the powered exoskeleton segment is anticipated to hold the highest share of the market, as well as being expected to grow at the highest CAGR during the forecast period. The report found that that the presence of sensors and various controlling functions in powered exoskeletons to sense motion, tilt and speed was the major factor driving the growth of powered medical exoskeletons.
Regionally, the market will be expected to be dominated by North America, followed by Europe, due to factors such the continent's aging population, increasing demand for self-assist exoskeletons, the high prevalence of strokes and the growing number of spinal cord injuries, Research and Markets found in its report.