Exoskeleton Market Study Report Based on Size, Shares, Opportunities, Industry Trends and Forecast to 2032
Apr 11, 2024
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Exoskeleton Market Research Report Information By Component (Hardware, Software), By Type (Powered, Passive), By Body Part (Lower Extremities, Upper Extremities, Full Body), By Mobility (Stationary, Mobile), By Structure (Rigid Exoskeletons, Soft Exoskeletons), By Vertical (Healthcare, Defense, Industrial, Others), and By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2032
The exoskeleton market industry is projected to grow from USD 1.11 Billion in 2023 to USD 16.0 Billion by 2032, exhibiting a CAGR of 39.50% during the forecast period (2023 - 2032).
Technology for exoskeleton is the most important developmental factor that will positively impact the market. Innovation involves creation of lightweight, ergonomic design, artificial intelligence intelligent control, and power source enhancement for example use of batteries. These innovations intend to bring exoskeletons up to the level of the users and beyond, making them more friendly, efficient and usable in the areas such as healthcare, military, and manufacturing. Due to the nature of this driver, the Market CAGR will be accelerated.
Besides human covering suits (exoskeletons) play a growing in the healthcare settings. Exoskeletons targeted to rehabilitation therapies were designed to aid the ones with disability and support the recovery of patients who suffered trauma or had surgeries. The market witnesses an increase in the exoskeletons demand that helps with musculoskeletal disorders and provides solutions for paralyzed people as far as mobility is considered. It also fits with the general aim of making living conditions better in hospitals and with developing assistive technologies in the healthcare industry.
Industrial technology is constantly evolving as exoskeleton is increasingly being used to boost workers' productivity and safety. Exoskeletons permit workers carrying on some physically demanding jobs to reduce the amount of physical burden as well as the rate of fatigue resulting in enhanced workforce productivity and less injury record. Foreign firms that invest in manufacturing, construction, and logistics are making use of exoskeletons to support personnel to lift heavy loads and do repetitive actions leading to a safer and more effective production environment. Taken together, the factors above have demonstrated the potential of exoskeleton technology in redefining different industries as it attains maturity.
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Segmental Analysis
The exoskeleton market segmentation, based on Component includes Hardware, Software.
The exoskeleton market segmentation, based on Type, includes Powered, Passive.
The exoskeleton market segmentation, based on Body Part, includes Lower Extremities, Upper Extremities, and Full Body.
The exoskeleton market segmentation, based on Mobility, includes Stationary, Mobile.
The exoskeleton market segmentation, based on Structure, includes Rigid Exoskeletons, Soft Exoskeletons.
The exoskeleton market segmentation, based on Vertical, includes Healthcare, Defense, Industrial, Others.
Competitive Dynamics
Major players in the exoskeleton market, including Ekso Bionics, Hocoma, Lockheed Martin Corporation, Suit X, Rex Bionics Plc, RB3D, ReWalk Robotics Ltd, Cyberdyne, Inc, and ActiveLink, are attempting to increase market demand by investing in research and development operations.
Regional Overview
The North American exoskeleton market share will dominate the market because of the immense amount of technological innovation and R&D playing a role in the development of high-end exoskeleton technologies. Consequently, market size will shrink only in the regions of the world harnessing this technology.
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European market comes in the second largest position among all other ones because these devices allowed patients with spinal cord injuries to rejoin medical rehabilitation and health care services programmes that were the most frequent area of application. Besides, the Germany exoskeleton market reported the major market share, whereas UK exoskeleton market served the maximum growth of the European market.
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The skeleton market of the Asia Pacific expected the highest CAGR from 2023 to 2032. This is primarily caused by rapid increase alongside urbanization that creates a market of the same solutions aimed at the improvement of workers' efficiency. Moreover, China comprises up the biggest market share in the Asia-Pacific region whereas the Indian exoskeleton market posted the highest growth rate.
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