According to Emergen Research, the global advanced prosthetics and exoskeletons market size was USD 2.48 Billion in 2020 and is expected to reach USD 5.43 Billion in 2028 and register a revenue CAGR of 10.2% during the forecast period, 2021-2028.
Emergen Research has published its latest report titled “Advanced Prosthetics and Exoskeletons Market By Product Type (Lower Limb, Upper Limb, Full Body), By Application (Hospitals, Clinics, Orthotic and Prosthetic Centers, Others), By Mobility (Stationary, Mobile), and By Region, Forecast to 2028”
According to Emergen Research, the global advanced prosthetics and exoskeletons market size was USD 2.48 Billion in 2020 and is expected to reach USD 5.43 Billion in 2028 and register a revenue CAGR of 10.2% during the forecast period, 2021-2028.
Market Dynamics:
Exoskeletons are used to support the user’s weight, assist in lifting, keep loads stable, and stabilize the user’s body. Exoskeletons help the upper body, arms, and lower human body. Medical exoskeletons are medical electrical devices that help physically crippled, injured, or weak people who are unable to walk owing to a range of medical conditions such as neurological illnesses, SCI, catastrophic trauma such as cerebral palsy, and stroke. A prosthesis, commonly known as a prosthetic implant, is an artificial device that replaces a missing body part due to sickness, injuries, or a congenital problem. This helps patient perform daily activities such as eating, walking, or dressing, and be less dependent on care givers. Rising awareness regarding benefits of advanced prosthetics and exoskeletons is a key factor expected to fuel market revenue growth over the forecast period.
In addition, rising prevalence of acute and chronic disease, increasing incidence of road accidents, rising healthcare expenditure, and increasing investments on advanced technologies in healthcare sector by clinics, hospitals and diagnostic centers are some factors expected to positively impact robotics surgical simulation market revenue growth throughout the forecast period. However, exoskeleton cannot stretch or expand, and needs to be shed at specific time period. Prosthetics can lead to back pain, can lead to irritation and skin issues which can cause discomfort to the patient. Furthermore, high cost of advanced prosthetics and exoskeletons and lack of reimbursement policies are other factors expected to restrain market throughout the forecast period.
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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 Revenue to Expand at a Rapid CAGR:
Lower limb simulation segment is expected to register a rapid CAGR among other segments in the market throughout the forecast period owing to increasing number of accidents globally which has raised the problem of lower limb prosthesis. Prosthetic limbs are not mass-produced or widely available for purchase at most local medical stores. Industrial accidents, diabetes, and vascular diseases have led to a significantly higher demand for lower limb prosthetics and solutions as a result of loss of amputations or limb.
Hospital Segment to Register Significant Revenue Growth:
Hospital segment is expected to register significant revenue growth in the advanced prosthetics and exoskeletons market over the forecast period attributed to advancement in healthcare and medical technologies, growing number of healthcare centers due to rising government initiatives for wide availability of basic medical facilities, and incorporation of emerging IoT technologies such as machine learning, artificial intelligence and robotics in hospitals.
Asia Pacific to Account for Largest Revenue Share:
Asia Pacific is expected to register largest revenue share in the market globally throughout the forecast period due to technological advancements in healthcare sector, increasing prevalence of chronic diseases and rising private investments in healthcare industry. In addition, inclusion of advanced prosthetics by government in defense applications and growing number of multispecialty healthcare centers in the leading countries of region such as China, Japan, Australia and India are some other factors expected to fuel market growth throughout the forecast period.
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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.
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; Volume, Thousand Units; 2018–2028)
- Lower Limb
- Upper Limb
- Full Body
Application Outlook (Revenue, USD Billion; Volume, Thousand Units; 2018–2028)
- Hospitals
- Clinics
- Orthotic and Prosthetic Centers
- Others
Mobility Outlook (Revenue, USD Billion; Volume, Thousand Units; 2018–2028)
- Stationary
- Mobile
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Regional Outlook (Revenue, USD Billion; Volume, Thousand Units; 2018–2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- BENELUX
- 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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