Exoskeleton Market: Revolutionizing Mobility and Enhancing Human Capabilities
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.
Market Growth and Key Drivers
The exoskeleton market is experiencing rapid growth due to several critical factors:
Aging Population and Rehabilitation Needs: As the global population ages, the demand for medical devices that aid mobility and rehabilitation is increasing. Exoskeletons offer significant benefits for elderly individuals and those with mobility impairments, helping them regain independence and improve their quality of life.
Rising Incidence of Workplace Injuries: In industries such as construction, manufacturing, and logistics, workers often perform physically demanding tasks that can lead to injuries. Exoskeletons can reduce the risk of musculoskeletal disorders by providing support and enhancing the physical capabilities of workers.
Advancements in Robotics and AI: Technological advancements in robotics and artificial intelligence (AI) have led to the development of more sophisticated and functional exoskeletons. These devices are now more intuitive, responsive, and capable of complex movements, making them more effective and user-friendly.
Military and Defense Applications: The military is investing heavily in exoskeleton technology to enhance the physical capabilities of soldiers. These devices can provide increased strength, endurance, and protection, enabling soldiers to carry heavier loads and perform better in challenging environments.
Europe to account for the second-largest market share during the forecast period
Europe is expected to be the second leading region in the exoskeleton market during the forecast period. In Europe, Exoskeletons have shown a disruptive effect on the competitiveness of non-manufacturing industries such as logistics, healthcare, and education. These non-manufacturing industries are adopting exoskeleton systems at large for rehabilitation, pick and carry, and other applications. Additionally, improving economic conditions, coupled with the rising demand for intelligent sensors for quality interaction between human and robotic devices, is expected to boost the exoskeleton market growth in Europe. One of the key factors driving the growth of the exoskeleton market is strong interdisciplinary research along the value chain of robotics in Europe.
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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