At 29.6% CAGR, Europe Medical Exoskeleton Market is Projected to be Worth US$ 853.96 Million by 2031, says Business Market Insights

According to Business Market Insights’ research, the Europe medical exoskeleton market was valued at US$ 107.48 million in 2023 and is expected to reach US$ 853.96 million by 2031, registering a CAGR of 29.6% from 2023 to 2031. Increasing prevalence of SCIs and growing incidence of stroke and musculoskeletal are among the critical factors attributed to drive the Europe medical exoskeleton market growth.

Reduced physical activity and the predominance of seated activities can lead to severe physical and psychological deterioration in people suffering from Spinal Cord Injury (SPI). Secondary complications related to SCI can also reduce life expectancies. According to the National Library of Medicine, nearly 250,000–500,000 patients suffer from SCIs every year worldwide. According to a report published by the Association for Spinal Injury Research, Rehabilitation and Reintegration (Aspire, UK), ~2,500 people are diagnosed with SCIs annually in the UK. Currently, ~50,000 people are living with these injuries in the UK. According to the WHO, globally, ~1.19 million people die every year in road crashes, and 20–50 million people suffer non-fatal injuries, with many incurring disabilities. Similarly, according to the Mayo Clinic estimates, sports and athletic activities such as diving in shallow water, basketball, and football cause ~10% of spinal cord injuries. Companies such as Lifeward are focusing on developing exoskeletons that help patients with SCI perform physical activities without pain. For instance, about 20% of the SCI population can be considered candidates for clinical trials of the current ReWalk Personal Exoskeleton or ReWalk Rehabilitation Exoskeleton. Moreover, soft exo-suit devices in medical exoskeletons can be used for patients suffering from SCI. Thus, the increase in the prevalence of SCI and ongoing research for the use of exoskeletons for SCI patients can be expected to fuel the market growth during the forecast period.

On the contrary, high cost of product and regulatory concerns hamper the growth of Europe medical exoskeleton market.

By component, the Europe medical exoskeleton market is bifurcated into hardware and software. The hardware segment held 77.9% share of Europe medical exoskeleton market share in 2023, amassing US$ 83.73 million. It is projected to garner US$ 682.79 million by 2031 to register 30.0% CAGR during 2023–2031.

In terms of type, the Europe medical exoskeleton market is bifurcated into powered exoskeleton and passive exoskeleton. The powered exoskeleton segment held 81.1% share of Europe medical exoskeleton market share in 2023, amassing US$ 87.15 million. It is projected to garner US$ 731.95 million by 2031 to register 30.5% CAGR during 2023–2031.

Based on extremity, the Europe medical exoskeleton market is segmented into lower body exoskeleton, upper body exoskeleton, and full body exoskeleton. The lower body exoskeleton segment held 58.0% share of Europe medical exoskeleton market share in 2023, amassing US$ 62.37 million. It is projected to garner US$ 456.26 million by 2031 to register 28.2% CAGR during 2023–2031.

By application, the Europe medical exoskeleton market is segmented into spinal cord injury, multiple sclerosis, stroke, cerebral palsy, Parkinson’s disease, and others. The spinal cord injury segment held 36.4% share of Europe medical exoskeleton market share in 2023, amassing US$ 39.08 million. It is projected to garner US$ 398.96 million by 2031 to register 33.7% CAGR during 2023–2031.

In terms of mobility, the Europe medical exoskeleton market is bifurcated into mobile exoskeleton and stationary exoskeleton. The mobile exoskeleton segment held 79.4% share of Europe medical exoskeleton market share in 2023, amassing US$ 85.30 million. It is projected to garner US$ 720.89 million by 2031 to register 30.6% CAGR during 2023–2031.

By end users, the Europe medical exoskeleton market is segmented into rehabilitation centers, physiotherapy centers, long term care centers, homecare settings, and others. The rehabilitation centers segment held 50.9% share of Europe medical exoskeleton market share in 2023, amassing US$ 54.69 million. It is projected to garner US$ 504.54 million by 2031 to register 32.0% CAGR during 2023–2031.

Based on country, the Europe medical exoskeleton market is categorized Germany, France, the UK, Italy, Spain, and the Rest of Europe. Our regional analysis states that Germany captured 25.2% share of Europe medical exoskeleton market in 2023. It was assessed at US$ 27.11 million in 2023 and is likely to hit US$ 261.04 million by 2031, registering a CAGR of 32.7% during 2023–2031.

Key players operating in the Europe medical exoskeleton market are BIONIK; B-Temia Inc; Cyberdyne Inc; Ekso Bionics Holdings Inc; ExoAtlet; Hocoma AG; Lifeward, Inc; Myomo Inc; Rex Bionics Ltd.; and Wearable Robotics SR, among others.

• In January 2024: Ekso Bionics Holdings, Inc. launched GaitCoach, its next-generation gait therapy software for EksoNR. The company believes GaitCoach reduces training demands and increases utilization, making the device more intuitive and easier for patients and physical therapists.

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