Lower Extremity Medical Exoskeleton Market Size, Share, Growth, and Industry Analysis, Segmentation By Type (Mobile Exoskeletons and Stationary Exoskeletons), By Platform (Rehabilitation Centers and Physiotherapy Centers) and Regional Forecast to 2032

Updated On: 04 November 2024

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LOWER EXTREMITY MEDICAL EXOSKELETON MARKET REPORT OVERVIEW

The Lower Extremity Medical Exoskeleton Market Size was US$ 1600 Million in 2023 and the market is Projected to touch US$ 20383.68 Million In 2032, Exhibiting a CAGR Expansion of 28% During the Forecast Period [2024-2032].

A Lower Extremity Medical Exoskeleton could be a wearable automated gadget planned to help people with portability impedances. These exoskeletons are ordinarily utilized for recovery, empowering clients to recapture quality and versatility in their legs, or as assistive gadgets for every day activities. The worldwide healthcare investing contributes to involve 10% of the worldwide GDP and is persistently rising in later a long time due to the expanding wellbeing needs of the maturing populace, the developing predominance of inveterate and irresistible illnesses and the development of emerging markets. The medical gadgets market plays a noteworthy part within the healthcare industry. The market is driven by a few components, counting the expanding demand for progressed healthcare administrations universally, progressions in restorative innovation, developing geriatric populace, rising healthcare expenditure, and expanding mindfulness around early malady determination and treatment.

COVID-19 Impact: Supply Chain Disruptions and Reduced Access to Rehabilition Services Downgraded the Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

Manufacturing and dispersal of exoskeletons confronted delays due to lockdowns and confinements, affecting the availability of components and raw materials. Around the world supply chain interruptions driven to extended costs and delays in generation plans. Numerous restoration centers and clinics constrained their operations or closed briefly, diminishing the utilization and demand for medical exoskeletons. Patients confronted challenges getting to in-person rehabilitation administrations, which influenced the deals and utilization of these gadgets.

LATEST TRENDS

"Advanced Sensors and Feedback Systems to Double Up the Market Shares"

Advanced sensors give nitty gritty criticism on the user's developments and biomechanics, helping to refine and improve the treatment. A few exoskeletons are prepared with haptic criticism frameworks that give material criticism to the client, improving their sense of development and control. Progresses in client interfacing make it less demanding for patients and clinicians to control and alter the exoskeletons. This incorporates instinctive controls, portable apps, and voice-activated commands.

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LOWER EXTREMITY MEDICAL EXOSKELETON MARKET SEGMENTATION

By Type

Based on type the global market can be categorized into mobile exoskeletons and stationary exoskeleton.

• Mobile exoskeletons: Mobile exoskeletons are outlined for clients to wear whereas moving around. They help with walking, standing, and other energetic exercises, empowering people with versatility impedances to perform day by day tasks and move forward their physical wellness.

• Stationary exoskeletons: Stationary exoskeletons are regularly utilized in controlled situations such as recovery centers or clinics. They are outlined to bolster tedious, exact developments to help in rehabilitation exercises.

By Application

Based on application the global market can be cake, candy and other snacks.

• Rehabilitation Centres: In restoration administrations it helps patients relearn strolling designs post-injury or surgery. The exoskeletons give dreary, guided development, guaranteeing correct gait designs. Typically basic for patients recouping from spinal rope wounds, strokes, or other neurological conditions.

• Physiotherapy Centres: In physiotherapy centres It helps to progress the useful portability required for day by day activities. Exoskeletons offer assistance patients hone strolling, standing, and other utilitarian developments in a controlled way. 

DRIVING FACTORS

"Technological Advancements to Level Up the Market Growth"

Progresses in mechanical technology, artificial intelligence (AI), and machine learning have altogether moved forward the usefulness and flexibility of exoskeletons. AI calculations empower these gadgets to memorize from users' developments and give more exact help. The advancement of lightweight and solid materials, such as carbon fiber and progressed composites, has made exoskeletons more comfortable and less demanding to wear for extended periods. Upgraded sensor innovation permits for way better location of client developments and eagerly, driving to more responsive and viable help.

"Increasing Focus on Rehabilitation and Recovery to Step up the Market Growth"

Clinical prove supporting the viability of exoskeletons in improving recovery results is driving their selection. Studies appear that dreary, exact developments encouraged by exoskeletons can essentially progress quiet recuperation. The trend towards early mobilization of patients in clinics to avoid complications from drawn out immobility is boosting the demand for exoskeletons.

RESTRAINING FACTOR

"Due to the High Cost and Limited Battery Life the Market Growth is Being Constrained"

The cost of obtaining and keeping up exoskeletons is high, which can be restrictive for people and healthcare offices. Costs can range from tens of thousands to over a hundred thousand dollars per unit. Exoskeletons are ordinarily powered by batteries, which can have constrained operational time, regularly as it were a couple of hours. This limits the term of utilize before requiring energizing. Expanding battery life frequently implies including weight and estimate, which can compromise the movability and consolation of the gadget. Due to the high cost and limited battery life it hinders the lower extremity medical exoskeleton market growth.

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LOWER EXTREMITY MEDICAL EXOSKELETON MARKET REGIONAL INSIGHTS

The market is primarily segregated into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa.

"North American Market Growth is Bolstered with High Demand for Confectionery and Baking Goods"

North America is anticipated to have the biggest lower extremity medical exoskeleton market share over the projection period. The nearness of a well-established healthcare framework and various recovery centers contributes to the high selection rate of restorative exoskeletons. Noteworthy speculation in inquire about and improvement, especially within the United States, drives advancement and the improvement of progressed exoskeleton advances. Favorable administrative systems and quicker approval processes by organizations just like the FDA encourage the commercialization of new exoskeleton items. More prominent healthcare use per capita permits for the buy of progressed medical gadgets.

KEY INDUSTRY PLAYERS

"Major Industry Players Using Ingenuity and Strategic Alliances towards Market Expansion"

Significant market participants have a significant effect on the market and are essential in identifying consumer preferences and market dynamics. These large companies' extensive retail networks and online platforms give customers simple access to a wide variety of apparel options. Due to their strong global presence and well-known brand, which have also strengthened consumer confidence and loyalty, product adoption has risen. Along with continuously funding R&D, these giants of industry also introduce cutting-edge designs, materials, and ingenious features to lower extremity medical exoskeleton in response to shifting consumer tastes and expectations. The combined efforts of these large companies have a significant influence on the future course and degree of competition in the market.

LIST OF MARKET PLAYERS PROFILED

• B-Temia (Canada)
• Rex Bionics (New Zealand)
• Cyberdyne (Japan)
• LockHeed Martin (U.S.)
• Ekso Bionics Holdings (U.S.)
• Myomo (U.S.)
• ExoAtlet Global S.A (Luxembourg)
• Parker Hannifin (U.S.)
• GOGOA Mobility Robots (Spain)
• Alter G (U.S.)
• Hocoma (Switzerland)
• Hyundai (South Korea)
• Wandercraft (France)
• Wearable Robotics (Italy)
• ReWalk Robotics (Israel).

INDUSTRIAL DEVELOPMENT

November 2020: An exoskeleton was conveyed to the La Renaissance Sanitaire Clinic Foundation Hospital, found in La Musse, in the Eure department10.
The same year, the company reported that it was working on the dispatch of its items within the United States for 2021 and its cooperation in November 2020 in the Cybathlon, the Olympic Recreations of mechanical autonomy

REPORT COVERAGE

The report includes a thorough SWOT analysis and offers predictions for market growth in the future. It explores a broad range of market categories and possible applications that might have an impact on the market's trajectory in the upcoming years, as well as key aspects that contribute to the market's growth. The research provides a comprehensive overview of the market's components and identifies possible growth opportunities by taking into account both historical turning points and present trends.