[199 Pages Report] The Exoskeleton Market size was estimated at USD 865.78 million in 2023 and expected to reach USD 999.81 million in 2024, at a CAGR 18.20% to reach USD 2,791.19 million by 2030.
Exoskeletons are used to support and assist movement or augment the physical capabilities, disabilities, or limitations resulting from disease or injury that enables patients with lower extremity weakness or partial paralysis to stand and walk on level surfaces. The increasing adoption of human exoskeletons in industrial & military sectors and elevating demand from the healthcare sector for robotic rehabilitation are propelling the market. Additionally, growing awareness and government initiatives for adopting exoskeletons in different industries present various opportunities to capitalize upon. However, the high equipment cost of an exoskeleton robot can pose a challenge to market penetration. Current regulatory issues for securing approvals for medical applications of exoskeletons may impede this progress moderately, given their complex structure. Market players have the opportunity to incorporate technological advancement in materials science, artificial intelligence, and robotics to increase the adoption of exoskeletons in different industries.
The North American market is responsible for a significant share, including patients' high purchasing power, the growing geriatric population, and the public and private organizations offering grants and funds to develop technologically advanced products. On the other hand, Asia-Pacific is expected to register growth during the forthcoming years owing to a growing patient pool requiring rehabilitation support. Developing & advancing healthcare infrastructure and the availability of government support & funding are driving the development & growth of the exoskeleton market in Asia-Pacific. In Europe, non-manufacturing industries are adopting exoskeleton systems at large for rehabilitation, pick and carry, and other applications. The escalated maritime border tensions between the countries of Russia and Ukraine caused increased military spending worldwide as governments scrambled to upgrade their defensive systems and prepare for potential threats. Additionally, improving economic conditions, coupled with the rising demand for intelligent sensors for quality interaction between human and robotic devices, is expected to boost the exoskeleton market growth in Europe.
The FPNV Positioning Matrix is pivotal in evaluating the Exoskeleton Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Exoskeleton Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Svaya Robotics unveils India’s first homegrown quadruped robot and exoskeleton.
SVAYA Robotics, an Ahmedabad-based robotics and technology company, has unveiled India's first domestically developed quadruped robot and exoskeleton. The lifelike RoboWalk bipedal exoskeleton will be used for service tasks such as delivery, logistics and search & rescue operations in hazardous environments. It is made from high-grade aluminum alloy and weighs about 24kg to provide it the mechanical advantage of over 100 kg of payload capacity. The quadruped robot has four joints that mimic the steps taken by a human during locomotion giving it enabling fast maneuvering and running with speeds upto 9kmph. With its two arms mounted on either side, it can grab small objects without requiring any human intervention or programming effort. This is a groundbreaking development for the growing industrial robotics market in India, providing local companies the opportunity to manufacture robots that match international standards right in their home country. [Published On: 2023-03-18]
Japanese startup seeks to expand abroad with exoskeleton business.
A noteworthy advancement in technology is underway with the expansion of the exoskeleton market. Recent industry reports have indicated that this sector is expected to grow significantly over the next decade, and become a major asset to many sectors, including health care and construction. While one of the primary uses of exoskeletons is aiding the rehabilitation process for physical ailments, the potential benefits are increasing as cloud computing and artificial intelligence support users to take on tasks with more efficiency and safety. Additionally, researchers are studying how exoskeletons can be used to aid workers in manual labor such as construction sites or factory floors, allowing them to lift heavier objects without having any strain on their body. With its current rate of growth and potential applications yet to be explored, it's clear that exoskeletons will becoming increasingly popular within a multitude of industries in the near future. [Published On: 2023-01-05]
Ekso Bionics buys Indego exoskeletons from Parker Hannifin.
Exoskeleton technology has made incredible leaps and bounds in the last decade, and we're seeing a major acquisition in the space that is set to shake things up. Ekso Bionics, a company devoted to helping people find new human capabilities through robotic solutions, has bought out Indego exoskeletons from Parker Hannifin Corporation. This means that Ekso Bionics will be better enabled to provide more exoskeleton-powered health solutions to their clients; everyday individuals, hospital staff, and emergency workers are all set to benefit from this acquisition. We can truly say that the future of medical powered by robots looks ever brighter, with Ekso Bionics leading the way. [Published On: 2022-12-05]
The report delves into recent significant developments in the Exoskeleton Market, highlighting leading vendors and their innovative profiles. These include ABLE Human Motion S.L., American Bionics, Aselsan AS, ATOUN Inc., B-Temia Inc., Bioness Inc., Bionic Power Inc., BIONIK Inc., Bioservo Technologies AB, Bioventus LLC, Cyberdyne Inc., Dachser Group SE & Co. KG, Dephy Inc., Ekso Bionics Holdings Inc., ExoAtlet, Focal Meditech, Gogoa Mobility Robots, SL, Hilti Corporation, Hocoma AG, Honda Motor Co. Ltd., Honeywell International Inc., Hyundai Motor Company, Innophys Co., Ltd., Ktwo Healthcare Pvt. Ltd., Laevo, Levitate Technologies, Inc., Lockheed Martin Corporation, Marsi Bionics, S.L., Mitsubishi Heavy Industries, Ltd., Myomo, Inc., Noonee Germany GmbH, Northrop Grumman Corporation, Ottobock SE & Co. KGaA, Panasonic Corporation, Parker Hannifin Corporation, Raytheon Technologies Corporation, RB3D, Revision Inc., ReWalk Robotics Ltd., Rex Bionics Ltd., Rostec Corp., Safran S.A., Sarcos Corporation, SpringActive Inc., SRI International Inc., Suit X, Technaid, S.L., The Boeing Company, Toyota Motor Corporation, and Wearable Robotics s.r.l..
This research report categorizes the Exoskeleton Market to forecast the revenues and analyze trends in each of the following sub-markets:
- Product
- Full Body
- Lower Body
- Upper Body
- Type
- Mobile
- Stationary
- Technology
- Active
- Passive
- End User
- Hospitals
- Manufacturing & Construction
- Military & Defense
- Rehabilitation Center
- Sport & Fitness
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
- Americas
- Market Penetration: It presents comprehensive information on the market provided by key players.
- Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
- Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
- Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
- Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
- What is the market size and forecast of the Exoskeleton Market?
- Which products, segments, applications, and areas should one consider investing in over the forecast period in the Exoskeleton Market?
- What are the technology trends and regulatory frameworks in the Exoskeleton Market?
- What is the market share of the leading vendors in the Exoskeleton Market?
- Which modes and strategic moves are suitable for entering the Exoskeleton Market?
- Preface
- Research Methodology
- Executive Summary
- Market Overview
- Market Insights
- Exoskeleton Market, by Product
- Exoskeleton Market, by Type
- Exoskeleton Market, by Technology
- Exoskeleton Market, by End User
- Americas Exoskeleton Market
- Asia-Pacific Exoskeleton Market
- Europe, Middle East & Africa Exoskeleton Market
- Competitive Landscape
- Competitive Portfolio
- List of Figures [Total: 24]
- List of Tables [Total: 376]
- List of Companies Mentioned [Total: 50]
What is an exoskeleton in medical terms, and how does it work?
Medical exoskeletons are a type of wearable exoskeletons that augment body movement and load-carrying ability. Exoskeleton devices are worn outside the body and powered by motors, sensors, and computers. They are designed to provide mechano-physiological gait and balance support to patients with neurological disabilities or musculoskeletal weakness. Exoskeletons use motion sensors and mechanical motors to detect and interpret a patient's movements and assist them with motion.
The benefits of medical exoskeletons:
Medical exoskeletons offer patients numerous benefits. Patients who use the device are able to walk, stand, and sit on their own, providing an essential boost to their quality of life. Medical exoskeletons have also been shown to have a favorable impact on the mental health of patients, who may have been deprived of independence due to their injuries. Medical exoskeletons can also help with movement coordination and balance, improving strength and reducing the risk of injury.
Insurance coverage for medical exoskeletons:
The cost of medical exoskeletons is a major challenge, which has limited the number of patients who can access them - leading many to seek alternative options or go without. Insurance coverage for exoskeletons is undoubtedly an important development. The coverage can help patients with the cost of buying or renting a device, which can be expensive. As insurance coverage for exoskeletons spreads, those in need of help to pay for these devices are expected to be able to acquire them.
The growing demand for insurance coverage for medical exoskeletons:
The demand for exoskeletons has soared in recent years. According to the World Health Organization, neurological disorders affect millions of people worldwide. They highlight the growing number of patients who need assistance with mobility and improving their quality of life. The increasingly widespread availability of insurance coverage for medical exoskeletons makes it possible to benefit from the device and brings significant rewards to both patients and insurance providers alike.
The challenges of insurance coverage for medical exoskeletons:
Despite the benefits of medical exoskeletons and insurance coverage, there are still challenges that need to be addressed. Some insurance companies might not provide coverage for nuanced reasons and may devalue the true benefit of the device in improving a patient's life. Additionally, not all medical professionals are knowledgeable about the benefits of exoskeletons, leaving patients without proper recommendations and support. Education and research are key to overcoming these challenges, leading to an increase in the availability and quality of insurance coverage for medical exoskeletons.
The coverage provided by insurance companies for medical exoskeletons is a significant step forward for the health and well-being of people with medical conditions. The cost of medical exoskeletons is considerable, making insurance coverage for these devices an important factor in making them more accessible to patients who need them. With the secure insurance coverage of medical exoskeletons, patients will gain a new level of independence and quality of life. Insurance providers that provide coverage for these devices can help support those that have been in need until now; this will benefit not just the patients themselves but also the health industry, which will reduce long-term healthcare expenses by reducing lethargy and improving recovery times. Therefore, the future of medical exoskeletons seems very promising, and the growth of their coverage by insurance only strengthens their potential.
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