Rising number of industrial and road accidents across the globe, increasing incidence of chronic diseases, and rapid advancements in robotics technology are some key factors expected to drive global Advanced Prosthetics and Exoskeleton market growth.
Rising number of industrial and road accidents across the globe, increasing incidence of chronic diseases, and rapid advancements in robotics technology are some key factors expected to drive global Advanced Prosthetics and Exoskeleton market growth.
According to Emergen Research, the global advanced prosthetics and exoskeleton market size was USD 2.48 billion in 2020 and is expected to reach USD 5.43 billion in 2028 and register a steady CAGR of 10.2% during the forecast period, 2021-2028.
Market Dynamics:
Prosthetics and exoskeletons provide natural mobility, agility, and a sense of touch to paralyzed or missing limbs. These devices and products help patients who are unable to walk to perform basic daily activities such as eating, dressing, and walking and make them less dependent on their caregivers. Patients suffering from knee or hip conditions can use smart walkers or wheelchairs. Advanced prosthetics and exoskeletons are rapidly gaining traction owing to increasing cases of road accidents, acute and chronic diseases such as diabetes, cerebral palsy, stroke, and availability of various types of prosthetic devices.
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Factors such as rising healthcare expenditure, rapid adoption of robotic surgical simulation in hospitals and clinics, growing awareness about the benefits of prosthetic devices and exoskeletons, and increasing investments in development of cost-effective, durable, and improved prosthetics and exoskeletons are expected to drive global market revenue growth. However, high cost of advanced prosthetics and exoskeletons, lack of reimbursement policies, and discomfort and pain from wearing these devices are some key factors that can hamper market growth to a certain extent during the forecast period.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Lower Limb Segment to Account for Largest Revenue Share:
The lower limb segment is expected to account for largest revenue share between 2021 and 2028. Revenue growth can be attributed to increasing cases of road accidents affecting lower limbs, rising prevalence of diabetes and industrial accidents resulting in amputation or loss of limb, high demand for lower limb prosthetics for enhancing stability while walking and standing, rising disposable income, and growing focus on developing advanced prosthetics.
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Hospitals Segment To Register Rapid Revenue Growth:
The hospital segment revenue is expected to expand rapidly over the forecast period owing to large patient pool, increasing hospital admission, rapid adoption of advanced technologies in many multispecialty hospitals across the globe, and growing demand for advanced prosthetics for treating amputees and trauma patients.
North America to Lead In Terms of Revenue Share:
North America is expected to account for largest revenue share in the global market during the forecast period owing to rising incidence of chronic and acute disorders, increasing number of road accidents, presence of well-established healthcare facilities, and rising awareness about the benefits of advanced prosthetics and exoskeletons. In addition, rapid technological advancements in Artificial Intelligence and robotics, increasing investments in developing technologically advanced prosthetics, and presence of leading companies are other factors expected to fuel market growth during the forecast period.
Major Companies in the Market Include:
- Bionik Laboratories Corporation
- ReWalk Robotics, AlterG Inc.
- Bauerfeind AG
- Cyberdyne Inc.
- DJO Global Inc.
- DeRoyal Industries Inc.
- Blatchford Group
- Ossur hf
- Willow Wood Global LLC.
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For the purpose of this report, Emergen Research has segmented the global advanced prosthetics and exoskeletons market based on product type, application, mobility, and region:
Product Type Outlook (Revenue, USD Billion; 2018–2028)
- Lower Limb
- Upper Limb
- Full Body
Application Outlook (Revenue, USD Billion; 2018–2028)
- Hospitals
- Clinics
- Orthotic and Prosthetic Centers
- Others
Mobility Outlook (Revenue, USD Billion; 2018–2028)
- Stationary
- Mobile
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Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- BENELUX
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of MEA
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