(EMAILWIRE.COM, October 17, 2019 ) According to a new market research report "Medical Exoskeleton Market by Component (Hardware (Sensor, Actuator, Control System, Power Source), Software), Type (Powered, Passive), Extremities (Lower, Upper) & Mobility (Mobile, Stationary) - Global Forecast to 2023", published by MarketsandMarkets™. The global Medical Exoskeleton Market is projected to reach USD 571.6 million by 2023 from USD 116.7 million in 2018, at a CAGR of 37.4%.

Lower extremity medical exoskeletons are expected to dominate the market in 2018

By extremity, the market is segmented into lower extremity medical exoskeletons and upper extremity medical exoskeletons. In 2018, lower extremity medical exoskeletons segment is expected to account for the largest share of the global Medical Exoskeleton Market. Lower extremity exoskeletons provide stability to paralyzed and geriatric patients and offer weight-bearing and locomotion capabilities. As a result, they are more widely adopted for rehabilitation applications.

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Based on mobility, the mobile segment is projected to grow at the highest CAGR during the forecast period

Based on mobility, the Medical Exoskeleton Market is segmented into mobile and stationary exoskeletons. The mobile segment is expected to register the highest CAGR during the forecast period. The growth of this segment can be attributed to the high demand for compact, light-weight mobile medical exoskeletons that can offer mobility assistance to paralyzed patients.

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North America is expected to hold the largest share of the Medical Exoskeleton Market in 2018

In 2018, North America is expected to dominate the market followed by Europe. The large share of this geographical segment is attributed to the growing geriatric population, increasing demand for self-assist exoskeletons, growing number of spinal cord injuries (SCI), and the high prevalence of stroke in the region.

The Medical Exoskeleton Market includes various players. Key players in this market include the major players in the market are Ekso Bionics Holdings, Inc. (US), ReWalk Robotics Ltd (Israel), Parker Hannifin Corp (US), Bionik Laboratories Corp (Canada), CYBERDYNE Inc. (Japan), Rex Bionics Ltd. (UK), B-TEMIA Inc. (Canada), Hocoma AG (A Subsidiary of DIH Technologies) (Switzerland), Wearable Robotics SRL (Italy), Gogoa Mobility Robots SL (Spain), and ExoAtlet, O.O.O. (Russia).