New York, United States , Jan. 11, 2023 (GLOBE NEWSWIRE) -- The Global Exoskeleton Market Size to grow from USD 334.5 Million in 2021 to USD 1,253.7 Million by 2030, at a Compound Annual Growth Rate (CAGR) of 18.0% during the forecast period. Exosuits powered by AI and IoT are being used more frequently in the medical sector for rehabilitation purposes, which is what is being blamed for the market rise. The Asia Pacific is expected to grow the fastest during the forecast period.
In terms of volume, in 2021 the worldwide exoskeleton market volume was 8,641 units and is projected to expand around 24,977.0 units in terms of volume by 2030.
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Exoskeletons powered by artificial intelligence are frequently utilised in a variety of settings, including manufacturing plants, rehabilitation facilities, military bases, and construction sites. It aids users in lessening stress and tiredness brought on by repetitive motions as well as the risks of injury associated with carrying, lifting, and moving heavy loads. In addition, the use of exosuits enhances proficiency and productivity, which in turn encourages market expansion. Despite the fact that exoskeletons have been around for a while. The market has grown as a result of a number of factors, including rising healthcare industry demand for robotic rehabilitation and rising funding for the advancement of exoskeleton technology. The user of exoskeletons for medical rehabilitation wears them as they practise their performance. As a result, after a set of supervised training exercises, the user stops using the exoskeleton. It is necessary to use a rehabilitative exoskeleton that can be adjusted to do the same motion repeatedly while collecting data on each patient. Patients utilise it over the course of one to two hours, usually individuals who have movement issues in their lower limbs. After employing the rehabilitation instruments, the patient starts to walk appropriately. The increased prevalence of disability and the implementation of strategic efforts by market participants are the main drivers of the segment's growth.
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The Mobile segment accounts for the largest market size during the forecast period
On the basis of mobility, the global exoskeleton market is segmented into mobile and fixed. With a market share of 60.7%, the mobile segment dominates the others because to expanding R&D efforts and rising demand for motorised robots to assist with human body mechanics. In addition, the existence of favourable reimbursement policies that encourage the use of exoskeleton technology in developing countries is directly influencing the development and expansion of the industry. In addition, the major companies in the market are introducing cutting-edge solutions for a range of technologies that support workers, boost productivity, lessen fatigue, and lower the chance of significant injuries. Because stationary systems are being used in rehabilitation facilities more frequently, stationary exoskeleton technology is growing.
The non-powered or passive technology to witness fastest market growth.
Based on technology, the global exoskeleton market is segmented into powered and non-powered. Among these, the non-powered segment is going to witness the fastest market growth over the upcoming years owing to the increasing production of innovative products.
Browse 48 market data Tables and 58 Figures spread through 235 Pages and in-depth TOC on “Global Exoskeleton Market Size, Share, and COVID-19 Impact Analysis, By Mobility (Mobile, Fixed), By Technology (Powered, Non-powered), By Extremity (Upper Body, Lower Body, Full Body), By End-use (Healthcare, Industry, Military), and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2021 – 2030.”
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The upper body segment to witness the fastest growth rate.
On the basis of extremity, the global exoskeleton market is segmented into upper body, lower body, and full body. Among these, upper body segment is anticipated to witness the fastest market growth over the forecast period owing to the benefits offered by exoskeleton products in upper extremities like supporting disabled people and rehabilitation support provided in neurological, post-stroke, or musculoskeletal impairments.
The industry segment is witnessing the fastest market growth.
Based on end use, the global exoskeleton market is segmented into healthcare, industry, military. Among these, the industry segment is going to witness the fastest market growth over the forecast period due to the increasing awareness among the people towards the advantages related to the exoskeleton technologies in various industry applications and rising number of occupational injury cases. Not only this but also the rise in the demand of novel technologies as well as increasing adoption of it in various sectors like manufacturing, construction, and distribution is anticipated to contribute in the market growth.
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Asia Pacific to register the fastest market growth over the forecast period.
The Global Exoskeleton Market has been segmented into five major regions: North America, Europe, Asia-Pacific, South America, The Middle East and Africa. Due to the rising number of patients seeking assistance with rehabilitation, Asia Pacific will have the fastest market growth throughout the projection period. In addition, the rise of the global exoskeleton market in the Asia Pacific region is aided by the development and improvement of healthcare infrastructure as well as government assistance. India, Japan, and China are the three main nations in the Asia Pacific region that are seeing tremendous market expansion combined with favourable private and state backing.
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