How is Rising Healthcare Expenditure Driving Exoskeleton Market?

How is Rising Healthcare Expenditure Driving Exoskeleton Market?

The primary factor leading to the growth of the market are the rising healthcare expenditure, increasing number of stroke cases and spinal cord injuries (SCIs), surge in the penetration of products in military and industrial operations, growing geriatric population, and rising job opportunities for disabled people.

Browse detailed report on Exoskeleton Market - Global Industry Analysis and Growth Forecast to 2030

When component is taken into consideration, the exoskeleton market is classified into software and hardware, between which, the hardware classification held the larger share of the market in 2019. Exoskeletons consist of several hardware components and passive exoskeletons are particularly constructed using hardware parts, thereby leading to the growth of the classification. The hardware classification is further divided into control systems, power sources, actuators, and sensors. On the basis of mobility, the market is divided into mobile and stationary.

Between the two, the mobile division is projected to witness the higher CAGR during the forecast period, as mobile exoskeletons are flexible or movable devices. These can move outside the premises with the user, contrary to fixed exoskeletons. Owing to such benefits, various healthcare settings are creating high demand for these devices. This being said, stationary devices are also utilized widely in healthcare settings. For example, during the treatment of SCIs or strokes in rehabilitation centers.

The surging number of stroke cases and SCIs is a key driving factor of the exoskeleton market. These devices are increasingly being used by several healthcare settings, such as rehabilitation centers, as they aid paralyzed patients in walking again. For example, as per the NSCISC (2019), there were about 17,730 novel SCI cases every year in the U.S. Moreover, the average estimation of people affected by SCIs who are living in the U.S. is 291,000.

The rising expenditure in the healthcare sector is also major factor leading to the expansion of the exoskeleton market. The investments in the sector are primarily aimed at commercialization and innovation of exoskeleton products. As per the World Bank Group, the global healthcare expenditure was 9.0% of the GDP in 2007, which rose to 9.8% of the GDP in 2017. Furthermore, people in emerging economies are becoming increasingly aware regarding the benefits of exoskeletons for acute and chronic orthopedic diseases’ management.

In conclusion, the increasing number of SCIs and stoke cases and rising healthcare expenditure are driving the growth of the market.

Pramod Kumar

Pramod Kumar

Pramod has around 7 years of experience in market research and consulting services for healthcare industry. He holds varied experience in market sizing and forecasting with varied models, competition landscape, consumer behavior analysis, opportunity analysis, product/company benchmarking, data mining and others.