Pune, Aug. 14, 2023 (GLOBE NEWSWIRE) -- As per the SNS Insider report, “The Exoskeleton Market had a valuation of USD 0.71 billion in 2022, and it is projected to reach USD 9.72 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 38.7% during the forecast duration spanning from 2023 to 2030”.
Market Report Scope
In the realm of technological advancement, exoskeletons stand as a shining testament to human ingenuity and creativity. These remarkable contraptions blur the line between science fiction and reality, offering unprecedented possibilities for enhancing human capabilities, medical rehabilitation, and industrial efficiency. Exoskeletons manifest in diverse forms, each tailored to address specific needs. Medical exoskeletons, for instance, are transforming the landscape of rehabilitation by aiding individuals with mobility impairments. These devices, often used in spinal cord injury recovery, stroke rehabilitation, and muscular dystrophy support.
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Market Analysis
The global exoskeleton market is experiencing a remarkable surge, driven by a convergence of technological advancements, changing demographics, and diverse applications across industries. Exoskeletons, once confined to science fiction, have now evolved into practical and promising solutions that enhance human capabilities. Exoskeletons are rapidly finding their way into various industries, transforming the way work is performed. In manufacturing, exoskeletons are reducing the physical strain on workers, enhancing their productivity and preventing injuries. Industries that involve repetitive tasks or heavy lifting, such as construction and logistics, are adopting exoskeletons to improve employee well-being and operational efficiency. These applications are not only enhancing worker safety but also contributing to a reduction in workplace-related injuries and associated costs.
Exoskeleton Market Overview & Scope:
| Report Attributes | Details |
| Market Size in 2022 | USD 0.71 billion |
| Market Size by 2030 | USD 9.72 billion |
| CAGR | CAGR of 38.7% from 2023-2030 |
| Key Segments | By Type(Powered, Passive) By Component(Hardware, Software) By Body Part(Lower Extremities, Upper Extremities, Full Body) By Mobility(Stationary, Mobile) By Structure(Rigid Exoskeletons, Soft Exoskeletons) By Vertical(Healthcare, Defense, Industrial, Others) |
| Key Players | CYBERDYNE INC. (Japan), Lockheed Martin Corporation (US), Otto bock (Germany), Ekso Bionics (US), DIH Medical (China), Sarcos Technology and Robotics Corporation (US), BIONIK (US), and B-Temia (Canada)and other players are listed in a final report. |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands,Rest of Europe), Asia-Pacific (Japan, South Korea,China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| 20% free customization scope (equivalent to 50 analyst working hours) | If you need specific information as per your business requirement, which is not currently within the scope of the report, we will provide it to you as a part of customization. |
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Impact of Recession
While a recession can pose challenges to the exoskeleton market, its overall impact will depend on a complex interplay of economic, technological, and regulatory factors. The industry's potential for growth and innovation remains strong, and adaptive strategies employed by companies could help minimize the negative effects of economic downturns. As the market continues to evolve, its resilience and ability to adapt will determine its long-term success in the face of economic uncertainties.
Impact of Russia-Ukraine War
The Russia-Ukraine war has introduced a series of challenges and uncertainties for the exoskeleton market. Disruptions in supply chains, shifts in priorities, and geopolitical tensions can all impact the growth and development of this emerging industry. However, amidst the challenges, there may also be opportunities for exoskeleton technology to address pressing medical and rehabilitative needs arising from the conflict. The long-term impact will largely depend on the resolution of the conflict and the subsequent geopolitical and economic developments in the region.
Key Regional Development
The exoskeleton market's regional dynamics underscore the versatility and potential impact of this technology across a range of sectors. North America leads in research and development, Europe focuses on healthcare applications, Asia-Pacific drives industrial adoption, and Latin America and the Middle East are gradually exploring opportunities. As the exoskeleton industry continues to evolve, collaboration between stakeholders, technological advancements, and regulatory harmonization will play crucial roles in shaping the future trajectory of this dynamic market.
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Key Takeaway from Exoskeleton Market Study
- The symbiotic relationship between soft exoskeletons and the healthcare sector is poised to dominate the market. Their ability to transcend industrial and personal applications and seamlessly integrate into the world of medicine underscores their transformative potential.
- As technology and healthcare converge, we stand on the brink of a new era, one where physical limitations are challenged, and the boundaries of human mobility are redefined - all thanks to the revolutionary fusion of soft exoskeletons and healthcare.
Recent Developments Related to Exoskeleton Market
- In a groundbreaking development, the U.S. regulatory agency has granted approval for an innovative exoskeleton designed specifically for stroke rehabilitation. This momentous decision marks a significant step forward in the realm of medical technology, promising new avenues for enhancing the recovery journey of stroke survivors.
- In a significant development for the field of wearable robotics, Ekso Bionics has announced its acquisition of the Indego exoskeleton product line from Parker Hannifin, a global leader in motion and control technologies. This strategic move marks a pivotal moment in the advancement of mobility-enhancing technologies.
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