Healthcare Exoskeleton Market - Forecasts from 2024 to 2029

The global healthcare exoskeleton market is projected to grow at a CAGR of 26.23% during the forecast period to reach US$1,695.912 million in 2029 from US$332.149 million in 2022.

An electrochemical wearable device is commonly known as a medical exoskeleton which was created as a support system for patients in helping them with mobility difficulties to recover from their injuries and their motor functions in their party or even fully paralyzed lower extremities. The healthcare exoskeleton is efficient in improving biological abilities such as helping people to walk again or gain their motor function. There are various gadgets such as orthotic devices which are also beneficial. These wearable gadgets allow the patient to gain mobility strength and even insurance. Those individuals living with physical disabilities such as neurological disorders, spinal cord injuries, and even paralysis including elderly individuals live better due to the presence of medical exoskeletons.

The rising adoption of exoskeletons in developing countries will result in adding to their demand over the projected period. Furthermore, the increase in the market of exoskeletons including advancements and their adoption of such devices is regarded to be a few major driving forces for this market. For instance, in 2020, GenElex Technologies, which is regarded to be a healthcare firm efficiently worked on the external wearing of this device which can support people with stroke, spinal cord injury, and even paralysis. Similarly, ReWalk has entered into a few agreements with insurers TK and DAK-Gesundheit in Germany to provide effective coverage of robotic exoskeletons for individuals suffering from spinal cord injuries. However, in this regard, there are few stringent regulatory approvals for product launches and the costs associated with them.

MARKET DRIVER:

An increasing number of people with physical disabilities and orthopedic surgeries

The increase in the number of orthopedic surgeries is expected to drive the healthcare exoskeleton market toward growth. This is due to the operation necessary for knee and hip joint replacements. Moreover, the increasing number of patients suffering from some form of physical disability across the globe including the growing insurance coverage for the healthcare exoskeleton is a factor that is expected to accelerate the growth of the market. For example, according to the report published by the World Health Organization in 2022, an estimated 1.3 billion people or 1 in 6 people worldwide experience significant disability.

Various amputations of limbs have been performed which is due to the number of damages and injuries caused by multiple road accidents or even by various diseases. A rise in such amputation operations has been reported in those patients with diabetes who have also developed gangrene. Moreover, this rising number is positively favoring the growth of the market. Data from Diabetes Foot Care Profiles, published by PHEs National Cardiovascular Intelligence Network indicates that lower limb amputations continue to rise.

Due to the above reasons, the market continues to witness an increase in the adoption of healthcare exoskeletons. The advancements of exoskeleton devices which further will accelerate the growth of the market followed by a growing demand for effective rehabilitation approaches are regarded to be another growth factor. This includes the use of new and advanced technologies and products that have prompted the development of the healthcare exoskeleton, thereby driving the growth of healthcare exoskeleton shortly.

Increasing demand for efficient methods of rehabilitation

The demand for efficient rehabilitation techniques, including the application of novel and cutting-edge goods and technologies, is growing on a global scale. This is seen as encouraging for the medical exoskeleton market's expansion in all important regions. Influence market dynamics as a result throughout the projected term.

In addition, the market for medical exoskeletons will develop significantly as the number of persons with physical limitations rises. The medical exoskeleton market is expanding at an accelerated rate due to reasons such as the growing senior population and the increased availability of medical exoskeleton insurance coverage in several nations. In addition, a rise in the frequency of serious injuries, strokes, and traffic accidents will accelerate the market's development pace.

North America is anticipated to hold a significant amount of the market share

North America is said to hold a significant amount of market share for the market of healthcare exoskeleton. Not only this but the prevalence of increasing strokes, and chronic illness, followed by the increase in the number of rehabilitation centers, the demand in hospitalization rates, rise in prescriptions, increasing funding by the government including the key healthcare expenditure, and lastly the growing awareness of technological developments are regarded to be major reasons which are imperatively driving North American healthcare exoskeleton market towards growth. The strong presence of key medical exoskeleton players is also another reason for the high uptake of the medical exoskeleton in North America.

On the other hand, APAC is also regarded to account for a growing number of exoskeleton developers who are efficiently and actively involved in the development of innovative medical exoskeletons at affordable costs. APAC is projected to grow at a lucrative rate due to an increase in stroke incidence, a growing aging population, related health conditions, favorable government policies, and increasing healthcare expenditures are some of the factors driving the market. According to the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), the Asia-Pacific population is aging faster than any other region in the world as by 2050, the number is projected to increase to 1.3 billion.

 Market Key Developments

• August 2023- ReWalk Robotics has announced a definitive agreement to acquire AlterG, a leading provider of Anti-Gravity systems for physical and neurological rehabilitation. The acquisition will expand ReWalk's neurorehabilitation product portfolio and add AlterG's current and future product lines. The deal is expected to significantly expand ReWalk's customer-facing capabilities and advance future growth opportunities. AlterG is a leader in transformative technology that empowers people to recover mobility, improve wellness, and enhance physical performance.

Segmentation:

By Type

• Powered Exoskeleton
• Passive Exoskeleton

By Extremity

• Lower Extremity
• Upper Extremity

By Geography

• North America
• USA
• Canada
• Others
• South America
• Brazil
• Others
• Europe
• Germany
• UK
• France
• Others
• Middle East and Africa
• Israel
• Others
• Asia Pacific
• China
• Japan
• South Korea
• India
• Others