Global Exoskeleton Market is valued at USD 492.8 Million in 2021 and expected to reach USD 13,948.9 Million by 2028 with a CAGR of 44.98% over the forecast period.
Global Exoskeleton Market: Global Size, Trends, Competitive, And Historical & Forecast Analysis, 2022-2029: Growing applications across a wide range of industries, expanding reach in the military and healthcare industries, and technological advancements are some of the major factors driving the growth of the Global Exoskeleton Market.
Exoskeletons are gadgets that are employed to extend the physical capabilities of the person. These gadgets comprise of hard and resistant elements that supports or enhances various functional responsibilities inside a human body including excretion, protection, support, and sense. Generally, Exoskeletons are powered using actuators and sensors or occasionally might be passive. These wearable gadgets allow limb movement with increased strength and improve the execution of human jobs.
AI-based exoskeleton is employed in many applications including construction sites, industrial facilities, rehabilitation centers, and the military. It helps users to decrease tiredness and strain caused by repeated work as well as lessen the chances of damage caused by lifting, hauling, or transporting large goods. Additionally, the adoption of exosuits assists in enhancing productivity as well as improving competence, thus supporting market development.
The COVID-19 outbreak has disturbed the worldwide market sales. The industry statistics showed a short decrease in 2020. Due to government limitations on import & export, OEMs throughout the globe encountered a lack of raw materials. The COVID-19 pandemic has resulted in a drop in the total manufacture of electronic components necessary for exoskeletons due of the disruptions in supply chains in the Asia Pacific semiconductor industry. The China semiconductor sector faces disruptive issues in component manufacture due to the COVID-19 epidemic. However, the continuing issue between Russia and Ukraine is positively influencing the market in the military & defense industry of the Europe region.
The global Exoskeleton market is segmented based on mobility, technology, extremity, end-use, and region & country level. By mobility, the market is segmented into mobile and fixed/stationary. By technology, the global Exoskeleton market is segmented into powered and non-powered. By extremity, the global Exoskeleton market is segmented into upper body, lower body, and full body. By end-user, the global Exoskeleton market is segmented into healthcare, military, and industry.
The regions covered in the global Exoskeleton market report are North America, Europe, Asia-Pacific, Latin America, and the rest of the World. Based on country level, the market of global Exoskeleton is sub divided into U.S., Mexico, Canada, U.K., France, Germany, China, Italy, India, Japan, Southeast Asia, Middle East Asia (Saudi Arabia, UAE, Egypt) GCC, Africa, etc.
Some major key players for the global Exoskeleton market report cover prominent players like
The rapidly expanding global elderly population, increasing adoption levels of medical devices in varied industries such as automotive, defense, military, and construction, and increasing prevalence of stroke are some of the primary driving variables responsible for the development of the market. Furthermore, the increased incidence rate of Spinal Cord Injuries (SCI) is predicted to fuel the demand throughout global markets. As to National Spinal Cord Injury Statistical Center (NSCISC) projections in 2021, the number of SCI cases in 2021, 2020, and 2019 were 10,9000, 17,730, 17,810, and 10,9000 respectively. Moreover, roughly 296,000 Americans suffer from some kind of SCIs.
Some of the most prevalent musculoskeletal illnesses and injuries impacting the construction sector include Cumulative Trauma Disorders (CTD), Occupational Overuse Syndrome (OOS), and Repetitive Strain Injury (RSI) (RSI). As per the data released by the WHOin February 2021, around 1.71 billion persons throughout the world suffer from musculoskeletal ailments. According to Health and Safety Executive (HSE) data projections in November 2020, roughly 480,000 employees in Great Britain suffered from professional musculoskeletal illnesses across numerous sectors. This is one of the driving factors bolstering the acceptance of exoskeleton solutions due to several advantages connected with exoskeleton technology such as assisting or augmenting users’ physical capability or activity, reducing fatigue experienced by industrial workers, and trying to improve users’ health and productivity.
Growing applications across a broad number of sectors, an aging workforce, technical developments, and growing penetration in the healthcare and military industries are driving expansion in the global exoskeletons market value. These outfits are anticipated to be extensively employed in healthcare systems and to profit from an expansion in the number of rehabilitative clinics. The advancement of active and partly passive technologies is one of the key reasons impacting the demand for the exoskeletons industry. Several firms are engaged in the research and development of novel exoskeleton systems. As a consequence, these variables are fueling the exoskeletons market trend. Global adoption of IoT and AI-enabled exoskeletons will enhance the industrial situation. Furthermore, the global exoskeletons size of the market will benefit from the growing demand for commercial exoskeletons.
Moreover, The German government authorized the military budget of EUR 46.81 billion for 2021. The 2020–24 budget analysis foresees military expenditure growing to EUR 46.83 billion in 2022 and then declining modestly to EUR 46.13 billion in 2023 and reaching EUR 46.14 billion in 2024. Through the additional funding, the government pledged to continue its goals of modernization and digitalization of the military equipment of Bundeswehr.
Geographically, North America is expected to lead the global Exoskeleton market over the forecast period due to the increasing prevalence of disabled individuals, growing public and private support, rising research expenditure, an increasing number of collaborations and partnerships among major stakeholders, and accessibility of advanced products. According to CDC statistics, roughly 61 million people in the United States have some kind of impairment, with mobility problems accounting for 13.7% of the handicapped population. Furthermore, the quickly expanding elderly population, growing disposable income, public and private investor availability, broad presence of major market participants, and increasing human augmentation in industrial and military verticals are pushing expansion.
Sarcos will use a USD 40 million Series C investment led by Rotor Capital to enhance the commercial manufacturing levels of the Guardian XO product. Asia Pacific, on the other hand, is expected to develop at a rapid pace in the future years due to a rising patient pool in need of rehabilitation services. Developing and improving healthcare infrastructure, as well as the availability of support from the government and financing, are driving the expansion and growth of the Asia Pacific exoskeleton market. Constant economic expansion in rising countries such as Japan, China, and India, along with favorable governmental and private backing, is predicted to boost development and growth.
CYBERDYNE Inc. claimed that the Ministry of Health Republic of Indonesia granted their application for a medical device advertising licence
On February 6th, 2022; CYBERDYNE Inc. revealed that the Ministry of Health Republic of Indonesia granted its application for a medical equipment marketing licence for Medical HAL Single Joint Type, a wearable cyborg that boosts physical muscular power.
German Bionic unveils 5th generation Cray X, smart AI-powered equipment with an active walking aid, outdoor abilities, and other pioneering innovations
On December 13th, 2021; German Bionic, the world's technological leader for connected exoskeletons, launched the fifth version of the award-winning Cray X. The smart German Bionic space suit were ship globally in early 2022.
|2016 - 2021
|2022 - 2029
|Market Size in 2021:
|USD 492.8 Million
|Base year considered
|Forecast Period CAGR %:
|Market Size Expected in 2028:
|USD 13,948.9 Million
|Tables, Charts & Figures:
|Bioventus, Bionik Laboratories, Cyberdyne Inc., B-TEMIA Inc, Gogoa Mobility Robots, Ekso Bionics, Parker Hannifin Corp, Lockheed Martin Corporation, Rex Bionics, Rewalk Robotics, Wearable Robotics, Suit X, and others.
|By Mobility, By Technology, By Extremity, By End-User.
|North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa.
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