The Rise of Exoskeleton Market Insights and Future Projections

 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. 

 

Driving Factors

Several factors contribute to the burgeoning exoskeleton market:

1. Aging Population: With the global population aging, there is an increasing demand for solutions that can assist with mobility and independence. Exoskeletons offer promising solutions for elderly individuals, helping them maintain mobility and quality of life.

2. Workplace Safety and Efficiency: In industrial settings, exoskeletons are being used to reduce the risk of musculoskeletal injuries and enhance worker productivity. By providing support and reducing physical strain, exoskeletons can improve safety and efficiency in sectors like manufacturing, logistics, and construction.

3. Medical Advancements: In the healthcare sector, exoskeletons are being used for rehabilitation and physical therapy. They help patients with spinal cord injuries, strokes, and other mobility impairments regain movement and improve their quality of life.

4. Technological Innovations: Advancements in robotics, artificial intelligence, and materials science have led to the development of more efficient and cost-effective exoskeletons. These technological improvements are making exoskeletons more accessible and practical for various applications.

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Key Players and Innovations

 

The exoskeleton market is characterized by the presence of several key players who are driving innovation and competition:

 

ReWalk Robotics: Known for its ReWalk exoskeleton, which helps individuals with spinal cord injuries regain mobility, ReWalk Robotics is a leading player in the medical exoskeleton space.

 

Ekso Bionics: Ekso Bionics develops exoskeletons for both medical and industrial applications. Their EksoGT exoskeleton is used for rehabilitation, while their EksoVest is designed to assist workers in lifting and carrying heavy objects.

 

SuitX: SuitX offers a range of exoskeletons for industrial and medical use, including the Industrial Exoskeleton, which helps reduce worker fatigue and injury.

 

Hyundai Motor Group: Hyundai has entered the exoskeleton market with its robotic suits designed to assist workers in various industries and enhance mobility for the elderly.

 

Parker Hannifin: Parker Hannifin is known for its partnership with other companies to develop advanced exoskeleton technologies, focusing on improving performance and user comfort.

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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