Exoskeleton Market Is Estimated To Witness High Growth Owing To Advancements in Technology
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| Exoskeleton Market |
The global Exoskeleton Market is estimated to be valued at US$ 87.9 Mn in 2016 and is expected to exhibit a CAGR of 44.16% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Exoskeletons are wearable devices that provide support to the body's movements,
enhance strength, and assist in performing physically demanding tasks. These
devices find applications in industries such as healthcare, manufacturing,
defense, and others. The increasing demand for exoskeletons can be attributed
to their ability to assist in rehabilitation and enhance the quality of life
for individuals with mobility impairments. The rise in the aging population and the
prevalence of neurological disorders such as strokes and spinal cord injuries
are driving the demand for exoskeletons. Furthermore, advancements in
technology, such as the development of lightweight and intelligent exoskeletons,
are further fueling the market growth.
Market Key Trends:
The key trend driving the growth of the exoskeleton market is the increasing
adoption of exoskeletons in the healthcare sector. Exoskeletons are being
widely used in the rehabilitation of patients with neurological disorders and
mobility impairments. These devices aid in the recovery process by providing
support and assistance to the affected body part. Moreover, exoskeletons are
also being used in the prevention of musculoskeletal injuries in healthcare
workers. The use of exoskeletons in the healthcare sector not only improves
patient outcomes but also reduces the risk of injury to healthcare workers,
thereby driving the market growth.
In addition to healthcare, exoskeletons are also finding applications in the
defense sector. The use of exoskeletons in the military for carrying heavy
loads and for enhancing soldiers' strength and endurance is a major trend in
the market. With advancements in material science and robotics, exoskeletons
are becoming more lightweight
PEST Analysis:
Political: The political factors influencing the exoskeleton market include
government regulations, policies, and political stability. Governments around
the world are showing increasing support for the development and use of
exoskeleton technology, which is driving market growth.
Economic: The economic factors affecting the exoskeleton market include the
overall economic conditions, disposable income, and healthcare spending. The
market is expected to witness high growth due to increasing healthcare
expenditure and rising awareness about the benefits of exoskeleton technology.
Social: Social factors influencing the exoskeleton market include changing
demographics, lifestyle preferences, and healthcare awareness. The aging
population and increasing prevalence of physical disabilities are driving the
demand for exoskeletons as they offer mobility assistance and improve the
overall quality of life for individuals.
Technological: The technological factors affecting the exoskeleton market
include advancements in robotics, artificial intelligence, and material
sciences. The development of lightweight and user-friendly exoskeletons that
can be seamlessly integrated into daily activities is driving market growth. Additionally,
advancements in sensor technology are improving the efficiency and
effectiveness of exoskeletons.
Key Takeaways:
The global
exoskeleton market is expected to witness high growth, exhibiting a
CAGR of 44.16% over the forecast period of 2023-2030. This growth is driven by
the increasing adoption of exoskeletons in healthcare, military, and industrial
sectors. The demand for exoskeletons is rising due to their ability to enhance
physical abilities and assist in rehabilitation.
In terms of regional analysis, North America is expected to be the
fastest-growing and dominating region in the exoskeleton market. This growth
can be attributed to the presence of leading exoskeleton manufacturers, the
high adoption rate of advanced technologies, and the favorable government
initiatives to support the development and use of exoskeletons.
Key players operating in the exoskeleton market include Ekso Bionics,
ActiveLink (Panasonic Corporation), Cyberdyne, Inc., ReWalk Robotics Ltd, Rex
Bionics Plc., Lockheed Martin Corporation, Suit X (U.S. Bionics, Inc.), RB3D,
Hocoma, DIH Technologies, Focal Meditech, and Ottobock. These key players are
focusing on research and development activities to introduce innovative and
technologically advanced exoskeletons to cater to the growing demand in the
market. They are also engaged in strategic partnerships and collaborations to
expand their market presence and gain a competitive edge.
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