Exoskeleton Market Outlook
According to a new report by Expert Market Research titled, “Exoskeleton Market Price, Share, Analysis, Report and Forecast 2023-2028″, the exoskeleton market is projected to grow at a CAGR of 17.2% between 2023 and 2028. Aided by the growing need for mobility assistance and the broadening applications of exoskeletons in diverse industries, the market is expected to grow significantly by 2028.
Wearable robotic devices known as exoskeletons support or improve human strength and mobility. They are frequently employed in medical, industrial, military, and other applications. Exoskeletons are essential for supporting or enhancing the wearer’s physical capabilities, increasing productivity, and lowering the risk of workplace accidents. Exoskeletons are becoming recognised for their promise in neurological and physiological therapy in addition to their physical advantages.
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The mounting need for mobility assistance devices is a key factor driving the global exoskeleton market growth. The demand for exoskeletons has significantly increased as a result of the ageing population and the rising incidence of neurological and muscular illnesses. These devices are becoming more widely accepted in the healthcare industry as a result of their capacity to help improve mobility and strength.
Furthermore, the expanding applications of exoskeletons across various industries contribute significantly to the exoskeleton market expansion. Exoskeletons are utilised in the industrial sector to increase worker productivity and decrease tiredness and work-related injuries. Due to the technology’s capacity to increase human strength and endurance, it is widely employed in manufacturing, construction, and logistics. Exoskeletons are used in the military to protect people from harm, carry big loads, and improve soldier effectiveness.
The increasing trend of using advanced technology in the healthcare sector has bolstered the popularity of exoskeletons. Medical exoskeletons provide support for motor control and can also generate low-level electrical signals to stimulate muscles, making them effective for physiotherapy and rehabilitation. They are increasingly being employed for the rehabilitation of patients with strokes, spinal cord injuries, and other mobility issues, further contributing to the exoskeleton market development.
The development of innovative products with improved features and functionality has been another significant factor driving the expansion of the exoskeleton market. Companies are increasingly investing in research and development (R&D) to produce lightweight, portable, and cost-effective exoskeletons to meet the evolving needs of various sectors.
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Exoskeleton Market Segmentation
The market can be divided based on treatment type, product type, body part type, and region.
Market Breakup by Treatment Type
- Augmentation
- Rehabilitation
Market Breakup by Product Type
- Stationary
- Mobile
Market Breakup by Body Part Type
- Lower Body
- Upper Body
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global exoskeleton companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Ekso Bionics Holdings, Inc.
- ReWalk Robotics Ltd. BIONIK Laboratories Corp.
- BIONIK Laboratories Corp.
- Ottobock SE & Co. KGaA
- Lockheed Martin Corporation
- Others
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