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What Growth Rate is the Medical Exoskeleton Market Anticipated to Experience from 2024-2033?

In the past few years, the market size for medical exoskeletons has seen a staggering growth. The value of the market is projected to escalate from $0.34 billion in 2023 to $0.42 billion in 2024, experiencing a compound annual growth rate (CAGR) of 25%. The credit for this significant growth in the historical era goes to several factors such as the surge in the aging population, an uptick in cases of neurological ailments, enhancement in healthcare framework, greater funding in rehabilitation technologies, and a rising incidence of mobility-related issues.

Anticipated to experience significant expansion in the forthcoming years, the medical exoskeleton market is projected to attain a valuation of $1.04 billion by 2028, progressing at a compound annual growth rate (CAGR) of 25.1%. The surge during the forecast period can be ascribed to the increasing use in rehabilitation clinics, heightened awareness and acceptance, escalated investments and partnerships, an upswing in chronic disease cases, advancements in energy efficiency and battery longevity. Key trends during the predicted period comprise home-bound rehabilitation, the creation of portable and lightweight models, interfacing with telemedicine platforms and forward strides in sensor technologies.

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What Are the Significant Influencers of Growth in the medical exoskeleton Market?

The upward trend in cases of spinal cord and brain injuries is anticipated to fuel the expansion of the medical exoskeleton market in the coming years. These injuries, which inflict catastrophic damage to the central nervous system, often cause substantial disruption of motor, sensory, and cognitive functions. The surge in spinal cord and brain injuries can be chiefly attributed to an escalation in vehicle accidents, falls, sporting mishaps, and violence. Medical exoskeletons subsequently play a pivotal role in both mobility and rehabilitation process for spinal cord and brain injuries, by offering support and augmenting the patient’s physical abilities. For example, a November 2023 report by the New Zealand Spinal Trust, a non-profit organization in New Zealand committed to aiding people with spinal cord injuries, reported an increased prevalence of spinal cord injuries (SCI), climbing from 41 per million in 2021 to 45 per million in 2022. Thus, the swelling incidence of spinal cord and brain injuries is set to steer the growth trajectory of the medical exoskeleton market.

What Key Segments Define the Medical Exoskeleton Market?

1) By Type: Powered Exoskeletons, Passive Exoskeletons

2) By Component: Hardware, Software

3) By Mobility: Stationary, Mobile

4) By Extremities: Lower, Upper, Full Body

5) By Application: Spinal Cord Injury, Stroke, Other Applications

What Are the Key Developments Shaping the Medical Exoskeleton Market?

Leading businesses in the medical exoskeleton market are concentrating on incorporating intelligent power mechanism technologies to boost workforce productivity and aid the nursing profession amidst a labor crunch. A sophisticated robotic exoskeleton is a wearable robotic equipment built to enhance human physical abilities. For instance, in December 2023, German Bionic, a company based in Germany specialized in the manufacture of automation machinery, introduced the innovative Apogee+ e-exoskeleton, aimed at assisting healthcare workers by offering dynamic lifting aid and promoting patient mobilization. It reduces back strain by up to 66 pounds (30 kg), facilitating undertakings such as patient relocation, medical check-ups, and repositioning. The Apogee+ has a safety-oriented structure featuring a sealed formation and unique grips to guard against physical hazards, marking it as the safest equipment for caregivers and patients. Its ergonomic aid also contributes to maintaining ideal nurse-patient relations by combining robotic strength with a design centered around humans.

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What Regions Are Driving Expansion in the Medical Exoskeleton Market?

North America was the largest region in the medical exoskeleton market in 2023. The regions covered in the medical exoskeleton market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Medical Exoskeleton Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the medical exoskeleton market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Medical Exoskeleton Market Include

1. Medical Exoskeleton Market Executive Summary

2. Medical Exoskeleton Market Segments

3. Medical Exoskeleton Market Size And Template Market Growth Rate

4. Key Medical Exoskeleton Market Trends

5. Major Medical Exoskeleton Market Drivers

……

25. Key Mergers And Acquisitions In The Medical Exoskeleton Market

26. Top Medical Exoskeleton Companies

27. Medical Exoskeleton Market Opportunities And Strategies

28. Medical Exoskeleton Market, Conclusions And Recommendations

29. Appendix

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