March 2, 2024
Exoskeleton Market

Exoskeleton Market Is Estimated To Witness High Growth Owing To Increasing Adoption In Healthcare Sector & Growing Demand From Military Applications

The Exoskeleton Market is estimated to be valued at US$ 87.9 Mn in 2016 and is expected to exhibit a CAGR of 44.16% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Exoskeletons are wearable devices that enhance the physical capabilities of individuals by providing mechanical support, assistance, and protection. These devices find wide applications in the healthcare sector, military, and industrial sectors, among others. In healthcare, exoskeletons are used to assist patients with mobility impairments, allowing them to regain functional movement. In the military sector, exoskeletons enhance soldiers’ strength and endurance, enabling them to carry heavy equipment and navigate challenging environments. The increasing adoption of exoskeletons in the healthcare sector, coupled with the growing demand from military applications, is driving the market growth.

Market Dynamics:

The growth of the exoskeleton market can be attributed to two main drivers. Firstly, the increasing adoption of exoskeletons in the healthcare sector is fueled by the rising geriatric population and the prevalence of mobility-related disorders. Exoskeletons offer a solution for patients with spinal cord injuries, stroke, and other mobility impairments, enabling them to regain independence and improve their quality of life.

Secondly, there is a growing demand for exoskeletons in military applications. The integration of exoskeleton technology in the military enhances soldiers’ strength, agility, and endurance, allowing them to carry heavy loads and perform tasks with ease. This technology also reduces the risk of injuries and improves soldiers’ overall performance.

Overall, the exoskeleton market is witnessing significant growth due to the increasing adoption in the healthcare sector and the growing demand from military applications. These factors are expected to drive market growth over the forecast period.

Segment Analysis:

The exoskeleton market can be segmented based on type, mobility, technology, and end-use industry. Based on type, the powered segment dominates the market due to its ability to provide strength and support to users, thereby enabling them to perform strenuous tasks. In terms of mobility, the mobile exoskeleton segment holds the largest market share as it allows users to move freely and perform functions in different environments. In terms of technology, the electric segment is dominating the market due to its efficiency and effectiveness in providing assistance to individuals with mobility impairments. Lastly, the healthcare sector is the dominant end-use industry, as exoskeletons are widely used for rehabilitation purposes and in assisting patients with physical disabilities to regain their independence.

PEST Analysis:

Political:

Government policies and regulations regarding the use and development of exoskeletons play a crucial role in the market. In some countries, regulations are favorable for the growth of the market, while in others, there may be restrictions or a lack of regulations.

Economic:

The economic factors impacting the exoskeleton market include the cost of development, production, and maintenance of exoskeletons. The affordability of exoskeletons for individual consumers and healthcare institutions also affects market growth.

Social:

The societal acceptance and awareness of exoskeleton technology influence market growth. Factors such as the aging population, the increase in physical disabilities, and the need for rehabilitation services drive the demand for exoskeletons.

Technological:

Technological advancements in exoskeleton design, materials, and control systems drive market growth. Innovations such as lightweight materials, improved battery life, and advanced control algorithms enhance the performance and usability of exoskeletons.

Key Takeaways:

The global exoskeleton market is expected to witness high growth, exhibiting a CAGR of 44.16% over the forecast period. This growth can be attributed to the increasing aging population, rising prevalence of physical disabilities, and the demand for rehabilitation services.

In terms of regional analysis, North America is the fastest-growing and dominating region in the exoskeleton market. This can be attributed to the presence of major key players, favorable government policies, and high healthcare expenditure in the region.

Key players operating in the exoskeleton market include Ekso Bionics, ActiveLink (Panasonic Corporation), Cyberdyne, Inc., ReWalk Robotics Ltd, Rex Bionics Plc., Lockheed Martin Corporation, Suit X (U.S. Bionics, Inc.), RB3D, Hocoma, DIH Technologies, Focal Meditech, and Ottobock. These key players are driving market growth through product innovations, strategic collaborations, and acquisitions.