Medical exoskeletons are wearable robotic equipment that provides physical assistance to the wearer. These exoskeletons are specifically designed to aid individuals with various disabilities and chronic conditions, including spinal cord injuries, strokes, multiple sclerosis, and other mobility issues. Medical exoskeletons significantly boost the wearer's strength and endurance, allowing them to perform daily tasks and activities with greater ease. Key advantages of medical exoskeletons include enhanced mobility, reduced chances of secondary complications, and improved quality of life. The growing geriatric population and rising prevalence of long-term disabilities have increased the need for medical exoskeletons to support independent living.
The global Medical Exoskeleton Market is estimated to be valued at US$ 357.4 Mn in 2023 and is expected to exhibit a CAGR of 8.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity: Significant Increase in Adoption Rates for Physical Therapy Applications
Medical exoskeletons are increasingly being used in physical therapy to assist patients recovering from injuries and surgeries. Physical therapies using exoskeletons can provide repetitive and intensive training to patients, helping restore motor function at a faster rate. They offer personalized care by adjusting their level of support according to each patient's abilities. This enhances patient engagement and motivation during rehabilitation processes. Rising awareness about the effectiveness of exoskeleton-assisted physical therapy is expected to boost their adoption rates across hospitals and rehabilitation centers over the forecast period. As physical therapy applications expand, the medical exoskeleton market will witness high growth opportunities.
Porter's Five Forces Analysis
Threat of new entrants: The global medical exoskeleton market has moderate barriers for new entrants due to significant capital requirements for R&D, manufacturing and marketing of these products.
Bargaining power of buyers: The bargaining power of buyers is moderate as medical exoskeletons have limited manufacturers and customized products, providing some control to buyers.
Bargaining power of suppliers: The bargaining power of suppliers is low due to availability of substitute components and inputs across manufacturers.
Threat of new substitutes: Threat from substitutes is low as medical exoskeletons provide unique benefits of mobility and rehabilitation that cannot be substituted.
Competitive rivalry: The competitive rivalry is high due to presence of few major manufacturers catering to a specialized market.
SWOT Analysis
Strengths: Medical exoskeletons offer physical rehabilitation, improved mobility and independence to patients. Growing demand for assistive technologies drives market opportunities.
Weaknesses: High product and maintenance costs limit market adoption. Potential safety issues during product usage affect market growth.
Opportunities: Untapped demand from elderly care facilities and at-home settings present major opportunities. Technological advancements will expand applications in future.
Threats: Stringent regulatory approvals and reimbursement policies pose challenges. Lack of expertise limits complete market penetration.
Key Takeaways
The global medical exoskeleton market scope is expected to witness high growth over the forecast period of 2023 to 2030. The North American region dominates the market currently due to presence of major players and growing demand for technologically advanced medical devices.
Regional analysis suggests the Asia Pacific region is expected to grow at fastest pace owing to rising geriatric population, increasing healthcare expenditure and focus on medical technology advancements.
Key players operating in the global medical exoskeleton market are 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.
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