2020-2027 Analysis and Review Bionic Exoskeletons Market
Bionic Exoskeletons Market By Type (Stationary and Mobile) by End User (Medical, Military and Others - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 – 2027
The bionic exoskeletons market was valued at USD 1,096.0 Mn by 2019. Significant increase in the number of individuals suffering from limb amputations worldwide primarily drives the bionic exoskeletons market growth. Furthermore, the increasing funds provided by the defense segment to enhance the technology associated with bionic exoskeletons further accentuates the market growth.
As per the latest information provided by the World Health Organization (WHO), each year approximately 500, 000 people throughout the globe are reported to be suffering with spinal cord injuries which results in the permanent paralysis of the lower extremities. Cerebral palsy, Parkinsonism, 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.
The major segments related to the bionic exoskeletons market are:
By Type (2017–2027; US$ Mn)
Stationary
Mobile
By End User (2017–2027; US$ Mn)
Medical
Military
Others
Geography Segment (2017–2027; US$ Mn)
North America
U.S.
Canada
Europe
United Kingdom
Germany
Russia
France
Italy
Spain
Ukraine
Rest of Europe
Asia Pacific
China
Japan
Rest of Asia Pacific
Latin America (LATAM)
Brazil
Mexico
Rest of Latin America
Middle East and Africa (MEA)
GCC
Rest of MEA
Justification for study?
Report gist?
The study includes the profiles of major market players with a significant global and regional presence along with top company positioning.
Significant customers?
Segment Analysis
Stationary is presently dominating the type segment for bionic exoskeletons market. The ergonomic features associated with stationary bionic exoskeletons are the capability to provide strength and power assistance to weakened limbs and make that body part sturdy. Significant increase in its demand from the homecare settings and rehabilitation centers to assist patients suffering from spinal cord injuries to stand and walk. Mobile bionic exoskeletons are going to register rampant market growth in the near future on account of this increasing demand from the military segment across the globe to accelerate body motion and reduce fatigue during military tactical operations.
Medical is currently leading the end-user segment for the bionic exoskeletons market. The constant rise in traumatic accidents, workplace hazardous activities, gangrene has resulted in concomitant limb amputation across the globe. As per the latest research citings provided by the International Diabetes Federation (IDF), there are approximately more than 1 million limb amputations each year globally, which is roughly 1 amputation every 30 seconds. The 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 representing the largest market share in the geography segment for the bionic exoskeletons market. A significant increase in the number of limb amputations primarily drives the bionic exoskeleton's market growth in the region. As per the latest statistics provided by the National Institute of Health (NIH), it is estimated that approximately 185,000 amputations are performed in the United States each year. Furthermore, the domicile of key players such as Ottobock, Inc., DJO Global, Inc., and Ossur Corporate, etc. further accentuates the market growth in the region. Europe is considered as the second-largest 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. Additionally, the nurturing regulatory environment provided by the European Medical Agency (EMA), for the sale and distribution of bionic exoskeletons further propels the market growth in the region. The 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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