At 29.0% CAGR, South & Central America Medical Exoskeleton Market is Projected to be Worth US$ 134.09 Million by 2031, says Business Market Insights

According to Business Market Insights' research, the South & Central America medical exoskeleton market was valued at US$ 17.51 million in 2023 and is expected to reach US$ 134.09 million by 2031, registering a CAGR of 29.0% from 2023 to 2031. Increasing technological advancements and rising investments and growing incidence of stroke and musculoskeletal are among the critical factors attributed to drive the South & Central America medical exoskeleton market growth.

Globally, people strive for better health and do not compromise with low-quality products. Owing to this, continuous technological developments and innovations are being made in the healthcare industry to enhance healthcare services and improve the quality of care. Various global market players are attempting to acquire a larger market share by increasing investments in exoskeleton systems on a global level. For instance, Exoskeleton maker RoboCT Technology Development Co. completed a US$ 15.7 million (RMB 100 million) Series A+ financing round in April 2022. RoboCT (headquartered in Hangzhou, China) provides smart rehabilitation devices and robotic technology, coupled with data analysis and cloud computing, to medical rehabilitation institutes for addressing the needs of elderly people and disabled individuals. In addition, growing R&D activities by companies operating in the market are anticipated to accelerate the development of advanced systems in various application areas. The companies also hold their technology and intellectual property rights that help them retain their market share. Medical exoskeletons are likely to grow dramatically due to increasing revolutionary technology, innovative products, and successful events. Thus, companies manufacturing exoskeleton systems are expected to add value and attract wide customer base. The increased adoption of artificial intelligence (AI) and Internet of Things in developing intelligent exoskeleton systems is expected to complement the market growth. For instance, German Bionic has developed an AI-based exoskeleton system that has added a smart safety companion and a cloud-based platform for exoskeletons. Thus, the increasing technological advancements and rising investments are likely to catalyze the growth of the South & Central America medical exoskeleton market during the forecast period.

On the contrary, high cost of product and regulatory concerns hamper the growth of South & Central America medical exoskeleton market.

By component, the South & Central America medical exoskeleton market is bifurcated into hardware and software. The hardware segment held 80.4% share of South & Central America medical exoskeleton market share in 2023, amassing US$ 14.08 million. It is projected to garner US$ 110.40 million by 2031 to register 29.4% CAGR during 2023-2031.

In terms of type, the South & Central America medical exoskeleton market is bifurcated into powered exoskeleton and passive exoskeleton. The powered exoskeleton segment held 80.9% share of South & Central America medical exoskeleton market share in 2023, amassing US$ 14.16 million. It is projected to garner US$ 114.71 million by 2031 to register 29.9% CAGR during 2023-2031.

Based on extremity, the South & Central America medical exoskeleton market is segmented into lower body exoskeleton, upper body exoskeleton, and full body exoskeleton. The lower body exoskeleton segment held 59.5% share of South & Central America medical exoskeleton market share in 2023, amassing US$ 10.42 million. It is projected to garner US$ 73.74 million by 2031 to register 27.7% CAGR during 2023-2031.

By application, the South & Central America 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 37.5% share of South & Central America medical exoskeleton market share in 2023, amassing US$ 6.57 million. It is projected to garner US$ 63.76 million by 2031 to register 32.8% CAGR during 2023-2031.

In terms of mobility, the South & Central America medical exoskeleton market is bifurcated into mobile exoskeleton and stationary exoskeleton. The mobile exoskeleton segment held 79.2% share of South & Central America medical exoskeleton market share in 2023, amassing US$ 13.86 million. It is projected to garner US$ 112.98 million by 2031 to register 30.0% CAGR during 2023-2031.

By end users, the South & Central America medical exoskeleton market is segmented into rehabilitation centers, physiotherapy centers, long term care centers, homecare settings, and others. The rehabilitation centers segment held 50.7% share of South & Central America medical exoskeleton market share in 2023, amassing US$ 8.88 million. It is projected to garner US$ 79.01 million by 2031 to register 31.4% CAGR during 2023-2031.

Based on country, the South & Central America medical exoskeleton market is categorized into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that Brazil captured 57.4% share of South & Central America medical exoskeleton market in 2023. It was assessed at US$ 10.04 million in 2023 and is likely to hit US$ 79.86 million by 2031, registering a CAGR of 29.6% during 2023-2031.

Key players operating in the South & Central America medical exoskeleton market are BIONIK; Cyberdyne Inc; Hocoma AG; Lifeward, Inc; and Rex Bionics Ltd., 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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