According a recent report, the global advanced prosthetics and exoskeletons market size was valued at USD 2.48 Billion in 2020 and is forecast to exceed USD 5.43 Billion in terms of revenue, at a CAGR of 10.2% through 2028. Rising investments in the healthcare sector worldwide, increasing patient awareness regarding the benefits of advanced prosthetics, government coupled with growth in number of NGO-funded programs and activities related to these solutions are the key factors driving advanced prosthetics and exoskeletons market growth.
Advanced prosthetics comprise of parts such as sockets, suspension mechanism, shafts, foot, hook or hand, while some are designed for cosmetic enhancement purposes. Prostheses are designed to appear as natural and life-like as possible. Rapidly evolving technologies in this field are fuelling the adoption of these solutions. An exoskeleton is an external frame worn as a body support by patients to overcome mobility limitations or to enhance biological capacities. Rise in number of technological advancements, such as the robotic exoskeletons as a rehabilitation tool to improve mobility-related challenges in spinal cord injury will foster advanced prosthetics and exoskeleton market size during the forecast period.
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Further key findings in the report
- Based on application, the hospital segment is expected to deliver a notable growth rate of 11.3% through 2028 on account of advancements in the healthcare industry coupled with growth in number of multispecialty hospitals across the globe. Majority of the people who suffer an accident are referred to hospitals for better treatment. Growing need to treat trauma patients and amputees is further expected to support segmental growth.
- Based on mobility, the mobile prosthetics segment is expected observe a growth rate of 11.1% over the forecast period owing to convenience attribute of the product, like a patient can easily remove a mobility prosthetics and reattach as per requirement.
- In the regional landscape, Europe accounted for a major chunk of the global advanced prosthetics and exoskeletons market share in 2020 and is expected to make significant revenue contributions though 2028. The key factors influencing industry growth include and increasing investments in the healthcare sector and advancements in robotics and AI technologies in the region.
- Key players contributing towards the global advanced prosthetics and exoskeletons market share are ReWalk Robotics, Bionik Laboratories Corporation, AlterG Inc., Cyberdyne Inc., Bauerfeind AG, DJO Global Inc., Blatchford Group, Ossur hf, Willow Wood Global LLC., and DeRoyal Industries Inc., among others.
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)
- Orthotic and Prosthetic Centers
- Mobility Outlook (Revenue: USD Billion; Volume: Thousand Units; 2018–2028)
- Regional Outlook (Revenue: USD Billion; Volume: Thousand Units; 2018–2028)
- North America
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
- North America
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