Revolutionizing Mobility: The Booming Exoskeleton Market

  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.

Applications Across Industries

Healthcare: One of the most promising areas for exoskeletons is healthcare. Medical exoskeletons assist individuals with mobility impairments, enabling them to walk and perform daily activities independently. These devices, designed with precision and comfort in mind, provide crucial support to patients recovering from spinal cord injuries, stroke, or neurological disorders.

Industrial: In industrial settings, exoskeletons are revolutionizing workplace safety and efficiency. By reducing strain and fatigue on workers, exoskeletons not only prevent injuries but also enhance productivity. Industries such as construction, manufacturing, and logistics are increasingly adopting exoskeletons to support workers in lifting heavy loads and performing repetitive tasks with reduced physical strain.

Military: Originating from military research, exoskeletons continue to evolve for defense applications. These advanced suits augment soldiers' strength and endurance, improving operational effectiveness in challenging environments and combat scenarios. Military exoskeletons also integrate advanced technologies for enhanced situational awareness and tactical advantage.

Technological Advancements and Market Growth

The exoskeleton market is witnessing rapid growth fueled by advancements in technology, increasing investment in research and development, and expanding applications across diverse industries. Companies are innovating to improve exoskeleton design, functionality, and affordability, making these devices more accessible and effective for broader adoption.

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Software segment is estimated to register the highest growth rate during the forecast period

The Software used in an exoskeleton is basically a set of coded commands and a list of instructions to program robots according to the task required to be performed by them. At present, a number of software packages suited to ergonomic simulation are available in the market. In response to the limitations of traditional design tools, software providers now offer a number of 3D CAD software packages for exoskeletons. These digital human modeling (DHM) software tools enable models of humans to interact with virtual products and workplaces in a CAD environment. Developers have boosted modeling and simulation capabilities, enabling designers to develop exoskeletons with better cost efficiency for broader adoption.

Passive segment to hold second-largest CAGR in the coming years

Passive exoskeletons, in comparison to powered exoskeletons, have simpler structures, lower production costs, and require no electric power. These exoskeletons utilize a wearers strength and save energy of the wearer when in motion. Passive exoskeletons support the upper limbs of the patient as they reduce the gravitational load and offer the user the chance to perform the necessary rehabilitation tasks. These exoskeletons are widely used for ergonomic support in order to prevent users from repetitive stress injuries and help them hold equipment and tools.

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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