Medical Exoskeleton Market Will Propel at a 44.8% CAGR
The medical exoskeleton market was USD 485.8 million in 2023, which will increase to USD 6,336.8 million, powering at a 44.8% CAGR, by 2030.
This growth is because of the surging number of individuals with physical disabilities, the rising number of orthopedic surgeries, and the mounting elderly populace. For example, as per the WHO, 1 in 6 individuals globally, or around 1.3 billion individuals, experience substantial disability.
Furthermore, the mounting number of serious injuries, strokes, and road accidents is assisting the industry expansion. Around 1.3 million individuals die every year due to road traffic accidents, according to the WHO. Therefore, the rising acceptance of medical exoskeletons to heal injuries is further boosting this expansion.
In 2023, the hardware category, based on component, led the industry, with a 60% share, and it will propel at a 45.0% CAGR, during this decade. This can be because exoskeletons are produced with different pieces of hardware like sensors, actuators, control systems, and powered systems.
Whereas, the software category will propel at a faster rate, of 45.2%, in the years to come. This will be because technological developments will result in rising complications in exoskeleton connectivity, which will establish the need to incorporate artificial intelligence.
In 2023, the lower extremities category, based on extremity, was the largest contributor to the medical exoskeleton market. This can be ascribed to the increasing occurrence of disability of lower body parts like the ankles, knees, and feet, as well as hip joints.
Moreover, medical technology businesses are concentrating more on the lower extremities, therefore, they are expanding their portfolio by acquiring other related businesses.
The powered category is the larger type, primarily owing to the new developments in them. For example, with investment from the National Institutes of Health, Stanford University has created an exoskeleton that rapidly adapts to users’ motions while they walk naturally.
Moreover, the passive category is a significant contributor to the industry. Passive exoskeletons are mainly accepted in low-income and developing nations, particularly by those who can’t buy the powered ones.
North America led the industry in 2023, with a 55% share, and it will further advance at a significant rate, in the years to come. This will be because of the mounting aging populace, rising government support for exoskeletons, and the high occurrence of neurological illnesses.
APAC is the fastest-growing region. This can be primarily ascribed to the increasing funding in healthcare, the growing patient pool requiring mobility support and rehabilitation, and the latest product approvals.
SOURCE: P&S Intelligence
Comments
0 comment