The global medical exoskeleton market size is estimated to be USD 1.0 billion by 2026, from USD 0.2 billion in 2021, at a CAGR of 45.0%. The growth of this market is mainly driven by 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 driving the growth of the medical exoskeleton market. However, the high cost of medical exoskeletons may restrict market growth to a certain extent.
The medical exoskeleton market comprises various small and large players. Ekso Bionics (US), ReWalk (Israel), and Parker Hannifin (US), Cyberdyne (Japan) and Bionik (Canada), Rex Bionics (UK), B-TEMIA Inc. (Canada), Bioventus (North Carolina), Hocoma AG (a subsidiary of DIH Technologies) (Switzerland), Wearable Robotics SRL (Italy), Gogoa Mobility Robots SL (Spain), ExoAtlet (Luxembourg), Meditouch (Israel), Suit X (US), P&S Mechanics (South Korea), Marsi Bionics (Spain), Rehab Robotics (Hong Kong), Myomo (US), Focal Meditech (Netherlands), Honda Motors (Japan), Wandercraft (France), BAMA Teknoloji (Turkey), Medexo Robotics (Hong Kong), Fourier Intelligence (China), TWIICE (Switzerland).
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Ekso Bionics (US) is one of the pioneers in the medical exoskeleton domain. The leading position of the company can be attributed to its wide geographical presence. The company sells its products across North America, Europe, the Middle East, and Africa. The companys EksoGT is a wearable robotic exoskeleton that enables individuals to stand up and walk over ground with a full weight bearing, reciprocal gait in a clinical setting. The Ekso GT with smart Variable Assist software, which was designed for rehabilitation institutions, provides adaptive amounts of power to either side of the patient’s body, engaging the patient throughout his or her continuum of care. The technology provides the ability to mobilize patients early in their recovery, frequently, with a significant number of high-intensity steps. To date, the Ekso has helped patients take more than 41 million steps in over 115 rehabilitation institutions around the world.
Parker Hannifin (US) held the second position in the medical exoskeleton market in 2020. This can be attributed to its strong brand name in high-growth geographies and its strong geographical presence. The company sells its products in the US and Europe. Furthermore, to expand its territorial reach, the company also sells its products in Asia and the Middle East through its strong distribution network.
Medical Exoskeleton Market by Component (Hardware (Sensor, Actuator, Control System, Power Source), Software), Type (Powered, Passive), Extremities (Lower, Upper and Full Body) & Mobility (Mobile, Stationary) - Global Forecasts to 2026
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