Exoskeleton Market worth $3.7 billion by 2028
The global exoskeleton market size is estimated to be USD 0.7 billion in 2023 and is projected to reach USD 3.7 billion by 2028, at a CAGR of 38.6%. The growing adoption of robotic rehabilitation in healthcare and rising investment in the advancement of the exoskeleton are responsible for the growth of the exoskeleton market. Additionally, the rising insurance coverage for exoskeleton technology is also responsible for the markets growth.
1. Applications of Exoskeleton Technology: Exoskeletons find extensive application across a wide range of industries and sectors, including:
- Healthcare and Rehabilitation: In healthcare, exoskeletons are utilized for rehabilitation purposes, assisting patients with mobility impairments to regain movement and independence. They also find applications in providing support to healthcare workers during patient handling tasks, reducing the risk of musculoskeletal injuries.
- Manufacturing and Industrial Operations: Exoskeletons are employed in manufacturing and industrial settings to augment human strength and endurance, thereby reducing fatigue and preventing workplace injuries. They enhance worker productivity and efficiency by providing support during repetitive tasks and heavy lifting operations.
- Defense and Military: In the defense sector, exoskeletons are used to enhance soldiers' physical capabilities and endurance, enabling them to carry heavy loads over long distances and navigate challenging terrain with ease. They also find applications in logistics and supply chain operations, improving logistics efficiency and reducing strain on personnel.
- Construction and Infrastructure: Exoskeletons assist construction workers and laborers in lifting heavy objects and performing strenuous tasks, thereby reducing the risk of injuries and improving overall productivity. They also find applications in infrastructure maintenance and repair, enhancing worker safety and efficiency in hazardous environments.
2. Market Size and Share: The global exoskeleton market is poised for significant growth, driven by factors such as:
- Rising Demand for Assistive Technologies: With an aging population and increasing prevalence of mobility impairments, there is a growing demand for assistive technologies such as exoskeletons to enhance mobility and independence among individuals with disabilities.
- Advancements in Exoskeleton Technology: Ongoing advancements in exoskeleton technology, including lightweight materials, advanced actuators, and intelligent control systems, are driving market growth by improving exoskeleton performance, comfort, and usability.
- Increasing Adoption in Industrial Settings: The adoption of exoskeletons in industrial settings is on the rise, driven by the need to improve worker safety, prevent workplace injuries, and enhance productivity. Industries such as manufacturing, logistics, and construction are investing in exoskeletons to address ergonomic challenges and improve workplace ergonomics.
- Government Initiatives and Regulations: Government initiatives aimed at promoting the adoption of assistive technologies and improving workplace safety standards are fueling market growth. Regulatory initiatives mandating the use of exoskeletons in hazardous industries are also driving market expansion.
Major companies operating in this exoskeleton market include CYBERDYNE INC. (Japan), Lockheed Martin Corporation (US), Ottobock (Germany), Ekso Bionics (US), DIH Medical (China), Sarcos Technology and Robotics Corporation (US), BIONIK (US), and B-Temia (Canada). The study includes an in-depth competitive analysis of these key players in the exoskeleton market with their company profiles, recent developments, and key market strategies.
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