Global bionic exoskeletons market is expected to grow at a CAGR of 7.7% to 2027Published Date: April 5, 2021 |
Diabetic foot ulcers, cerebral palsy, Parkinsonism, spinal cord injuries etc., have led to the increasing demand for bionic exoskeletons to provide mobility and adequate limb support to individuals suffering with some form of paralysis or limb movement disability.
Stationary is representing the largest market share in the type segment for bionic exoskeletons market. Constant rise in the number of paralysis associated with spinal cord injuries across the globe has caused increasing demand for stationary bionic exoskeletons to provide strength and support to the weakened limbs to allow the individual to perform ambulatory functions. Mobile bionic exoskeletons are going to register rampant market growth in the near future on account of its increasing demand from the military segment across the globe to accelerate body motion and reduce fatigue during military tactical operations.
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Medical is presently dominating the end user segment for bionic exoskeletons market. According to the World Health Organization (WHO), it is anticipated that every 30 seconds there is a limb amputation performed worldwide and 85% of these are associated with diabetic foot ulcers. Military is expected to showcase exemplary market performance during the forecast period on account of the increasing funds allocated by the defense segment worldwide in improvising the technology associated with bionic exoskeletons suits which will provide natural strength and endurance to soldiers to carry heavy loads and darts across the battlefield at an incredible speed.
North America is currently leading the geography segment for bionic exoskeletons market. Significant increase in the number of limb amputations primarily drives the bionic exoskeletons market growth in the region. As per the latest statistics provided by the National Institute of Health (NIH), approximately 2.1 million people in the United States are living with limb loss. Additionally, the presence of major players such as Ottobock, Inc., DJO Global, Inc., and Ossur Corporate etc. further propels the market growth in the region. Europe is placed 2nd in the regional segment for bionic exoskeletons market on account of the strategic collaboration between the defense segment and the medical device manufacturers to enhance the technology associated with the bionic exoskeletons. Significant increase in the number of traumatic accidents and workplace hazards resulting in limb loss further accentuates the market growth. Asia Pacific is anticipated to be the fastest growing regional segment for bionic exoskeletons owing to the developing healthcare infrastructure and lucrative market opportunity for western giants to establish retail outlets and subsidiaries in the Asia Pacific region.
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Medical device manufacturers engaged in the production of bionic exoskeletons are Ottobock, Inc., DJO Global, Inc., ReWalk Robotics., Ossur Corporate., Rex Bionics Ltd., Raytheon., Ekso Bionics Holdings, Inc., AlterG, Inc., AXOSUITS SRL and Bionic Power, Inc.
Key Market Movements:
- Significant growth in the number of limb amputations worldwide
- Increasing funds invested by the defense segment for the development of technology associated with bionic exoskeletons
- Nurturing regulatory environment for the sale and distribution of bionic exoskeletons across the globe
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