Healthcare exoskeleton is a mechanical outer structure designed for providing physical body support to disable patients for their movements and daily operations. This is an external body structure that ensuring wearer is able to perform the enhanced functionalities with more ease than conventional capabilities. This structure largely powered by different energy sources associated to provide the optimal support for the patient rehabilitation and helping them regain their bodily functions.
According to study, “Global Healthcare Exoskeletons Market by Application, Mobility Type, Product Function, Power Technology, and Region 2018-2023: Growth Opportunity and Business Strategy” the key companies operating in the global healthcare exoskeletons market are AlterG, Inc., Honda Motor Co., Ltd., Bionik Laboratories Corp., Panasonic Corporation (Activelink), Cyberdyne, Inc., Parker Hannifin Corporation, Ekso Bionics, Rex Bionics Plc., Hocoma, U.S. Bionics, Inc. (suitX), Myomo, ReWalk Robotics Ltd. Different manufacturers offer features strong, lightweight, and technologically advanced medical exoskeletons over the market, anticipated to drive the expansion of the healthcare exoskeleton market over the forecast period.
Based on type, the healthcare exoskeletons market is segmented into passive exoskeleton and powered exoskeleton. Based on components, the market is segmented into software and hardware. The software segment dominates the market owing to technologically advanced features offerings, such as artificial intelligence, inter-device connectivity functions, and autonomous operations. The software assists the composite functionalities of healthcare exoskeletons to process efficiently & accurately. The hardware component is further sub-segmented into actuators, power sources, sensors, control systems, and others. Actuators include a hydraulic actuator, pneumatic actuator, electric actuator, mechanical, shape memory alloy actuator, and others. Based on mobility, the market is segmented into mobile mobility and stationary mobility. The market for mobile mobility exoskeletons segment generated the maximum revenue and is projected to grow at a significantly high CAGR in the forecast period due to its wide usage in healthcare, sports, defense, and fitness. In addition, based on an extremity, the market is segmented into lower extremity and upper extremity. The lower extremities segment holds major share in market because of greater incidences of lower body disabilities.
The healthcare exoskeletons market is driven by an increase in the number of physically disabled people, followed by the presence of advanced rehabilitation centers, rise in geriatric population, favorable reimbursement policies and growth in research & development (R&D) investments in the robotics industry. However, the high capital requirement in exoskeleton manufacturing may impact the market. Moreover, enduring research regarding the production of energy-efficient, lightweight, and cost-effective exoskeletons are anticipated to present lucrative opportunities to the key players in the forecast period.
Based on geography, the North-American region holds a major share in healthcare exoskeletons market owing to an increase in the number of people with physical disabilities and the presence of advanced healthcare facilities in the region. Whereas, the Asian-Pacific and European regions are expected to exhibit substantial growth rate due to the rise in the number of geriatric & disabled population over the forecast period. In upcoming years, it is projected that future of the market will be optimistic because of the increase in the number of physically disabled patients and rise in incidences of physical injuries in the region.
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