Global Medical Exoskeleton Market: Overview
Medical exoskeleton has come to occupy a distinct position in rehabilitation or augmentation medical device in patients with limb or mobility disorders. The medical aid has emerged as a useful piece of wearable robotics with wide applications in health technology. Its role as a mobility aid in improving the quality of the patient populations has been a compelling proposition reinforcing its demand in the healthcare sector. Medical exoskeletons are worn outside the body of individuals and usually consist of rigid parts or hardware such as sensor and actuator, and robotic software.
Over the past few years, the variety of uses that wearable robotics can be put to as assistive mobility device has kept the medical exoskeleton increasingly thriving. In recent years, medical professionals have been constantly exploring the potential of medical skeleton as a rehabilitation device in various parts of the world. In recent years, there has been growing number of clearances for medical exoskeleton in lower limb disorders in developed regions, notably in the EU, Japan, and North America.
The various assessment offered in the report pertains to analysing the growth dynamics of the global medical exoskeleton market and key investment pockets for stakeholders. The analyses help in identifying the segments that are likely to receive greater interest among policy makers and businesses.
Global Medical Exoskeleton Market: Trends and Opportunities
Rising number of people across the world with lower limb disorders is bolstering the need or mobility aid and assistive medical devices. The growing morbidity and health burden of disorders such as cerebral embolisms and spinal cord injuries is a notable factor driving the demand for medical exoskeleton. The need is substantial among geriatrics in all major regions of the globe. The growing demand for innovative rehabilitation approaches has posited increasing focus of the medical community on medical exoskeleton, thus fueling the rapid expansion of the global market.
Rising insurance coverage for the assistive devices is increasingly benefitting the patient population, thereby catalyzing the growth of the global medical exoskeleton market. Several manufacturers and insurance providers are focused on expanding their reimbursement policies to favour the uptake of medical exoskeleton as assistive devices. Advances made in medical robotics over the past few years have made medical exoskeleton devices smarter, driving innovations in the market. The advent of modular medical exoskeleton and devices with intuitive interface is an important case in point.
Global Medical Exoskeleton Market: Region-wise Outlook
On the geographical front, developed regions are expected to emerge as substantially lucrative or the medical exoskeleton market. This is supported by a favourable regulatory impetus in developed nations and rapid pace of technological advances in medical robotics in the regions. For instance, rising acceptance of rehabilitative powered exoskeletons in healthcare facilities in the U.S. is creating sizeable chunks of revenue in the global market. The clearance of cutting-edge technologies is also helping in the swift expansion of the demand for medical exoskeleton in developed countries. The report takes a critical look at emerging avenues in all major regions of the medical exoskeleton market.
Key Players Mentioned in the Report
The study evaluates the impact of various elements of the prevailing competitive dynamics on the prospects of the global medical exoskeleton market. The insights cover key product development players in numerous players and offer an incisive analysis of their research and development initiatives. Some of the companies whose strategies are expected to shape the contours of the competitive landscape of the global medical exoskeleton market are Wearable Robotics SRL, Hocoma AG, B-TEMIA Inc., Bionic Laboratories, Parker Hannifin, Interactive Motion Technologies, Inc., and DIH International.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.