Fort Collins, Colorado, Oct. 23, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the Exoskeleton Market was valued at USD 523.1 Million in 2022 and is estimated to be valued at USD 2,195.5 Million by 2032 and is anticipated to grow at a CAGR of 15.5%.
Exoskeletons are widely adopted in the military, and defense to augment soldier performance is one of the key factors driving market growth. Their potential to increase the mobility of soldiers in the military and enhance their strength and endurance has led to burgeoning market demand.
Reducing stress on the lower back and legs can boost an infantryman’s mobility, physical stamina, and capacity for lifting loads. According to research, more than 35% of the soldiers in the U.S. Army had some kind of back injury. Long-term spine-related disability can be avoided with early intervention; thus, demand for exoskeletons is rising in the military. For instance, in collaboration with Vanderbilt and HeroWear, the U.S. Army developed a passive exoskeleton named Soldier Assistive Bionic Exosuit for Resupply (SABER). The SABER is designed to aid lifting and lessen back strain during logistical operations.
Additionally, using exoskeletons in healthcare is another factor driving market expansion. Exoskeletons help rehabilitate people with mobility disabilities such as spinal cord injury. In addition to assisting in mobility, they also help enhance muscle strength and spasticity and improve gait. Additionally, exoskeletons also aid in reducing musculoskeletal disorders in healthcare workers.
Nursing is the most physically demanding occupation, involving manual patient handling and sometimes odd positions when performing tasks. According to research, the prevalence of musculoskeletal disorders in nurses was more than 60%. Exoskeletons can resolve patient handling issues and enhance the safety and quality of patient care.
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Segmentation Overview:
The global exoskeleton market has been segmented into mobility, technology, extremity, application, and region. The mobile segment accounted for a significant market share in 2022. These exoskeletons are portable and provide greater freedom of movement to the wearer. North America was leading the exoskeleton market in 2022. The presence of prominent players in this region, such as Ekso Bionics, Lockheed Martin Corporation, and Robotics Corporation, among others, is a major factor driving the market growth in this region.
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Exoskeleton Market Report Highlights:
- The global exoskeleton market growth is anticipated at a CAGR of 15.5% by 2032.
- The rising demand for exoskeletons in medical rehabilitation and the increasing geriatric population contribute to market growth.
- The healthcare segment held a significant market share in 2022. This can be attributed to the wide application of these devices for rehabilitating patient patients with movement difficulties or assisting the staff in performing physical tasks.
- The industrial segment is expected to grow substantially during the forecast period. In industries, exoskeletons assist workers in performing manual tasks and reduce the risks of workplace injuries caused by overexertion and fatigue.
- Some prominent players in the exoskeleton market report include Lockheed Martin Corporation, RRB3D, Sarcos Technology, Ekso Bionics, SuitX, ReWalk Robotics Ltd., Hocoma, Rex Bionics PLC., Active Link (Panasonic Corporation), and Cyber dyne, Inc. among others.
Industry Trends and Insights:
- In 2023, SuitX launched IX Back Air Exoskeleton, a back-support exoskeleton that blends rigid systems with the comfort of soft models. This kind of exoskeleton is widely deployed in the logistics industry.
- In December 2022, Ekso Bionics acquired Parker Hannifin’s Indego Lower Limb Exoskeleton products and human motion control business. These products will diversify the portfolio of wearable robotics offered by Ekso, designed to overcome mobility loss.
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Exoskeleton Market Segmentation:
- By Mobility: Mobile, fixed/stationary.
- By Technology: Powered, non-powered.
- By Extremity: Upper body, lower body, full body.
- By Application: Healthcare, defense, industrial, others.
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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