The global medical exoskeleton market accounted to US$ 96.7 Mn in 2018 and is expected to grow at a CAGR of 29.4% during the forecast period 2019 – 2027, to account to US$ 1,023.0 Mn by 2027.
Asia Pacific is the fastest growing geographic market and it is expected to be the fastest revenue contributor throughout the forecast period. Asia Pacific is recognized as a developing market for the medical devices. The market growth is expected due to the rising developments by the Chinese, Japanese, South Korean and Indian companies in the market of medical exoskeleton. In addition, the market for medical exoskeleton in Australia is expected to grow due to the development in the healthcare system.
Also, it is expected that rising numbers of spinal cord injury across Australia are likely to add for the growth of market. The major factor that is likely to contribute the growth of the medical exoskeleton market is the growing geriatric population in the Japan, China, South Korea and India.
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- Bioness Inc.
- B-Temia Inc.
- BIONIK Laboratories Corp
- CYBERDYNE INC
- Ekso Bionics Holdings, Inc
- GOGOA Mobility Robots
- Hocoma AG
- Wearable Robotics srl
- Parker Hannifin Corporation
- ReWalk Robotics
- US Bionics, Inc.
- Tyromotion GmbH
The rise in orthopedic surgeries is majorly driven by the operations done for the replacements of the knee and hip joints. The surgeries have been done for the amputations of limbs due to the increasing rate of damages or injuries caused by road accidents or various diseases. The rising number of operations for amputation are observed for patients who have diabetes and also have developed a condition of gangrene. For instance, according to the U.S. Agency for Healthcare Research and Quality, in the United States, approximately replacement surgeries are performed per year. For the deteriorating joints, the knee replacement surgeries have performed in the geriatric population. Knee replacement is among the most commonly performed orthopedic procedures. The number of surgeries is increasing due to the rising chronic conditions, including rheumatoid arthritis (RA), ankylosing spondylitis (AS) and osteoporosis. For instance, according to a report published in 2018 of Healthline Media, rheumatoid arthritis (RA) affects 41 in every 100,000 people per year, and near round, 1.3 million Americans have RA.
The global medical exoskeleton market by extremity segments was led by lower body exoskeleton segment. In 2018, the lower body exoskeleton segment held a largest market share of 68.1% of the medical exoskeleton market, by extremity. However, the upper body exoskeleton segment is expected to be the fastest growing segments of the market in 2027 owing to increasing incidences of the shoulder pain, neck pain and other upper extremity among the working class which is expected to become the major factor for the growth of the medical exoskeleton market.
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