Covina, Sept. 05, 2023 (GLOBE NEWSWIRE) -- “According to the latest research study, the demand of “Exoskeleton Market size accounted for USD 220 million in 2020 and expected to expand to USD 2171.77 million by 2032 at a compound annual growth rate (CAGR) of 26.0%”
What is Exoskeleton?
Exoskeleton also known as an external skeleton or powered exosuit, is a wearable robotic device that is designed to enhance and augment the physical capabilities of the wearer. Inspired by the concept of an external structure that provides support and increased strength, exoskeletons are being developed for various applications, including medical rehabilitation, assistive mobility, military use, industrial tasks, and even recreational purposes.
Exoskeletons are being increasingly adopted in medical rehabilitation settings. They offer valuable assistance to individuals with mobility impairments caused by spinal cord injuries, stroke, and neurological disorders. As healthcare systems prioritize patient mobility and recovery, exoskeletons are expected to play a crucial role. The global aging population is driving the demand for solutions that can enhance the quality of life and maintain independence for seniors. Exoskeletons have the potential to assist elderly individuals in maintaining mobility and performing daily activities.
Recent news in the Exoskeleton Market:
- In March 2023, Svaya Robotics, a Hyderabad-based company, has partnered with two DRDO labs, the Research and Development Establishment in Pune (R&DE) and Defense Bio-engineering & Electro Medical Laboratory in Bengaluru (DEBEL), to create India’s first quadruped robot and wearable exo-skeleton. Both robots were created by the business to serve a variety of functions in healthcare and industrial settings. The exo-skeleton is specifically designed for the anthropometry of Indian soldiers and intends to increase their physical strength, enabling them to lift big loads with little effort and traverse long distances without getting tired.
- In June 2022, Wandercraft SAS unveiled Atalante X, its next-generation autonomous exoskeleton based on the concept of dynamic robotics. This hands-free, self-balancing exoskeleton that walks aids patients at all phases of physical therapy in relearning how to walk by imitating a natural gait. The company responds to a major demand for physical therapy for learning to walk again while relieving the work of clinical staff.
Report Scope:
| Attribute | Details |
| Base year for estimation | 2020 |
| Forecast period | 2020 – 2032 |
| Market representation | Revenue in USD Million & CAGR from 2020 to 2032 |
| Market Segmentation | By Component - Hardware and Software By Type - Powered and Passive By Mobility - Stationary and Mobile By Body Part - Lower, Upper, and Full Body By Vertical - Healthcare, Defense, and Industrial |
| Regional scope | North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
| Report coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
Click Here to Get Free Sample Copy of this Report@
https://www.prophecymarketinsights.com/market_insight/Insight/request-sample/302
What is Prophecy’s Analyst View on Exoskeleton Market?
Exoskeletons are performing better, being more effective, and being more comfortable thanks to ongoing improvements in materials, sensors, actuators, and control systems. New technologies are enabling designs that are lighter, more ergonomically designed, and more user-friendly. Exoskeleton Market is at a pivotal point where technological capabilities are aligning with real-world needs, leading to a broader range of applications and increased adoption. As the potential benefits of exoskeletons become clearer and their usability improves, the market is expected to witness substantial growth, transforming industries and enhancing the lives of individuals with mobility challenges.
What are the latest advancements in exoskeleton market?
The exoskeleton market encompass soft and wearable designs for enhanced comfort, integration of brain-machine interfaces (BMIs) for intuitive control, and AI-driven powered exoskeletons that adapt to users' movements in real-time. Energy-efficient systems prolong battery life, while augmented reality (AR) integration offers improved visualization. Bioinspired designs emulate natural human and animal motions, and medical rehabilitation exoskeletons utilize sensors for personalized therapy. Furthermore, exoskeletons tailored for neurological conditions and collaborative applications are emerging. Advancements in miniaturization ensure portability, contributing to the exoskeleton market's growth and diverse applications.
What are the challenges and restraints in the exoskeleton market?
Several challenges and restraints exist within the exoskeleton market:
- High Costs: The initial investment and ongoing maintenance costs associated with exoskeleton technology can be significant, limiting adoption, especially in industries with tight budgets.
- Limited Awareness and Acceptance: Many potential users, both individuals and industries, may lack awareness and understanding of exoskeleton benefits and functionality, hindering their widespread adoption.
- Comfort and Ergonomics: Ensuring that exoskeletons are comfortable to wear for extended periods and ergonomically designed to support natural movement remains a challenge.
- Technological Complexity: Developing and integrating advanced control systems, sensors, and AI algorithms into exoskeletons can be complex and requires specialized expertise.
- Regulatory Hurdles: The exoskeleton market faces regulatory challenges, particularly in medical and industrial contexts, where safety standards and approval processes can be rigorous and time-consuming.
- Battery Life and Energy Efficiency: Powering exoskeletons for extended periods without frequent recharging remains a technical challenge, especially for applications that require prolonged use.
- Customization and Fit: Ensuring that exoskeletons fit various body types and sizes while offering personalized assistance is a challenge, as users' needs can vary significantly.
- Ethical and Social Considerations: The integration of exoskeletons raises questions about the potential for job displacement, as well as ethical concerns about privacy and the impact on human identity.
- Perception and Stigma: Overcoming any stigma associated with wearing exoskeletons and addressing concerns about how they might affect the user's self-esteem or identity is important for market growth.
Who are the key players or vendors in the Exoskeleton Market?
- Bionik Laboratories
- B-Temia
- Cyberdyne
- Ekso Bionics
- Focal Meditech
- DIH Technologies
- German Bionic
- Ottobock
- Rewalk Robotics
- Meditouch
Download PDF Brochure:
https://www.prophecymarketinsights.com/market_insight/Insight/request-pdf/302
How is artificial intelligence (AI) improving the functionality and adaptability of exoskeletons?
- Dynamic Movement Adjustment: AI algorithms analyze users' biomechanics and adjust exoskeleton movements in real time, providing seamless support during activities.
- Individualized Assistance: Through learning from users' behaviors, AI tailors assistance to each user's specific needs, enhancing comfort and overall effectiveness.
- Predictive Performance: AI predicts user movements and environmental conditions, allowing exoskeletons to proactively adapt assistance levels for optimal performance.
- Cognitive Interaction: AI-powered brain-machine interfaces interpret users' neural signals, enabling direct control of exoskeletons with thoughts and enhancing user autonomy.
- Enhanced Safety: AI algorithms detect shifts in balance and potential fall risks, triggering corrective actions to prevent accidents and enhance user safety.
What role do exoskeletons play in military and defense applications?
In military and defense applications, exoskeletons play a crucial role by enhancing soldiers' physical capabilities. They help soldiers carry heavier loads, reduce physical strain, and increase endurance during missions. Exoskeletons can also improve marksmanship and enable rapid mobility in challenging terrains. Furthermore, they find utility in injury rehabilitation and can integrate with other military technologies for enhanced situational awareness. As ongoing research continues, exoskeletons hold the potential for even more advanced capabilities, making them valuable assets in modern military operations.
What is the future outlook for the exoskeleton market in terms of technology and applications?
- Advanced Technology: Exoskeletons will feature AI, sensors, and lightweight materials for better performance.
- Expanding Applications: Their use will diversify into healthcare, aging support, and various industries.
- Healthcare Revolution: Exoskeletons will aid in rehabilitation and improve mobility for those with impairments.
- Aging Population: Increased demand to support the elderly in daily activities.
- Improved Comfort: Materials science will lead to more comfortable designs.
- Regulatory Streamlining: Standardized regulations will ease adoption.
- Collaborative Use: More collaborative exoskeletons in industrial settings for safety and productivity.
- Sustainability Focus: Eco-friendly designs and energy efficiency will be a priority.
- Military Evolution: Ongoing development for enhanced capabilities in defense applications.
- AR Integration: Integration with augmented reality and wearables for better user experience and data collection.
Conclusion:
The future of the exoskeleton market holds tremendous promise. Technological advancements, including AI and lightweight materials, will propel exoskeletons to new heights. Their applications will expand across healthcare, aging support, and various industries, with a particular focus on enhancing rehabilitation and aiding the elderly. These advancements will be underpinned by clearer regulations and a commitment to sustainability. Collaborative exoskeletons will improve safety and productivity in industrial settings, while military applications will continue to evolve. Integration with augmented reality and wearable will further enhance user experience and data collection. In essence, exoskeletons are poised to revolutionize human capabilities and significantly improve the quality of life in diverse sectors.
Key reasons to purchase the report:
- Market Insights: Access comprehensive market data and trends.
- Competitive Analysis: Understand key players and strategies.
- Strategic Planning: Formulate effective business strategies.
- Investment Opportunities: Identify promising investment prospects.
- Market Expansion: Explore new market possibilities.
- Risk Mitigation: Assess potential challenges and risks.
- Technological Advancements: Stay updated on the latest tech trends.
- Market Diversification: Discover new applications and industries.
- Decision Support: Data-driven insights for critical decisions.
- Trend Analysis: Understand industry trends and dynamics.
- Future Outlook: Gain insights into market evolution.
- Investor Confidence: Make informed decisions with reliable data.
Other Related Reports:
- Rehabilitation Robots Market – A Comprehensive Analysis of Trends and Opportunities.
- Robotics Market – Latest Market Research Insights Revealed.
- Soft Robotics Market – Understanding the Evolution of Tech.
Blog: www.prophecyjournals.com
Follow us on:
LinkedIn | Twitter | Facebook |YouTube
