Medical exoskeletons are wearable robotic systems that augment or enhance human strength and endurance for rehabilitation or assistance purposes. Powered by advanced robotic engineering and material science, medical exoskeletons can support or supplement failing limbs, help those in rehabilitation gain mobility, and enhance workers’ abilities by reducing physical strain. The rapidly aging population has increased the need for assistance devices for elderly and disabled patients, driving greater adoption of medical exoskeletons as a convenient and affordable solution.
The Global Medical Exoskeleton Market Demand is estimated to be valued at US$ 411.73 Bn in 2024 and is expected to exhibit a CAGR of 8.4% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Global Medical Exoskeleton Market include Energizer Holding, Inc., PowerbyProxi, Pathronic AG, Qualcomm Technologies, Inc., ConvenientPower HK Limited, Powermat Technologies, WiTricity Corporation, Xiaomi Inc., Integrated Device Technology Inc., Leggett and Platt Inc., and Texas Instruments Inc.
The growing elderly population worldwide suffering from limited mobility due to age or medical conditions has fueled the demand for lightweight, easy-to-use medical assistance devices like exoskeletons. These allow aged patients to live more independently for longer and reduce the pressure on caregivers. Government programs in various countries supporting home healthcare have also boosted adoption.
Major players are expanding their global footprint by establishing manufacturing and distribution facilities across regions to cater to the burgeoning demand. Partnerships with healthcare providers and investment in R&D for new technologies further expand the potential market. Growing evidence of medical exoskeleton benefits is also increasing acceptance among patients and care facilities.
Market key trends
The trend of Medical Exoskeletons Market innovation is enabling the development of lighter, more comfortable, and affordable exoskeletons. New classes of materials like compliant composites allow designs better suited for assistance and rehabilitation purposes compared to rigid metal structures. Ongoing improvements in battery technology are extending device runtimes on a single charge. This empowers users with greater mobility.
Porter’s Analysis
Threat of new entrants: High capital requirements and patents act as a barrier for new companies to enter the market.
Bargaining power of buyers: Many established medical device companies have strong influence as buyers over pricing and product features.
Bargaining power of suppliers: The presence of several component manufacturers reduces supplier’s individual influence.
Threat of new substitutes: Limited threat as exoskeletons provide unique benefits over conventional assistive devices.
Competitive rivalry: Fierce competition between major manufacturers to gain market share through innovative technologies.
Geographical Regions
North America has the largest share of the global medical exoskeleton market due to rising healthcare expenditure and growing geriatric population in the US and Canada requiring mobility assistance.
Asia Pacific region is poised to witness the fastest growth over the forecast period supported by increasing healthcare investments, large patient population and rapid expansion of medical infrastructure in China and India.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it