Exoskeleton Market

Market Synopsis:

Global Exoskeleton Market is valued at USD 568.00 Million in 2022 and is projected to attain a value of USD 9389.81 Million by 2030 at a CAGR of 42.00% during the forecast period, 2022–2028. Patients with movement disorders like Parkinson's disease, multiple sclerosis, and strokes are on the rise, which is fuelling product demand. These illnesses restrict voluntary body motions and cause difficulties in daily tasks. Every year, about one million people in the United States are diagnosed with Parkinson's disease. Over the projection period, an increase in the number of people with mobility impairments would boost the growth of the Exoskeleton market.

The industry's expansion will be fuelled by the world's ageing population. According to the World Health Organization, the global population of people aged 60 and more will increase from 12% in 2015 to roughly 22% in 2050. With increasing age, muscle strength and physical labour capacities deteriorate. The Exoskeleton Market will continue to grow as more medical devices are used to support and actuate body movement.

Increasing Adoption of Human Augmentation Equipment in Industrial and Military Sectors

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Load systems have been transformed into human enhancement devices after years of development. Because Exoskeleton devices can improve powerlifting, load carrying, and endurance functions, the market has garnered financing from a number of countries' defence departments. Exoskeleton also have a positive growth forecast, which, combined with increased awareness of these devices in other disciplines, is attracting greater investment in the industry—particularly from private venture capitalists. Exoskeleton have been successfully created and tested for mechanical construction and to assist soldiers in supplementing main body strength. Exoskeleton also give very strong load-supporting aid while allowing the load to be decoupled at the same time.

High equipment cost

Exoskeleton that are both cost-effective and inexpensive have benefited greatly from technological developments, but they have yet to reach their full market potential. Exoskeleton usability is a major challenge for the industry, as Exoskeleton are slow and inconvenient to use. The cost of exoskeletons for rehabilitation among individuals with disabilities in low-income nations is a hurdle. A patient with a lower limb handicap will have to pay a significant fee for an Exoskeleton power suit for robotic therapy, as well as physiotherapists who have been trained to work with power suits. The Exoskeleton, as well as other regular medical procedures like surgery and hospitalization, will be paid for by the patient, making its use cost-prohibitive.

Market Segmentation:

The Global Exoskeleton Market is segmented by Product Type into Stationery and Mobile. By Application into, Healthcare, Military and Industry, By Technology into Powered and Non Powered. Based on Region, the Exoskeleton Market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

North America to Continue Dominating the Exoskeleton Market

Owing to the rising prevalence of disabled individuals, rising expenditure on research activities, growing public and private support, increasing number of partnerships and collaborations among key participants, and availability of technologically advanced products, North America dominated the Exoskeleton market in 2021, accounting for the largest revenue share. According to the Centers for Disease Control and Prevention (CDC), roughly 61 million people in the United States have a disability, with mobility problems accounting for 13% of the overall impaired population. Furthermore, the quickly growing geriatric population, rising disposable income, public and private investor availability, broad presence of important market participants, and developing human augmentation in industry and military verticals are all pushing expansion.

Key Players:

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).

Exoskeleton Market is segmented as follows:

Exoskeleton Market is tabulated as follows: