Seoul, South Korea, August 21, 2022 (GLOBE NEWSWIRE) — The world exoskeleton market The size was worth USD 493 million in 2021 and is expected to be worth USD 13,949 million by 2030 growing at a CAGR of 45.5% over the coming period from 2022 to 2030.
Highlights of the Exoskeleton Market Reports:
- The global exoskeleton market size in 2021 was worth USD 493 million and is expected to grow at a CAGR of 45.5% from 2022 to 2030
- The North American exoskeleton market is expected to dominate the global market with over 40% market share
- The Asia-Pacific exoskeleton market is expected to witness the fastest growth in terms of exoskeleton adoption during the forecast period
- Using AI and IoT Enabled Exoskeletons Will Improve the Exoskeleton Industry Scenario
- Global exoskeleton market share to benefit from increased demand for industrial exoskeletons
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Exoskeleton market Report cover:
|Exoskeleton Market Size 2021||$493 million|
|Exoskeleton Market Forecast 2030||$13,949 million|
|CAGR of the exoskeleton market between 2022 and 2030||45.5%|
|Period of analysis of the exoskeleton market||2018 – 2030|
|Exoskeleton Market Base Year||2021|
|Exoskeleton Market Forecast Data||2022 – 2030|
|Segments Covered||By mobility, by technology, by endpoint, by end use and by region|
|Regional scope of the exoskeleton market||North America, Europe, Asia-Pacific, Latin America, Middle East and Africa|
|Profiled Key Companies||Bionik Laboratories Corp., Ekso Bionics, Cyberdyne Inc., Hocoma, B-Temia, Hyundai Motor Company, Lockheed Martin Corporation, Parker Hannifin, REX Bionics, Levitate Technologies, Inc., Ottobock SE & Co. KGaA, and ReWalk Robotics|
|Report cover||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulatory Analysis|
Exoskeletons are wearable robotic devices that work in tandem with the consumer to augment, strengthen or rebuild human physical performance. Exoskeletons are also known as Power Armor, Robot Suits, Wearable Machine, Exo-Frame, or Exosuit, and Power Vests. Rising demand for orthopedic rehabilitation in the healthcare sector, increasing incidence of cardiac events and growing investment in exoskeleton in industrial, military and defense sectors are driving the growth of the market size of the exoskeleton.
Dynamics of the exoskeleton market
Growing applications in a wide range of industries, an aging workforce, advancements in technology, and the growing scope of military and healthcare industries are driving the growth in the global Exoskeleton market value. These outfits are expected to see widespread use in healthcare systems and benefit from an increase in the number of rehab clinics. The development of active and partially passive technology is one of the major factors influencing the market need for exoskeletons. Several companies are focused on the discovery and development of new exoskeleton systems. Accordingly, these factors are propelling the exoskeleton market trend. The global use of AI and IoT enabled exoskeletons will improve the industry scenario. Additionally, the global exoskeleton market size will benefit from the increased demand for industrial exoskeletons.
Moreover, as the global number of people with disabilities increases, so does the demand for robotic rehabilitation technology. Musculoskeletal injuries and diseases such as cumulative traumatic disorder (CTD), repetitive strain injury (RSI), as well as occupational overuse syndromes (OOS) are likely to fuel the revenue growth of the global exoskeleton market. Musculoskeletal problems affect 1.71 billion individuals globally, according to World Health Organization data as of February 2021. Additionally, the COVID-19 outbreak has had a huge influence on the market world of exoskeletons. Commodity import and export restrictions will improve market environment after COVID-19.
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Exoskeleton market Segmentation
The global exoskeleton market has been segmented by Acumen Research and Consulting on the basis of mobility, extremities, technology, and end use. In terms of mobility, the segment is separated into fixed/stationary and mobile. Based on the end, the industry is divided into passive and powered. By technology, the market is categorized into lower body, full body, and upper body. In terms of end use, the segment is categorized into healthcare, industrial, military and others.
Regional Outlook of the Exoskeleton Market
The global exoskeleton market is divided into five geographical regions: North America, Latin America, Asia-Pacific, Europe, Middle East and Africa. According to the exoskeleton industry analysis, the North America region accounted for the largest share of the market revenue during the forecast years. The expansion of the regional market is predicted in response to the existence of a large demand for exoskeletons from the healthcare and industrial sectors. Furthermore, increasing government funding for medical equipment, combined with expanding healthcare infrastructure, is increasing the use of advanced robotics, resulting in growth in market revenue.
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Exoskeleton Market Players
Recently, prominent players have focused on developing new product development strategies and securing timely product approvals from regulatory authorities to expand their company footprint and product portfolio. The growing number of technical partnerships, collaborations, geographic expansion, acquisitions, and mergers is expected to propel the expansion of the exoskeleton market over the projected years.
Some of the leading companies in the exoskeleton market are Bionik Laboratories Corp., Ekso Bionics, Cyberdyne Inc., Hocoma, B-Temia, Hyundai Motor Company, Lockheed Martin Corporation, Parker Hannifin, REX Bionics, Levitate Technologies, Inc., Ottobock SE & Co. KGaA and ReWalk Robotics.
In February 2022, CYBERDYNE Inc. reported that the Ministry of Health of the Republic of Indonesia had approved its medical device advertising license application for Medical HAL Single Joint Type, a wearable cyborg that improves physical muscle strength.
Questions Aanswered Bthere Jhis Rreport :
- What was the market size of Exoskeleton Market in 2021?
- What will be the CAGR of the Exoskeleton Market during the forecast period, 2022 to 2030?
- Who are the key players in the global exoskeleton market?
- Which region held the largest exoskeleton market share in 2021?
- What are the key market drivers of Exoskeleton Market?
- Who is the largest end user in the exoskeleton market?
- What will be the market value of exoskeletons in 2030?
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