According to a recently published report by Roots Analysis, the growing demand for advanced technology to restore fundamental body movements in patients suffering from accidental injuries drives the global exoskeleton market.
LONDON, Jan. 9, 2024 /PRNewswire/ --
Global Exoskeleton Market Overview
The global exoskeleton market is estimated to be worth USD 1.67 billion in 2023 and is anticipated to reach USD 20.3 billion by 2035. It is expected to grow at a compounded annual growth rate (CAGR) of 23.1% during the forecast period (2023-2035).
A medical exoskeleton is a form of wearable electromechanical equipment specifically designed to improve mobility in patients suffering from neurological disorders. Within the past few decades, there has been a rapid increase in patients suffering from neurological disorders, including multiple sclerosis. According to the report of the World Health Organization, nearly 1.8 million individuals worldwide have multiple sclerosis and over 12.2 million patients have experienced strokes. Unfortunately, neurological disorders still have no cure, but exoskeletons emerge as a potent solution that allows patients with spinal cord injuries and other muscle impairments to walk and move freely. With advances in technology, the medical exoskeleton is designed with sensors, controllers and motors that enable recovery of body movement. The exoskeleton devices are also essential in assisting caregivers to perform routine tasks such as lifting patients and standing for a long time. Owing to the significance of exoskeletons in mobility improvement, several market players are showing active interest in developing advanced exoskeletons, anticipating growth in the global exoskeleton market during the forecast period.
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Exoskeleton Market Report Scope:
Report Coverage | Details |
Market Revenue in 2023 | USD 1.67 billion |
Estimated value by 2035 | USD 20.3 billion |
Growth rate | (CAGR) of 23.1% |
Forecast Period | 2023-2035 |
Segments Covered | Type, Distribution, Mode of Operation, Form of Exoskeleton, End Users |
Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, Drivers, Restraints and Trends |
Market Drivers
Several market drivers are driving the exoskeleton market during the forecast period. Some of the promising drivers include increasing demand for rehabilitation devices to restore movement in individuals with muscle impairments. The ongoing technological advancements to introduce software technologies, sensors, control systems, and others further drive the market to develop high-tech exoskeleton devices.
Market Restraints
Though the global exoskeleton market is witnessing steady growth, several market restraints restrict it. One such market restraint is regulatory challenges associated with securing approval for medical applications of exoskeletons. The high cost of developing advanced software technology-based medical exoskeletons further restrain the market.
Growth Factors
Despite the market restraints, growth factors propelling the exoskeleton market include increased research on robotic exoskeletons to help patients with mobility impairment. Several industry and non-industry stakeholders are increasing initiatives such as reimbursement and financing for the widespread adoption of rehabilitation devices. Additionally, the rising government initiatives and collaboration between global exoskeleton market players drive the market during the forecast period.
Recent Developments in Global Exoskeleton Market
It is interesting to note here that several global exoskeleton market players have undergone collaborations and definitive agreements to strengthen their product portfolios. Examples of such agreements include:
- In August 2023, ReWalk Robotics announced definitive agreements for the acquisition of AlterG to expand their current neurorehabilitation product portfolio at a considerable amount of USD 19 million.
- In December 2022, Ekso Bionics acquired the Human Motion and Control Business Unit from Parker Hannifin Corporation with an aim of expanding the product for home use.
- In August 2022, CYBERDYNE announced the addition of Saitama Robocare Center in Japan for the visitors who are suffering from reduced physical function and disabilities. These types of expansions are estimated to enhance the business operations.
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Exoskeleton Market Segments
Based on the body part covered, the global exoskeleton market is segmented into upper body, lower body, and full body.
- Based on the body part covered, the lower body will dominate the global exoskeleton market, capturing 54% of the market share by 2035.
- Lower body segments will drive the market in the future, and it is anticipated to grow at a higher CAGR of 25% during 2023-2035.
Based on the mode of operation, the exoskeleton market is segmented into powered exoskeleton, passive exoskeleton, and hybrid exoskeleton.
- Powered exoskeleton will dominate the market, capturing 53% of the market share by 2035.
- Passive exoskeleton segment is likely to drive the market in the future, and it is anticipated to grow at a higher CAGR of 25.3% during 2023-2035.
Based on the form of the skeleton, the exoskeleton market is segmented into rigid and soft.
- Rigid form of the skeleton segment will dominate the market, capturing 70% of the market share by 2035.
- Soft form of skeleton is likely to drive the market in the future, and it is anticipated to grow at a higher CAGR of 23.8% during 2023-2035.
Based on mobility, the exoskeleton market is segmented into fixed / supported and mobile.
- Based on mobility, mobile exoskeleton will dominate the market, capturing a significant 65% of the market share by 2035.
- Mobile exoskeleton has shown significant potential to drive the market in the future, and it is anticipated to grow at a higher CAGR of 22.3% during 2023-2035.
Based on end-users, the global exoskeleton market is segmented into patients, healthcare providers, industry workers, military personnel, and others.
- Based on the end-users, patients will dominate the global exoskeleton market, capturing 46% of the market share by 2035.
- Military personnel segments are likely to drive the market in the future, and it is anticipated to grow at a higher CAGR of 25.2% during 2023-2035.
Based on key geographical regions, the exoskeleton market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World
- North America will lead the global exoskeleton market, capturing 38.2% of the market share by 2035.
- In Asia-Pacific, the global exoskeleton segment market is likely to drive the market in the future, and it is anticipated to grow at a higher CAGR of 26.4% during 2023-2035.
Key Companies Profiled
The market report also includes detailed profiles of key players (listed below) that provide exoskeleton solutions.
- Bionic Yantra
- CYBERDYNE
- Ekso Bionics
- ExoAtlet
- Fourier Intelligence
- Gloreha
- Guangzhou Yikang Medical Equipment
- Hexar Humancare
- Hocoma
- MediTouch
- Milebot Robotics
- Myomo
- Neofect
- NextStep Robotics
- Panasonic
- ReWalk Robotics
- Rex Bionics
- Roam Robotics
- Trexo Robotics
- Tyromotion
- U&O Technologies
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Key Benefits of Buying this Report
- The report offers market leaders and newcomers valuable insights into revenue estimations for both the overall market and its sub-segments.
- Stakeholders can utilize the report to enhance their understanding of the competitive landscape, allowing for improved business positioning and more effective go-to-market strategies.
- The report provides stakeholders with a pulse on the spectrometry market, furnishing them with essential information on significant market drivers, barriers, opportunities, and challenges.
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