Exactitude Consultancy Press release: Global exoskeleton market

Due to increasing demand for assistive devices, and a growing aging population worldwide exoskeleton market will be increasing.

The exoskeleton is expected to grow at 15.40 % CAGR from 2022 to 2029. It is expected to reach above USD 1215.90 million by 2029 from USD 386.59 million in 2020.

The Exoskeleton Market is the area of business that produces and sells wearable robotic technologies designed to enhance human physical capabilities. Walking, moving heavy objects, and maintaining proper posture are all tasks that these aids can assist with. Usually, they are worn over the user’s limbs. The market provides powered and passive exoskeletons to a range of end-users, including as military personnel, employees in the industrial sector, and people with mobility impairments.

Explore 188 Market Data Tables Spread Through Nearly 125 Pages and In-Depth Analysis on “Exoskeleton Market” by Mobility (Mobile, Fixed/Stationary), by Technology (Powered, Non-Powered), by Extremity (Upper Body, Lower Body, Full Body) by End User (Healthcare, Military, Industry) and Region, Global Trends and Forecast from 2022 to 2029.’’withTable of Contents

A growing need for assistive technology, the advancement of robotic technology, and an ageing population are the main factors propelling the exoskeleton industry. Market forces must prevail over challenges including high development costs, legal limitations, and poor user education. In this very competitive sector, there are numerous players selling a range of exoskeleton products. The market is anticipated to continue growing as a result of growing adoption in industries like healthcare, the military, and manufacturing as well as the development of lightweight and affordable exoskeletons.

Due to advancements in robotics technology resulted in growth of exoskeleton market.

Numerous factors, including advances in robotics technology, increased demand for assistive devices, and an ageing population, are propelling the exoskeleton market. Due to their advantages for people with mobility impairments and their capacity to reduce workplace accidents, exoskeletons are increasingly being used in the healthcare and industrial sectors. Exoskeletons are sought after by defence organisations due to of its military applications, which include enhancing soldiers’ physical capabilities. Rising R&D spending have encouraged the development of lightweight, low-cost exoskeletons, which are another industrial driver.

High development costs, regulatory hurdles, and lack of awareness among potential users are likely to be restraining factor in exoskeleton market.

Exorbitant research expenses, bureaucratic impediments, and a lack of customer awareness are just a few of the problems that are limiting the exoskeleton industry. Exoskeletons’ exorbitant cost and onerous reimbursement regulations further impede the market. Exoskeleton technology’s complexity and concerns regarding user safety and comfort could prevent widespread use. Wheelchairs and mobility scooters are two more types of support equipment that compete for market share.

Increasing availability of funding and government initiative expanding applications in various industries, such as healthcare, industrial, and military presents opportunities for the global exoskeleton market.

There are many opportunities for growth in the exoskeleton market, including growing applications in many industries, including healthcare, business, and defence. Due to the creation of lightweight, affordable variants, exoskeletons may be used more frequently by people with mobility impairments. The market has the potential to expand globally as awareness of and demand for assistive technology increases. Integration of artificial intelligence and other cutting-edge technologies, which could boost exoskeleton capabilities and improve user experience, may be useful for the sector.

North America region is expected to show higher exoskeleton market growth in the forecast period.

With a 46.5% revenue share and a 27% volume share, respectively, North America dominated the exoskeleton market in 2022. This expansion was credited to a number of variables, including the increased prevalence of individuals with disabilities, rising research expenditures, rising public and private funding, the expansion of partnerships and collaborations among important participants, and the accessibility of technologically improved products.

The COVID-19 pandemic has had a mixed impact on the exoskeleton market, with disrupted supply chains and slowed production of some exoskeleton products

The Covid-19 outbreak has had a mixed impact on the exoskeleton industry. The epidemic has disrupted supply chains and made it more difficult to manufacture some exoskeleton products, but it has also increased demand for aids, particularly in healthcare settings. Exoskeletons are being used to lessen the physical burden put on healthcare workers who are providing care for Covid-19 patients. The epidemic has additionally accelerated the use of telehealth solutions, which may lead to an increase in demand for exoskeletons and other types of remote monitoring.

The exoskeleton market key players includes Ekso Bionics, Cyberdyne Inc., ReWalk Robotics, Parker Hannifin Corporation, Hocoma AG, Bionik Laboratories Corp., Focal Meditech BV, Mitsubishi Heavy Industries, Ltd., Hyundai Motor Company, GOGOA Mobility Robots.

Key Market Segment

Exoskeleton Market By Mobility, 2020-2029, (USD Million), (Thousand Units).

• Mobile
• Fixed/Stationary

Exoskeleton Market By Technology, 2020-2029, (USD Million), (Thousand Units).

• Powered
• Non-Powered

Exoskeleton Market By Extremity, 2020-2029, (USD Million), (Thousand Units).

• Upper Body
• Lower Body
• Full Body

Exoskeleton Market By Extremity, 2020-2029, (USD Million), (Thousand Units).

• Healthcare
• Military
• Industry

Global Market By Region, 2020-2029, (USD Million), (Thousand Units).

• North America
• Asia Pacific
• Europe
• South America
• Middle East And Africa

Important Countries In All Regions Are Covered.

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