New York, Sept. 05, 2023 (GLOBE NEWSWIRE) -- The global exoskeleton market size is slated to expand at ~ 24 % CAGR between 2023 and 2035. The market is poised to garner a revenue of USD 11 billion by the end of 2035, up from a revenue of ~USD 1 billion in the year 2022. The major element anticipated to influence the market demand is the growth in several people suffering from spinal cord injuries. Between 250,000 and 500,000 individuals get spinal cord injuries annually globally. The majority of these cases have resulted from avoidable factors including violence and auto accidents.
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Furthermore, with technological improvements, the demand for robots is impacted by the specifications of what they are made of and their prospective uses. The introduction of superior materials, sensors and actuators, control systems, and software technologies is a result of ongoing study and development in the field of electrical and electronic engineering. These cutting-edge components have made it simpler to develop exoskeletons that are new, better, very power-efficient, self-powered, lightweight, less complicated, and portable.
Exoskeleton Market: Key Takeaways
- Market in North America to propel highest growth
- The upper extremities segment to garner the highest growth
- Market in Asia Pacific to grow at the highest rate
Increasing Prevalence of Emergency Situations across the Globe to Boost Market Growth
By the Emergency Event Database EM-DAT, 387 natural disasters, and hazards took place around the world in 2022, claiming 30,704 deaths and affecting 185 million people. In emergency and rescue situations, robotics may be used in a variety of ways. A robotic exoskeleton could undoubtedly assist in the actual rescue by transporting supplies, rescuing individuals from hazardous circumstances, or just offering information about the circumstance. Exoskeletons are employed in factories to aid employees with painting. To lower tiredness and improve production, the exoskeleton enables the worker to utilize their arms with greater efficiency.
Exoskeleton technology has also been shown to help welders maintain better posture and reduce muscular fatigue, which may result in fewer injuries and more production. There has been growing interest from the military from all over the world in deploying exoskeletons owing to their various advantages. Exoskeletons come equipped with sensors that let soldiers maintain tabs on their health while wearing them.
Exoskeleton Market: Regional Overview
The global exoskeleton market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Expanding technology Industry to Drive Market Growth in the North America Region
The exoskeleton market in the North American region is estimated to garner the largest revenue by the end of 2035. The growth of the region can be impelled by the growing adoption of emerging technology such as exoskeleton. Approximately 7 out of 10 people in America consider exoskeleton as a developing technology working in benefit to improve themselves and their daily activities. Moreover, there has been growing awareness regarding this emerging technology among people which is also estimated to boost market growth.
Additionally, growth in the market has been aided by the presence of major industry players in the North American region and an increase in R&D efforts to introduce innovations. The North American government's large military and healthcare expenditures have also contributed to the market's growth.
Growing Aging Population and Rehabilitation Needs to Propel the Growth in the Asia Pacific Region
The Asia Pacific exoskeleton market is estimated to garner the highest CAGR by the end of 2035. The Asia Pacific region has a rapidly aging population, leading to an increased demand for rehabilitation solutions. Exoskeletons have been explored as assistive devices for the elderly population and those with mobility impairments. For instance, countries like Japan and South Korea have a significant elderly population, and exoskeletons have been researched as tools to help seniors maintain their mobility and independence. Asia Pacific countries are major players in the manufacturing and industrial sectors. Exoskeletons have been explored for applications such as reducing worker fatigue and preventing injuries in industries where manual labor is intensive. These applications can contribute to improved worker safety and productivity. Asian countries have been investing in research and development across various technology sectors. As exoskeleton technology evolves, research institutions and companies in the region have been working on improving the capabilities and affordability of these devices.
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Exoskeleton, Segmentation by Product
- Full Body
- Lower Extremities
- Upper Extremities
Amongst these segments, the upper extremities segment is anticipated to hold the largest share over the forecast period. The upper extremities segment of the exoskeleton market plays a crucial role in rehabilitation for individuals with upper limb impairments resulting from conditions such as stroke, spinal cord injuries, or neuromuscular disorders. Exoskeletons designed for upper extremity rehabilitation can assist patients in regaining movement and strength in their arms and hands, improving their quality of life. The upper extremities segment has applications in industries where manual labor and repetitive arm movements are common.
Exoskeletons can assist workers in tasks that involve lifting, carrying, and using tools. This can lead to reduced fatigue and the prevention of work-related musculoskeletal disorders. Advances in materials science and engineering have enabled the development of exoskeletons that are lighter and more compact, enhancing user comfort and mobility. This trend can be measured through reductions in the weight of exoskeletons over time.
Exoskeleton, Segmentation by Technology
- Powered
- Passive
Amongst these segments, the powered segment is anticipated to hold a significant share over the forecast period. Powered exoskeletons have emerged as a game-changer in the field of rehabilitation, offering a lifeline to individuals recovering from mobility-limiting conditions such as spinal cord injuries and strokes. The ability of these exoskeletons to provide targeted assistance to impaired limbs has significantly improved the prospects of recovery.
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According to a study by the National Spinal Cord Injury Statistical Center, there are around 17,000 new spinal cord injury cases annually in the United States alone, underscoring the considerable potential market size for rehabilitation-focused exoskeletons. With a globally aging population, the demand for assistive technologies has surged. Powered exoskeletons have risen to the occasion, enabling seniors to maintain their independence and engage in activities that might otherwise be challenging.
Exoskeleton, Segmentation by Mobility
- Mobile
- Stationary
Exoskeleton, Segmentation by End User
- Healthcare
- Industrial
- Military & Defence
A few of the well-known market leaders in the global exoskeleton market that are profiled by Research Nester are Myomo, Inc., Bionik, ATOUN Inc., Cyberdyne Inc., Lockheed Martin Corporation, Parker Hannifin Corporation, Mitsubishi Heavy Industries Ltd., Ekso Bionics, Daiya Industry Co. Ltd., B-Temia, and other key market players.
Recent Development in the Market
- Myomo, Inc., the manufacturer of wearable medical robotics that increases functionality for people with neurological conditions and paralysis of the upper limbs, reports that new research evaluating the advantages of the MyoPro myoelectric orthosis it manufactures has discovered "statistically significant improvements" in several motor function measurements.
- B-Temia announced that the United States Food and Drug Administration has granted 510(k) clearance for their powered human mobility device Keeogo Dermoskeleton System. The greatest medical equipment market in the world is now open thanks to this clearance.
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