Global Exoskeleton Market: Industry Trends & Outlook 2023 says Brandessence Market Research
LONDON, April 13, 2023 /PRNewswire/ -- The Global Exoskeleton Market was worth USD 492.8 million in 2021. Due to the emergence of numerous expansion propellants, the industry is slated to accrue a valuation of USD 13,948.9 million by 2028, registering a CAGR of 44.98% over 2022-2029.
Exoskeletons are mechanical devices that are equipped with the ability to support various physical movements of an individual. It reduces the workload of individuals by giving them the necessary physical support while also minimizing the chances of injuries if they are involved in a strenuous task. In fact, these devices also work wonders for people struggling with any sort of physical disability. Exoskeletons are predominantly adopted across rehabilitation centers, construction sites, defense, and sector, industrial facilities, among others.
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Global Exoskeleton Market Outlook (2022-2029)
The booming healthcare sector, surge in the geriatric population base, and widespread technological advancements in the field are primarily augmenting the outlook of this business vertical.
Furthermore, rising R&D activities in the field, increasing industrial safety norms, along with the growing adoption of these devices across the military sectors are creating lucrative opportunities for this industry sphere to prosper.
Alongside, advent of AI-based exoskeletons coupled with the growing focus of players to develop high end devices in this sector are adding momentum to the progression of this market space.
Moreover, the growing prevalence of diseases leading to physical disabilities and rising research expenditure in this sector are aiding the expansion of this industry.
On the contrary, the high cost of these devices and stringent regulatory approval-based standards are hindering the remuneration scope of this business sphere.
Competitive Hierarchy
The prominent players defining the competitive terrain of the Global Exoskeleton Market are Bioventus, Bionik Laboratories, Cyberdyne Inc., B-TEMIA Inc., Gogoa Mobility Robots, Ekso Bionics, Parker Hannifin Corp, Lockheed Martin Corporation, Rex Bionics, Rewalk Robotics, Wearable Robotics, Suit X, and Others.
Segmental Outlook
By Mobility:
- Mobile
- Fixed/stationary
By Technology:
- Powered
- Non-powered
By Extremity:
- Upper Body
- Lower Body
- Full Body
By End-User:
- Healthcare
- Military
- Industry
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Region-Wise Outlook
Which is the leading region in the Global Exoskeleton Market?
North America is expected to lead the industry sphere in terms of volume share. This is ascribed to the rising defense expenditure, presence of favourable reimbursement scenario and increasing number of disabled individuals.
How is Asia Pacific faring in this industry vertically?
Asia Pacific is reckoned to garner significant returns over 2022-2029. This is due to the rapidly evolving healthcare infrastructure, rising device adoption in the industrial sector, and widespread technological advancements in the field.
Category-Wise Outlook
Which is the top performing mobility segment in this business sphere?
The mobile segment is anticipated to amass notable gains over the estimated timeline. This is attributable to the versatility and adaptability of mobile exoskeletons.
Which is the fastest growing technology segment in this marketplace?
The powered segment has emerged as one of the fastest growing technology segments in this industry vertically. This is because powered exoskeletons are equipped with motors and sensors that provide active assistance to the wearer, enabling them to perform tasks with greater ease and efficiency.
Which is the most dominant extremity segment in this industry?
The full body segment is presently dominating the industry in terms of revenue share. This is credited to the ability of these devices to support the entire body, providing assistance to the upper and lower body simultaneously.
Which end user segment is expected to register significant growth over 2022-2029?
The healthcare segment is projected to showcase an upward trend in the ensuing years owing to the rising healthcare expenditure and increasing number of disabled individuals
Comparing the historical outlook and ongoing trends of this market
The Global Exoskeleton Market is projected to garner significant returns over the assessment timeline of 2022-2029.
There has been an increased adoption of these devices across the healthcare sector. This is powered by a steep rise in the number of disabled individuals, surge in the geriatric population base, increasing instances of accidents leading to disability, along with the prevalence of chronic and lifestyle-based ailments. These devices are used by the affected individuals for external support to carry out physical activities like walking, running, along with other functions. Exoskeletons not only provide additional endurance to the affected body parts but also prevent them from further damage. These factors together are stimulating the overall dynamics of this business vertical.
Exoskeletons are being widely adopted across the defense sector. Military personnels need to fulfil rigorous activities during their training period and when they are posted in the field. They are subject to terrorist attacks which they need to combat. It requires a lot of strength and endurance. There are times when defense personnel get injured in the field which in turn reduces their physical abilities. In such cases, these devices are used by them for enhanced strength, endurance, and protection. They can also help soldiers carry heavy loads for longer periods of time, reduce the risk of injury, and improve overall mobility in combat situations. This in turn is positively swaying the outlook of this industry sphere.
On Special Requirement Exoskeleton Market Report is also available for below region:
- U.S, Canada
- Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe
- South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC
- Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America
- Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA
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Major Developments
In 2021, Medtronic announced the acquisition of Stimgenics, an exoskeleton manufacturing company.
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