The global market for gait trainers is being progressively influenced by growing competition and an expansion of the walking aids industry.
A rising number of spinal injuries and strokes that impact the patient’s ability to walk has supported growth in the global gait trainer market and is expected to remain constant in the forthcoming years.
Europe and North America are two of the main key focus regions. Key players in these regions include Rifton Equipment, Ottobock, Ekso Bionics, Hocoma, and AlterG and they are expanding their commercial presence in the international market.
Companies are increasingly focusing on raising market penetration through exploration of untapped markets. Firms are focusing on enhancing products by introducing new technologies and upgrading existing products, as well as focusing on strategic alliances for sales and promotion globally, while manufacturers are focusing on upscaling production.
Acquisition activities and contractual agreements between manufacturers and local service providers are also promoting the growth of the global gait trainer market. Manufacturers of gait trainer devices and exoskeletons are focusing on securing government contracts and agreements with other medical device companies.
According to a report published by Future Market Insights (FMI), the global gait trainer market is expected to witness a compound annual growth rate (CAGR) of 4.9% from 2018 to 2028. In 2017, the market was worth $271.5m and is projected to rise to a valuation of $456.3m by the end of 2028.
Technological advancements to pave way for market progression
In the last couple of years, various types of gait trainers to support ambulation practices have been developed, including treadmills and over ground systems, which are gaining popularity.
Advanced gait trainer systems are predominantly designed to minimise stress-strain shielding with adjustable heights and increased range of motion with high efficiency. As indicated by an expert analyst, the new US Food and Drug Administration (FDA) approved EksoGT exoskeleton features a controller in-built with smart assist pre-gait and freegait quick fit technology. Ekso pulse comes with a Cloud-based technology, analytics, wireless transmission and Cloud storage.
Competitive pricing to obstruct growth tract
The price elasticity of the gait trainer market has grown extensively due to a significant role played by the government and managed care groups.
Home medical equipment (HME) dealers purchase gait trainer products based primarily on price, so they can be assured of being reimbursed. Therefore, manufacturers must fiercely compete on price to win large dealer contracts and purchases.
A rising number of Asian imports are bound to send prices to a new low, and the prices will continue to decline with an increasing number of participants.
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