Authored By: Sarah
09 Nov 2023

Medical Exoskeleton Market to witness steady growth of USD 974.84 Mn in revenue through 2023-2027  

Incidents of SCIs, increasing usage of medical exoskeletons in rehabilitation, and increasing insurance coverage for medical exoskeletons are propelling the market transformation of Medical Exoskeleton Market globally. It is estimated to exhibit growth at a CAGR of 36.43% between 2022 and 2027 followed by revenue growth of USD 974.84 million.

Navigating through the growth drivers of the Medical Exoskeleton Market: It is observed the primary growth factor that has been instrumental in market growth increasing incidences of SCIs, which are employed for a person having vertebrae, ligaments, spinal discs, or nerves at the end of the spinal canal (cauda equina) that are damaged, from incidents of accidental falls, motor vehicle accidents, trauma, sports, and recreational injuries, and diseases such as cancer, arthritis, osteoporosis, and ankylosing spondylitis, therefore, increasing incidence of SCI is increasing the demand for medical exoskeletons worldwide.

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Snapshot of Medical Exoskeleton Market Analysis

Emerging Market Trends Analysis: The incorporation of advanced technology into exoskeleton products is the major trend in the market to enable adjustability, improve durability, add one-handed controls, and make these devices more user-friendly. An increasing number of technologically advanced product launches are fueling the growth of the global medical exoskeleton market.

"The next-generation Indego Therapy devices were introduced by Parker-Hannifin in September 2011 for usage in rehabilitation facilities. Similarly, Ekso Bionics Holdings introduced the EksoNR, the next-generation EksoGT for use in neurorehabilitation, in August 2019. "

Market Players of the Medical Exoskeleton Market: The leading companies are developing and launching advanced products with improved designs to reduce the weight and bulk of these devices in this market, in order to enable more adjustability, improve durability, and add one-handed controls exoskeleton devices. 

Bionik Laboratories Corp., B-Temia, Cyberdyne Inc., DIH Group, Ekso Bionics Holdings Inc., Exoatlet Global SA, Focal Meditech, GOGOA Mobility Robots SL, Honda Motor Co. Ltd, Marsi Bionics SL, Myomo Inc., Ottobock SE and Co. KGaA, P and S Mechanics Co. Ltd., Parker Hannifin Corp., Rehab-Robotics Co. Ltd., ReWalk Robotics Ltd., Rex Bionics Ltd., Sarcos Corp., Wandercraft, and Wearable Robotics Srl, etc are some of the names worth mention in the Medical Exoskeleton Market Landscape. Our report includes qualitative and quantitative analyses of companies with a wider understanding of the business ecosystem. 

Technavio has been tracking the growth trajectory of the global medical exoskeleton market by conducting competitive benchmarking and a thorough analysis of the dominant market factors, trends, and drivers. For in-depth analysis, get our best-selling Sample Report on the Medical Exoskeleton Market.

The report provides insights into the following FAQs:

  1. What is the market CAGR?
    The market is accelerating at a CAGR of almost 36.43%.

  2. What is the incremental growth of the market?
    The market is expected to grow by USD 974.84 mn through 2023-2027.

  3. What is a key factor driving this market?
    Increasing incidences of SCIs will drive market growth over the forecast period.

  4. What are the key regions covered in this market research report?
    North America, Europe, Asia, and the Rest of the World (ROW) are the key regions featured in this research report.

  5. Which is the leading geographic region for this market:
    41% growth will originate from North America.
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