Medical Exoskeleton Market

Medical Exoskeleton Market is expected to propel US$ XX Mn by 2026 with a CAGR of XX% in the forecasting period 2018-2026. Exoskeletons are special wearable devices that work in synchronization with the user. The exoskeletons are usually placed on the user’s body, acting as amplifiers that enhance, and restore human performance. These exoskeletons are usually either made out of rigid materials which include metal or carbon fiber or can even be made out of soft and elastic parts. These are powered and equipped with special sensors and actuators, or can be entirely passive depending on its usage or application. The increase in a number of people having physical infirmities together with consequent development in the demand for effective rehabilitation approaches across numerous countries some of the major factors that are driving the growth of the medical exoskeleton market. In the recent years, there has been an increase in rehabilitation therapies for elderly patients as well along with the usage in the military for assisting injured soldiers in motion that have further driven the overall market growth of medical exoskeleton. However, it is the high cost of the products that will act as a major restraint for the growth of the Medical Exoskeleton Market. The hardware segment within components is expected to hold the largest market share in 2017. The presence of a large number of parts like sensors, actuators, power sources, and control systems that are required to manufacture exoskeletons all come under the hardware component resulting in its high demand. Manufacturers globally are also working on the hardware components to strengthen and enhance the exoskeletons.The Medical Exoskeleton Market is segmented by material type, product type, component, mobility, end-user, and region. Based on the material type, the medical exoskeleton market can be classified into metal and non-metal segment. By product type, the market is divided into the complete body, upper body, and lower body exoskeletons. The lower exoskeletons are expected to hold a significant market share as compared to the other sub-segments. The end-user for medical exoskeleton market includes the healthcare and defense sector. The higher investments in the medical infrastructure along with accidents in the military circle are the two key drivers for the huge application of medical exoskeleton in the healthcare sector and defense sector. By geography, the Medical Exoskeleton Market can be segmented into North America, Europe, Asia Pacific, Middle East, and Latin America. The market for medical exoskeleton is dominated by North America, followed by Europe. It is due to factors like the, increasing demand for self-assist exoskeletons, growing geriatric population, the high prevalence of stroke, and the growing number of spinal cord injuries (SCI) that the demand for Medical Exoskeleton Market is growing for the current forecast period. The key players of Medical Exoskeleton Market include Ekso Bionics Holdings, Inc. (US), ReWalk Robotics Ltd. (Israel), Parker Hannifin Corp (US), Bionik Laboratories Corp (Canada), and Raytheon Company (U.S.).

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