Exoskeleton Market Is Expected To Grow With A CAGR of 42.1% From 2022 To 2028
Exoskeletons are mechanical structures used to increase the strength and endurance that humans can wear. Exoskeletons are helpful to so reduce workplace causes of musculoskeletal disorders (MSD). Exoskeletons that are incorporated with actuators, sensors, and motors are stated as wearable robotics. There are two types of exoskeletons namely powered and non-powered exoskeleton. Powered exoskeletons use batteries to run sensors and actuators. Furthermore, in the static exoskeletons, the actuators are turned on at all times in order for the device to maintain its shape whereas, in dynamic exoskeletons, actuators need not be turned on at all times and the device is more energy efficient. These types of exoskeletons are further differentiated by what they are designed to do.
The growing demand from the healthcare sector for robotic rehabilitation along with advancements in robotic technologies is anticipated to augment the growth of the Exoskeleton market during the forecast period. The use of robot-assisted therapy systems is increasing in rehabilitation processes since they offer various benefits such as performing repeated movements during goal-directed tasks, the assessment of different functional and physiological parameters during rehabilitation exercises, and assisting home training. The use of exoskeletons for such purposes has increased owing to the rise in the number of people with various physical disabilities, particularly in the geriatric population. According to the Department of Economic and Social Affairs of the United Nations, in 2019, there were about 703 million persons aged 65 years or over across the globe and it is further estimated that the number of elder persons is going to double to 1.5 billion in 2050. Hence, the increased aging population is expected to increase the need for exoskeletons in the years to come. Furthermore, huge investments for the development of exoskeleton technology are also expected to augment the growth of the market in near future.
However, the regulatory challenges for securing approvals for medical applications of exoskeletons are expected to hamper the growth of Exoskeleton market in the years to come. Moreover, the increasing adoption of human augmentation equipment in industrial and military sectors is further anticipated to create more opportunities for the growth of the exoskeleton technology within the estimated timeframe. Additionally, the growing insurance coverage for exoskeletons is also expected to support the growth of the market.
North America held the largest share in the global Exoskeleton market and is likely to continue the same trend during the forecast period. The U.S. dominated in the North America region. This is attributable to the growing public and private support and rising expenditure on research activities in the region. Additionally, the growing prevalence of disabled individuals along with the availability of technologically advanced products is also expected to support the growth of the market in near future. Asia Pacific is expected to grow at a considerable CAGR during the forecast period. This is attributable to the presence of a huge target population coupled with the availability of government support and funding from economies like India and China in the region.
Some of the prominent players operating in the global market include Some key players operating in the exoskeleton market include REkso Bionics; Hocoma; Lockheed Martin Corporation; Suit X (U.S. Bionics, Inc.); Rex Bionics Plc.; RB3D; ReWalk Robotics Ltd; Cyberdyne, Inc.; and ActiveLink (Panasonic Corporation)..