Medical Exoskeleton Market Size

Medical Exoskeleton Market Size

Medical Exoskeleton Market was valued at around USD 428.4 million in 2023 and is expected to grow at a CAGR of 30.6% during the forecast period. A medical exoskeleton is a wearable robotic device designed to support, augment, or replace human movement, typically used in medical rehabilitation settings to assist individuals with mobility impairments resulting from conditions such as spinal cord injuries, stroke, or neurological disorders. The market is expected to experience notable growth driven by the increasing prevalence of neurological diseases and injuries, coupled with rising number of people with physical disabilities, globally.

Stroke, neonatal encephalopathy (brain injury), migraine, dementia, diabetic neuropathy (nerve damage), meningitis, epilepsy, neurological complications from preterm birth, autism spectrum disorder, and nervous system cancers are some of the most prominent neurological conditions contributing to loss of patient health. The increasing prevalence of neurological diseases and injuries is a significant concern globally. For instance, according to the World Health Organization (WHO), in 2021, more than 3 billion people worldwide were living with some kind of neurological condition, making it a leading cause of ill health and disability.

Additionally, diabetic neuropathy was the fastest-growing neurological condition, with the number of people suffering with diabetic neuropathy more than tripled globally since 1990, rising to 206 million cases in 2021. This increase is in line with the worldwide increase in diabetes. Hence, increase in these disease conditions are anticipated to be the primary factor propelling the demand for medical exoskeletons globally.