Medical exoskeleton market to hit $3.2b by 2031

The growing geriatric population is contributing to the increasing demand.

The medical exoskeleton market is projected to reach $3.2b by 2031 at a compound annual growth rate of 30.8%, according to The Insight Partners.

The growing geriatric population is contributing to the increasing demand for medical exoskeletons, with older adults often facing mobility challenges due to muscle wastage, bone joint complications, arthritis, osteoporosis, and loss of muscle mass.

Meanwhile, medical exoskeletons are designed to stabilise the body and support an upright position, helping to mitigate these physical limitations and improve the quality of life for elderly individuals.

Moreover, the increasing patient pool suffering from spinal cord injuries, strokes, and other mobility-affecting conditions in developing nations is creating lucrative opportunities for companies to cater to these markets.

“With the advancement of exoskeleton technology and increasingly efficient manufacturing processes, cost-effective products can be manufactured locally in these developing countries,” the report said.