Increasing Occurrence of Spinal Cord Injuries Powering Sales of Exoskeletons

The growing prevalence of stroke and spinal cord injuries (SCIs) is fueling the surge in the demand for exoskeletons in several healthcare settings such as rehabilitation centers across the world. In the healthcare industry, exoskeletons are used for helping paralyzed patients walk. For example, as per the National Spinal Cord Injury Statistical Center (NSCISC), in the U.S., there are around 54 cases of SCIs per one million people, or nearly 17,730 new SCI cases are reported every year.

Furthermore, in the U.S., the average number of people suffering from spinal cord injuries is 291,000, with various individual estimates falling in the range of 249,000–363,000. The surging geriatric population in several countries is also fueling the demand for exoskeletons. As per the World Population Ageing 2019 report published by the UN, the total number of people in the age bracket- 65 years or above across the world was 703 million in 2019.

Moreover, the public awareness about exoskeletons and their ability to manage chronic and acute orthopedic diseases in both developing and developed nations is also bolstering the sales of exoskeletons around the world. This is subsequently driving the progress of the global exoskeleton market. According to the forecast of P&S Intelligence, a market research company based in India, the valuation of the market will grow from $290.3 million in 2019 to $6,957.9 million by 2030.

Geographically, the demand for exoskeletons is predicted to soar in the Asia-Pacific (APAC) region in the future years. This will be because of the growing usage of exoskeletons in the healthcare sector and the rising incidence of disability and orthopedic diseases, on account of the rapidly increasing geriatric population in several regional countries. As aging causes the loss of bone density, which, in turn, leads to fragile bones, the surging geriatric population is massively boosting exoskeleton sales in the region.

Hence, it can be said with full confidence that the demand for exoskeletons will soar all over the world in the coming years, primarily because of the growing incidence of spinal cord injuries, stroke, and orthopedic ailments and the surging geriatric population in several countries.