Exoskeleton Market Size

Exoskeleton Market Size

Exoskeleton Market size exceeded USD 500 million in 2021 and is projected to expand at over 30% CAGR from 2022 to 2030. The industry growth is attributed to the rising adoption of AI and IoT-powered exosuits for rehabilitation purposes in the medical sector

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AI-based exoskeleton is used in various applications including rehabilitation centers, manufacturing facilities, construction sites, and military. It enables users to reduce fatigue and strain caused by repetitive tasks as well as reduce the risks of injury caused by lifting, carrying, or moving heavy loads. Additionally, the acceptance of exosuits helps in increasing productivity as well as improving proficiency, further promoting the market expansion.

The COVID-19 pandemic has disrupted the global market sales. The industry statistics witnessed a temporary decline in 2020. Due to government restrictions on import & export, OEMs around the world experienced a shortage of raw materials. The COVID-19 pandemic has led to a decline in the overall manufacturing of electronic components required for exoskeletons because of the supply chain disruptions in the Asia Pacific semiconductor sector. The China semiconductor industry experienced disruptive challenges in component manufacturing owing to the COVID-19 pandemic. However, the ongoing crisis between Russia and Ukraine is positively impacting the market in the military & defense sector of the Europe region.