Exoskeleton Market size is set to surpass USD 5 billion by 2030, according to a new research report by Global Market Insights, Inc.
The market growth is attributed to the rising aging population across the globe. Aging in people leads to limited constant physical activities such as walking less frequently due to significantly reduced muscle mass and strength. The high incidence ratio of muscle pain, strokes, and other types of illnesses, particularly in the aging population, will increase the demand for treatment and rehabilitation, fueling the exoskeleton market progression.
The rising road fatalities across the world have resulted in the adoption of medical-grade wearable suits for rehabilitation purposes for people with spinal cord injuries. According to an article published by the National Library of Medicine in June 2022, each year between 250,000 and 500,000 patients suffer a spinal cord injury globally. The medical exosuits are installed in rehabilitation centers & hospitals, which support full-body motions such as standing, normal walking, bending, and carrying & lifting tasks. This will further boost the industry growth during the forecast period.
High costs associated with research & development and acquisition of products is the primary factor hindering the growth of exosuits in healthcare, industrial, and military sectors. The incorporation of multiple sensors and motors into the wearable suit significantly contributes to the product cost. Furthermore, research into the integration of appropriate software and hardware for calibration and customized usage will significantly raise the costs.
Rising usage of the stationary exoskeleton in the healthcare sector
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The exoskeleton market for the stationary product segment is predicted to observe a 25% growth rate till 2030. The growth is credited to its increasing utilization in hospitals and rehabilitation centers owing to its fixed structure. The stationary machine deployed in hospitals is used to treat patients suffering from neurological disorders, spinal cord injuries, and several mobility impairments. Several companies, such as Bionic Labs and Ekso Bionics, among others, are focusing on maintaining long-term relationships due to the increased number of installations for the external machine in rehabilitation, hospitals, and clinics.
Browse key industry insights spread across 350 pages with 595 market data tables and 39 figures & charts from the report, “Exoskeleton Market Size By Product (Stationary, Mobile), By Application (Industrial [Full Body, Upper Body, Lower Body], Military [Full Body, Upper Body, Lower Body], Healthcare [Full Body, Upper Body, Lower Body]), By Technology (Passive, Semi-Passive, Active), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
Rising safety concerns in the industrial sector will spur the market expansion
The industrial segment in the exoskeleton market is expected grow at CAGR of around 35% by 2030. This sector is rapidly adopting exosuits to increase workers' safety and efficiency. It provides support and protection for the shoulders, arms, upper back, and lower limbs of the workers in the manufacturing facility. The industrial exosuits are ideal for applications such as mining, construction, logistics, automotive, and manufacturing, among others. These factors will accelerate the industry progression. Several OEMs in the market, such as Fiat, Ford Motor, General Motors, and Hyundai Motors, among others, are proactively focusing on adopting industrial external support suits for assembly line workers to improve their productivity and avoid muscle fatigue.
Technical advancements in active exoskeleton technology will propel the market demand
The active technology market segment is valued over USD 250 million in 2021 on account of the rising advancements in military exosuits to support defense infrastructures. The military is adopting advanced technologies, such as AI-powered robotic exoskeleton, to reduce fatigue, effort in climbing & walking with several weapons, and increase mobility.
The growing technical advancements in military exosuits will boost the market value during the projected timeline. For instance, in 2020, Technaid S.L. expanded its robotics exosuits by introducing a new product, EXO- H3. It is the latest version of the lower limbs robotic suit and is more reliable, versatile, and robust. Such innovations will drive the demand for active technology in exoskeletons.
Growing usage of exoskeletons in the end-use segment across the APAC region
The Asia Pacific exoskeleton market is anticipated to reach USD 1 billion by 2030. The market growth is attributed to the rising adoption of exosuits in several industries including healthcare, manufacturing, construction, and aerospace & defense. The increasing acceptance of exosuits is attributed to the rising aging population of the region. The proliferation of medical exosuits in the region will support the exoskeleton manufacturers.
Key participants operating in the exoskeleton market include Bionik Laboratories Corp., B-Temia, Cyberdyne Inc., Ekso Bionics, Gogoa, Hocoma, Hyundai Motor Company, Levitate Technologies, Inc., Lockheed Martin Corporation, Noonee, Ottobock SE & Co. KGaA, Parker Hannifin, ReWalk Robotics, REX Bionics, Sarcos, and others. These leaders are continuously focusing on merger & acquisition strategies or strategic partnerships to gain a competitive advantage in the market.