The global market is projected to reach USD 571.6 million by 2023 from USD 116.7 million in 2018, at a CAGR of 37.4%.
According to a new market research report “Medical Exoskeleton Market by Component (Hardware (Sensor, Actuator, Control System, Power Source), Software), Type (Powered, Passive), Extremities (Lower, Upper) & Mobility (Mobile, Stationary) – Global Forecast to 2023”, published by MarketsandMarkets™.
Browse 69 market data Tables and 31 Figures spread through 116 Pages and in-depth TOC on “Medical Exoskeleton Market”https://www.marketsandmarkets.com/Market-Reports/medical-exoskeleton-market-138546702.html
The growth of the market can be attributed to the factors such as the increasing number of people with physical disabilities and subsequent growth in the demand for effective rehabilitation approaches; agreements and collaborations among companies and research organizations for the development of the exoskeleton technology; and increasing insurance coverage for medical exoskeletons in several countries is driving the growth of the Medical Exoskeleton Market.
Opportunities with Medical Exoskeleton:
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Introduction of soft actuators
Currently, the medical exoskeletons industry is focusing on developing soft exoskeletons (without electronic motors and heavy batteries), which augment normal muscle function in healthy individuals for commercial use. Currently, these exoskeletons are available only for research purposes. Such exoskeletons have soft actuators that can be easily driven by an off-board compressor.
Soft exoskeletons are attached to the body securely and comfortably and transmit forces over the body through beneficial paths such that biologically appropriate moments are created at the joints. Compared to traditional exoskeletons, these exoskeletons are ultra-light-weight and have low mechanical impedance and inertia. The use of soft actuators has led to the development of inexpensive gait-supportive exoskeletons, creating opportunities for new players in the industry.
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challenges with Medical Exoskeleton:
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High cost of medical exoskeletons
The average cost of exoskeletons is much higher than alternatives such as powered wheelchairs. Also, these devices have high maintenance and service costs and require a trainer who is well-versed in the functioning of power suits. As a result, the cost of ownership of medical exoskeletons is very high. The approximate cost of some of the major products available in the market has been mentioned below:
For rehabilitation using medical exoskeletons, patients have to pay for the initial evaluation and weekly sessions conducted by trained physiotherapists on an hourly basis. As these sessions last for multiple weeks, the cost of rehabilitation eventually becomes very high for patients. This is one of the major challenges for the wider adoption of medical exoskeletons in the rehabilitation of people with disabilities in both developed and developing countries.
The Medical Exoskeleton Market includes various players. Key players in this market include the major players in the market are Ekso Bionics Holdings, Inc. (US), ReWalk Robotics Ltd (Israel), Parker Hannifin Corp (US), Bionik Laboratories Corp (Canada), CYBERDYNE Inc. (Japan), Rex Bionics Ltd. (UK), B-TEMIA Inc. (Canada), Hocoma AG (A Subsidiary of DIH Technologies) (Switzerland), Wearable Robotics SRL (Italy), Gogoa Mobility Robots SL (Spain), and ExoAtlet, O.O.O. (Russia).
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