Increasing Demand For Orthopedic Rehabilitation In The Healthcare Sector, Rising Occurrence Of Stroke, And Growing Demand From The Military And Defense Sectors Are Driving The Demand Growth For Global Exoskeleton Robots
Rockville, Nov. 28, 2022 (GLOBE NEWSWIRE) — The global exoskeleton robots market is anticipated to top US$ 8 billion by 2032, expanding at a high CAGR of 23.7% from 2022 to 2032, as per this new industry analysis by Fact.MR, a market research and competitive intelligence provider.
An exoskeleton system is a wearable man-machine apparatus that combines human intelligence with machine power to offer mechanical strength to the user. It consists of a powered wearable suit designed to increase user safety and overall effectiveness when performing specific tasks. It uses advanced algorithms that change and adapt to human body movements and is outfitted with many sensors and electrical connections to power the components.
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Exoskeleton robots help with heavy lifting and relieve stress on the user’s back muscles and spine. They also allow the elderly to walk more easily and reduce fall-related injuries. Exoskeleton robots have a wide range of applications, including military, healthcare, and industrial.
Exoskeleton robots are in high demand in healthcare as they aid in personal mobility. A growing number of individuals with body movement disorders, such as stroke, Parkinson’s disease, and so on, are driving the demand for exoskeleton robots, as these diseases restrict voluntary body motions and present challenges in everyday activities.
Moreover, exoskeleton robots are extensively used in the military and defense industry. Soldiers are currently required to carry weights ranging from 80 to 660 pounds (40 to 300 kg). Exoskeleton robots can help soldiers carry weights, allowing them to cover more ground.
Key Takeaways from Market Study
- The global exoskeleton robots market is valued at US$ 950 million in 2022.
- Global sales of exoskeleton robots are estimated to hit US$ 8 million by 2032.
- The market is projected to skyrocket at a CAGR of 23.7% during the forecast period.
- North America accounted for 47% share of the global market in 2021.
- The healthcare segment held 51.3% share of global demand for exoskeleton robots in 2021.
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The global exoskeleton robots market is extremely competitive. Furthermore, many startups are entering the market, thus, intensifying the competition. Key players in the exoskeleton robots market are increasingly concentrating on introducing newer innovative solutions and extending their geographical reach through a variety of techniques such as product approvals, product launches, partnerships, and collaborations.
- Ottobock debuted the Paexo Cool Sleeve, Paexo Thumb Slim, and Paexo Shoulder Jacket at the Hannover Messe Digital Edition 2021 event in April 2021. These devices offer great relaxation to the body during demanding activities like package lifting or overhead work.
- The Thai Food and Medical Products Approval Authority (Thai FDA) approved CYBERDYNE’s HAL Single Joint Type medical device in March 2021. The product is intended for people with limited mobility in their lower and upper limbs due to paralysis or muscle weakness.
- Cyberdyne Inc collaborated with J-Workout Inc. (Koto-Ku, Tokyo, Japan, President: Takunori Isa, “J-Workout”) in March 2021 to deliver the new services. The Group offers Neuro HALFIT as a service to support the functional improvement of people with limited motor functions by engaging the brain’s nervous system’s activity loop with Wearable Cyborg HAL.
- DIH partnered with Reha Technology in March 2021. DIH agreed to take over the distribution of Reha Technology’s robotics products as well as promote and distribute Reha Technology’s end-effector-based gait rehabilitation devices in important markets like the United States, Switzerland, and Germany under this arrangement.
- Ekso Bionics collaborated with US Physiatry (USP) in March 2021 to educate physicians on the clinical advantages of an EksoNR exoskeleton. USP is the country’s biggest in-patient physician practice, specializing solely in physical medicine and rehabilitation.
Key Companies Profiled
- ATOUN Inc
- Gogoa Mobility Robots
- Bioness Inc
- Bionik Laboratories Corp
- Hocoma AG
- Lockheed Martin Corporation
- Bioservo Technologies AB
- B-Temia Inc
- Rehab-Robotics Company Limited
- Cyberdyne Inc
- Ekso Bionics Holdings Inc
- ReWalk Robotics Ltd
- Parker-Hannifin Corporation
- Rex Bionics Ltd
- suitX (US Bionics)
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Key Segments of Exoskeleton Robots Industry Research
- By Product:
- Full Body
- Lower Extremities
- Upper Extremities
- By Mobility:
- By Technology:
- By End User:
- Military and Defense
- By Region:
- North America
- Latin America
North America is expected to dominate the global exoskeleton robots market during the forecast period. This is due to a growing number of disabled individuals, heavy investments in research activities, increasing public and private support, and the availability of technologically advanced products.
The United States is projected to lead the North American market. According to CDC data, roughly 60 million people in the United States have some form of impairment, with mobility disabilities accounting for 14.7% of the disabled population.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global welding machinery market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2032.
The study divulges essential insights on the market on the basis of product (full body, lower extremities, upper extremities), mobility (mobile, stationary), technology (powered, passive), and end user (healthcare, industrial, military & defense), across five major regions (North America, Europe, Asia Pacific, Latin America, and MEA).
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Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range – from automotive & industry 4.0 to healthcare, technology, chemical and materials, to even the most niche categories. We are committed to deliver insights that help businesses gain deeper understanding of their target markets. We understand that making sense of the vast labyrinth of data can be overwhelming for businesses. That’s why focus on offering insights that can actually make a difference to bottom-lines.
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