Rising occurrence of road accidents and physical injuries and increasing burden of chronic diseases such as diabetes and cancer are among the key factors driving market revenue growth
According to Emergen Research, the global advanced prosthetics and exoskeletons market size was USD 2.48 billion in 2020 and is expected to reach USD 5.43 billion in 2028 and register a revenue CAGR of 10.2% during the forecast period, 2021-2028.
The global advanced prosthetics and exoskeletons market revenue growth is primarily attributed to factors such as rise in global geriatric population, rising prevalence of acute and chronic diseases such as cancer, diabetes, and cardiovascular disorders, increasing incidence of road accidents and physical injuries, and technological advancements in medical products.
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Rising awareness of the benefits of advanced prosthetics and exoskeletons, increasing demand for mobile prosthetics and exoskeletons, increasing government investments in healthcare research and development activities, and rapidly advancing global healthcare infrastructure are among the other major factors expected to contribute to revenue growth of the global advanced prosthetics and exoskeletons market over the forecast period. In addition, market revenue growth is driven by rapid incorporation of emerging technologies such as artificial intelligence and robotics in healthcare solutions and growing number of multispecialty healthcare centers and ambulatory surgical centers around the world.
COVID-19 Impact Analysis:
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Lower Limb Product Type Segment to Account for Largest Revenue Share:
Based on product type, the global advanced prosthetics and exoskeletons market is segmented into lower limb, upper limb, and full body. The lower limb segment is expected to account for largest revenue share in the global market over the forecast period. Revenue growth of this segment is supported by increasing cases of road accidents and injuries resulting in loss of limb or amputations, rising volumes of orthopedic surgeries, and growing demand for advanced lower limb prosthetics due to advantages such as increased stability, greater comfort, and better shock absorption.
North America Accounted for Largest Revenue Share in 2020:
Among regional markets, the North America advanced prosthetics and exoskeletons market dominated other regional markets in terms of revenue share in the global market in 2020. Key factors contributing to the North America market revenue growth are increasing incidence of accidents and physical injuries, growing prevalence of chronic and acute diseases, increasing availability of advanced and high-end prosthetics and exoskeletons, and presence of state-of-the-art healthcare infrastructure in the region. Presence of leading industry players such as ReWalk Robotics, AlterG Inc., Bionik Laboratories Corporation, and Willow Wood Global LLC in the region is another key driver for the North America market growth.
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Major Companies in the Market Include:
- Bionik Laboratories Corporation
- ReWalk Robotics
- AlterG Inc.
- Bauerfeind AG
- Cyberdyne Inc.
- DJO Global Inc.
- DeRoyal Industries Inc.
- Blatchford Group
- Ossur hf
- Willow Wood Global LLC
For the purpose of this report, Emergen Research has segmented the global advanced prosthetics and exoskeletons market based on product type, mobility, application, and region:
Product Type Outlook (Revenue, USD Billion; Volume, Thousand Units; 2018–2028)
- Lower Limb
- Upper Limb
- Full Body
Mobility Outlook (Revenue, USD Billion; Volume, Thousand Units; 2018–2028)
Application Outlook (Revenue, USD Billion; Volume, Thousand Units; 2018–2028)
- Specialty Clinics
- Orthotic and Prosthetic Centers
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Region Outlook (Revenue, USD Billion; Volume, Thousand Units; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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