Growing Prevalence of Spinal Cord Injuries Driving Sales of Exoskeletons
With the rising incidence of spinal cord injuries (SCIs) and strokes, the demand for exoskeletons is increasing rapidly across the world. In various healthcare facilities such as rehabilitation centers, exoskeletons are increasingly being used for helping patients suffering from paralysis and SCIs walk and perform daily activities and tasks again. As per the National Spinal Cord Injury Statistical Center (NSCISC), in the U.S., in 2019, there were around 54 individuals out of every 1 million people suffering from SCIs.
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Furthermore, the organization reported that nearly 17,730 new cases of SCIs are diagnosed in the country every year. According to the organization, on an average, as many as 291,000 people suffer from SCIs in the U.S., with individual estimates falling in the range of 249,000—363,000. This is fueling the sales of exoskeletons in the U.S. The surging geriatric population all over the world is another major factor propelling the demand for exoskeletons.
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This is pushing up the sales of exoskeletons, which is, in turn, causing the expansion of the global exoskeleton market. The value of the market is predicted to rise from $290.3 million to $6,957.9 million from 2019 to 2030. Furthermore, the market is predicted to progress at a CAGR of 35.9% from 2020 to 2030. Based on component, the market is divided into software and hardware. Between these, the hardware category recorded higher growth in the market in the past.