Exoskeletons are wearable robotic systems that are worn over the body to provide increased strength, endurance, and mobility. Exoskeletons assist individuals that have weakened muscles or mobility issues by supporting limbs, reducing joint stress, or enhancing motor functions. For medical applications, exoskeletons are revolutionizing rehabilitation for those with limited mobility by enabling patients to walk or use their limbs again. The global exoskeleton market is estimated to be valued at US$ 0.7 Mn in 2023 and is expected to exhibit a CAGR of 38% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growth in the medical exoskeleton segment has accelerated market expansion significantly over the past decade. Advancements in medical robotic technologies have enabled exoskeletons to restore lost motor functions through powered movements and sensor technologies that detect subtle muscle signals. Upper and lower body medical exoskeletons can now interpret signals from the brain or muscles to help paralyzed patients walk again or allow those with limited mobility to feed or dress themselves independently. This has improved quality of life for many and reduced healthcare costs associated with longer-term care needs. The medical application of exoskeleton technologies continues to disrupt rehabilitation and is expected to drive substantial market gains over the forecast period.
Segment Analysis
The global exoskeleton market is dominated by powered exoskeleton sub segment. Powered exoskeleton allows wearer enhanced strength, endurance and mobility. It finds wide application across healthcare and military sectors. In healthcare, powered exoskeleton help patients in rehabilitation and also help people with mobility challenges to carry out daily tasks independently. In military, powered exoskeleton enhances soldier's ability to carry heavier weapons and tactfully move on battlefield. Despite higher cost, powered exoskeleton sub segment lead the market due to their ability to augment human strength and movements.
Key Takeaways
The global exoskeleton market growth is expected to witness high growth over the forecast period of 2023 to 2030. North America currently dominates the exoskeleton market led by growing geriatric population and high healthcare expenditure. Rising need for rehabilitation and care for elderly population in countries like United States and Canada has fuelled sales of exoskeleton systems in the region. Asia Pacific exoskeleton market is expected to be the fastest growing region on back of rising medical tourism in India and China along with increasing defence budgets.
North America is projected to continue its dominance in exoskeleton market led by robust healthcare infrastructure and presence of prominent players. However, Asia Pacific exoskeleton market is set to rise at highest CAGR during forecast period withIndia and China emerging as lucrative markets. This can be attributed to increasing healthcare expenditure, favourable government policies for medical device industry and rising budding startups focusing on exoskeleton development.
Key players operating in the exoskeleton market are Lockheed Martin Corporation, RRB3D, Ekso Bionics, suitX, Re Walk Robotics Ltd, Hocoma, Rex Bionics PLC., Active Link (Panasonic Corporation, Cyberdyne, Inc. Lockheed Martin dominates with extensive research on developing lighter exoskeleton suits for paramilitary usage. Ekso Bionics leads healthcare exoskeleton with FDA cleared bionic suits to aid walking in patients with paralysis.
Get more insights on this topic: https://www.newsstatix.com/exoskeleton-market-industry-insights-trendsexoskeleton-market-2023-2030/
