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Innovations And Competition In The Exoskeleton/Exo Robots Market, 2024

Innovations And Competition In The Exoskeleton/Exo Robots Market: A 2024 Perspective

Published: Aug, 2024
Report ID: GVR-MT-100210
Format: PDF, Horizon Databook

No. of Pages/Datapoints: 60
Report Coverage: 2024 - 2030

Healthcare Assistive Robots Market

The global healthcare assistive robots market size was estimated at USD 27.3 billion in 2023 and is projected to grow at a CAGR of 16.6% from 2024 to 2030. The market encompasses a range of segments such as surgical, exoskeleton, pharmaceutical, cleanroom, prosthetics, medical service, and companion robots. This trend report from the GVR research team will deliver comprehensive qualitative and quantitative insights specifically on the surgical, exoskeleton, medical service, and companion robots segments.

End users of healthcare assistive robots - Exoskeleton/Exo Robots Market

Exoskeleton/Exo Robots Key Market Performance Indicators

The exoskeleton/exo robots market is expected to witness significant growth over the forecast period from a revenue of USD 151.7 million in 2023.

Recent Developments By The Key Market Players

ReWalk Robotics Ltd. Named Lifeward: ReWalk Robotics Ltd., now under the new name Lifeward, announced its brand transformation in January 2024. Lifeward will offer products from both companies’ combined, including the AlterG Anti-Gravity systems, the ReStore Exo-Suit, the MyoCycle FES systems, and the ReWalk Personal Exoskeleton.
German Bionic has introduced Apogee+
Svaya Robotics developed quadruped robot and a wearable exoskeleton

Comparative Analysis Of Key Players In The Market

Aspect	Lifeward, Inc. (ReWalk Robotics)	Ekso Bionics
Overview	Lifeward, Inc. (ReWalk Robotics) is a prominent player in the exoskeleton market, focusing on mobility solutions for individuals with lower limb disabilities. Founded in 2001 and headquartered in Yokneam Ilit, Israel, ReWalk has developed wearable robotic exoskeletons that enable paraplegics to stand upright, walk, and even climb stairs.	Ekso Bionics is a well-established leader in the exoskeleton market with a strong presence in the healthcare sector. Founded in 2005 and based in Richmond, California, Ekso Bionics has developed advanced wearable exoskeletons used in medical rehabilitation and industrial applications.
Technological Innovation		Ekso Bionics' flagship medical product, the EksoGT, is designed for use in rehabilitation facilities. It supports patients with lower extremity weakness or paralysis during therapy sessions, enabling them to stand and walk.
Market Position and Growth Potential	ReWalk focuses on making its technology accessible for home and community use. Its growth strategy includes partnerships with rehabilitation centers, veterans’ organizations, and insurance providers. Recent advancements aim to enhance user experience by making devices lighter, more affordable, and easier to use.
Key Achievements	- FDA approval for the ReWalk Personal Exoskeleton.	- FDA clearance for the EksoGT for use in rehabilitation.
Challenges
Comparative Analysis

Exoskeleton/exo robots market, emerging and established players

Fast-Rising Medical Exoskeleton Startups

1. Fourier Intelligence:

Founded: 2015, Shanghai, China
Funding: USD 83 million
Product: ExoAtlet II for SCI, multiple sclerosis, and cerebral palsy rehabilitation.

Key Trends in the Exoskeleton/Exo Robots Market

Exoskeleton/exo robots’ market emerging key trends

The market for exoskeleton robots in healthcare is experiencing significant growth driven by several key factors:

Rising Demand for Rehabilitation Solutions: Increased prevalence of neurological and musculoskeletal disorders.

Aging Population: Growing need for mobility aids for the elderly.

Improved Patient Outcomes: Enhanced recovery and therapy effectiveness.

Cost Reduction: Lower overall healthcare expenses through efficient therapies.

Technological Advancements: Integration of AI and advanced sensors enhances functionality.

Increased Investment: Attracts funding and support for development and commercialization.

Key Developments In The Exoskeleton/Exo Robots Market

Insurance Coverage Expansion: The trend of including exoskeletons in health insurance coverage is rising, making them more accessible to patients. This is particularly evident in countries such as Germany, where specific exoskeleton systems are recognized for insurance procurement. For instance, in November 2023, ReWalk Robotics Ltd. appreciated the Centers for Medicare & Medicaid Services (CMS) for officially publishing the Calendar Year 2024 Home Health Prospective Payment System Rule. This regulation, which was issued on November 1, 2023, and is set to be implemented starting from January 1, 2024, confirms the classification of exoskeletons under the Medicare brace benefit category.

Government Initiatives and Collaborations: Various government programs and partnerships with exoskeleton companies promote adopting these technologies. For instance, initiatives aimed at providing exoskeletons to veterans with spinal cord injuries are helping to increase the visibility and acceptance of these devices. In April 2022, the Robotics and Advanced Technology Center in Tampa launched its clinic program, the Exoskeleton-Assisted Ambulation Program. This innovative initiative uses six robotic exoskeleton systems to support and improve walking capabilities. The program focuses on treating Veterans who have experienced spinal cord injuries and strokes, as well as those facing walking challenges due to various neurological injuries or conditions.

R&D Investments: Significant investments in research and development are propelling the exoskeleton market forward. Companies actively seek funding and support for innovative projects, essential for technological breakthroughs in this field. For instance, in December 2023, German Bionic, a company specializing in developing electric-powered exoskeletons, secured over USD 16.3 million in a Series A financing round. This inflow of funds is intended to deepen its collaboration with its industrial partner, Mubea.

Assistive Technology: Exoskeletons offer enhanced mobility and independence for individuals with permanent disabilities. They can assist with standing, walking, and climbing stairs. For instance, in July 2024, Kevin Piette, a para-athlete, carried the Olympic torch while wearing an AI-powered exoskeleton, showcasing the merging of technology and athleticism. This milestone underscores the advancements in assistive technology and its potential to improve the lives of people with disabilities; Piette's use of the exoskeleton demonstrates the progress in AI-driven assistive devices.

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