According to the 2019 data of National Spinal Cord Injury Statistical Center (NSCISC), approximately 17,730 people are affected by spinal cord injury (SCI) each year in the U.S. The annual report by NSCISC also mentions that on an average nearly 291,000 people with SCI are currently living in the country, and the cases are on the rise. Due to the rising cases, exoskeletons are being increasingly used in the healthcare industry, to provide physical strength to the affected people and help paralyzed patients walk.
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Additionally, surging aging population is also increasing the application of exoskeletons. The 2019 World Population Ageing report, by the UN states, projected that by 2050, there will be around 1,500 million people of age 65 years and above. Due to this surge, exoskeleton devices are being widely used to increase the physical strength of the elderly people. With aging, the risk of fractures becomes high due to fragile bones and reduced bone density. This will eventually increase the exoskeleton market size from $290.3 million in 2019 to $6,957.9 million by 2030, displaying a CAGR of 35.9% during 2020–2030.
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These advancements are an outcome of increasing investments for the commercialization and innovation of exoskeleton products. Additionally, rising awareness regarding the application of exoskeletons for acute and chronic orthopedic diseases' management in developed and developing nations has led to the improvement and demand for these devices.
To adhere to the increasing use of exoskeleton products, manufacturers are focusing on strategic measures like facility, expansions, product launches, and partnerships. For instance, Bionik Laboratories Corporation launched, in 2019, the new-generation InMotion ARM/HAND robotic system to clinically rehabilitate patients with mobility impairments due to neurological disorders, and stroke survivors.
