[185 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 market dynamics represent an ever-changing landscape of the Exoskeleton Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
- Market Drivers
- Growing demand from healthcare sector for robotic rehabilitation
- Increasing adoption of human augmentation equipment in industrial and military sectors
- Growth in the insurance coverage for medical exoskeletons
- Market Restraints
- High equipment cost of exoskeleton robots
- Market Opportunities
- Technological advancement in materials science, artificial intelligence, and robotics
- Growing awareness and government initiatives for adoption of exoskeletons in different industries
- Market Challenges
- Regulatory issues for securing approvals for medical applications of exoskeletons
The market disruption analysis delves into the core elements associated with market-influencing changes, including breakthrough technological advancements that introduce novel features, integration capabilities, regulatory shifts that could drive or restrain market growth, and the emergence of innovative market players challenging traditional paradigms. This analysis facilitates a competitive advantage by preparing players in the Exoskeleton Market to pre-emptively adapt to these market-influencing changes, enhances risk management by early identification of threats, informs calculated investment decisions, and drives innovation toward areas with the highest demand in the Exoskeleton Market.
The porter's five forces analysis offers a simple and powerful tool for understanding, identifying, and analyzing the position, situation, and power of the businesses in the Exoskeleton Market. This model is helpful for companies to understand the strength of their current competitive position and the position they are considering repositioning into. With a clear understanding of where power lies, businesses can take advantage of a situation of strength, improve weaknesses, and avoid taking wrong steps. The tool identifies whether new products, services, or companies have the potential to be profitable. In addition, it can be very informative when used to understand the balance of power in exceptional use cases.
The value chain of the Exoskeleton Market encompasses all intermediate value addition activities, including raw materials used, product inception, and final delivery, aiding in identifying competitive advantages and improvement areas. Critical path analysis of the <> market identifies task sequences crucial for timely project completion, aiding resource allocation and bottleneck identification. Value chain and critical path analysis methods optimize efficiency, improve quality, enhance competitiveness, and increase profitability. Value chain analysis targets production inefficiencies, and critical path analysis ensures project timeliness. These analyses facilitate businesses in making informed decisions, responding to market demands swiftly, and achieving sustainable growth by optimizing operations and maximizing resource utilization.
The pricing analysis comprehensively evaluates how a product or service is priced within the Exoskeleton Market. This evaluation encompasses various factors that impact the price of a product, including production costs, competition, demand, customer value perception, and changing margins. An essential aspect of this analysis is understanding price elasticity, which measures how sensitive the market for a product is to its price change. It provides insight into competitive pricing strategies, enabling businesses to position their products advantageously in the Exoskeleton Market.
The technology analysis involves evaluating the current and emerging technologies relevant to a specific industry or market. This analysis includes breakthrough trends across the value chain that directly define the future course of long-term profitability and overall advancement in the Exoskeleton Market.
The patent analysis involves evaluating patent filing trends, assessing patent ownership, analyzing the legal status and compliance, and collecting competitive intelligence from patents within the Exoskeleton Market and its parent industry. Analyzing the ownership of patents, assessing their legal status, and interpreting the patents to gather insights into competitors' technology strategies assist businesses in strategizing and optimizing product positioning and investment decisions.
The trade analysis of the Exoskeleton Market explores the complex interplay of import and export activities, emphasizing the critical role played by key trading nations. This analysis identifies geographical discrepancies in trade flows, offering a deep insight into regional disparities to identify geographic areas suitable for market expansion. A detailed analysis of the regulatory landscape focuses on tariffs, taxes, and customs procedures that significantly determine international trade flows. This analysis is crucial for understanding the overarching legal framework that businesses must navigate.
The regulatory framework analysis for the Exoskeleton Market is essential for ensuring legal compliance, managing risks, shaping business strategies, fostering innovation, protecting consumers, accessing markets, maintaining reputation, and managing stakeholder relations. Regulatory frameworks shape business strategies and expansion initiatives, guiding informed decision-making processes. Furthermore, this analysis uncovers avenues for innovation within existing regulations or by advocating for regulatory changes to foster innovation.
The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Exoskeleton Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment 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, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Exoskeleton Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. 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 these illustrative details, 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 strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Exoskeleton Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
The report delves into recent significant developments in the Exoskeleton Market, highlighting leading vendors and their innovative profiles. These include ReWalk Robotics Ltd., Safran S.A., BIONIK Inc., Technaid, S.L., American Bionics, Sarcos Corporation, Levitate Technologies, Inc., Honda Motor Co. Ltd., Aselsan AS, Laevo, Hyundai Motor Company, RB3D, ATOUN Inc., B-Temia Inc., Bioservo Technologies AB, SRI International Inc., ABLE Human Motion S.L., Mitsubishi Heavy Industries, Ltd., Rostec Corp., Northrop Grumman Corporation, ExoAtlet, Toyota Motor Corporation, The Boeing Company, Wearable Robotics s.r.l., Honeywell International Inc., Rex Bionics Ltd., Cyberdyne Inc., Myomo, Inc., Parker Hannifin Corporation, Dachser Group SE & Co. KG, Bioventus LLC, Bionic Power Inc., Ekso Bionics Holdings Inc., Ottobock SE & Co. KGaA, Raytheon Technologies Corporation, Ktwo Healthcare Pvt. Ltd., Lockheed Martin Corporation, Hocoma AG, Dephy Inc., Innophys Co., Ltd., Gogoa Mobility Robots, SL, Panasonic Corporation, Noonee Germany GmbH, Revision Inc., Marsi Bionics, S.L., Suit X, SpringActive Inc., Focal Meditech, Bioness Inc., and Hilti Corporation.
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: This section thoroughly overviews the current market landscape, incorporating detailed data from key industry players.
- Market Development: The report examines potential growth prospects in emerging markets and assesses expansion opportunities in mature segments.
- Market Diversification: This includes detailed information on recent product launches, untapped geographic regions, recent industry developments, and strategic investments.
- Competitive Assessment & Intelligence: An in-depth analysis of the competitive landscape is conducted, covering market share, strategic approaches, product range, certifications, regulatory approvals, patent analysis, technology developments, and advancements in the manufacturing capabilities of leading market players.
- Product Development & Innovation: This section offers insights into upcoming technologies, research and development efforts, and notable advancements in product innovation.
- What is the current market size and projected growth?
- Which products, segments, applications, and regions offer promising investment opportunities?
- What are the prevailing technology trends and regulatory frameworks?
- What is the market share and positioning of the leading vendors?
- What revenue sources and strategic opportunities do vendors in the market consider when deciding to enter or exit?
- 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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