by The global exoskeleton market is on the cusp of a remarkable growth trajectory, with an industry value of approximately US$500 million in 2021, and expectations of robust double-digit growth over the projection period. This burgeoning market is being shaped by the integration of cutting-edge technologies, particularly robotics, into exoskeleton systems.
Rapid Growth Fueled by Rehabilitation Applications
Exoskeleton technology, which made its debut in the 1960s, is now finding diverse applications in medical, military, manufacturing, and industrial sectors. These wearable machines enhance human strength and endurance, reducing the risk of worker injuries by transferring weight and load forces to a motorized external frame. They promise to enhance peoples lives by restoring mobility, reducing strain, and preventing musculoskeletal disorders, driving an increased awareness and demand for these devices.
Rehabilitation exoskeletons, which are used for supervised training programs and adapted for individual patients, are a key driver of market growth. These devices play a crucial role in helping patients with lower limb mobility impairments regain their ability to walk correctly. Given the increasing demand for rehabilitation exoskeletons, the global exoskeleton market is expected to thrive, supported by strategic initiatives by key industry players and the growing prevalence of disabilities.
Chinas Unique Rehabilitation Needs
China, with one of the highest rates of strokes globally, has a substantial population of older adults and individuals with lower limb motor dysfunctions. Robots for lower limb rehabilitation are of paramount importance in addressing these challenges. These robots not only reduce the workload of therapists but also enable data collection during training and quantitative recovery evaluation, thereby expanding the industry. Innovations from companies like Astrek Innovations are set to contribute significantly to the growth of the exoskeleton market in the region.
Technological Advancements Driving Complexity
The software segment is expected to play a pivotal role in the exoskeleton markets evolution. Technological advancements in inter-device connectivity, Artificial Intelligence (AI), and autonomous operations are making exoskeletons more complex. As a result, the value of software in the market is expected to surpass that of hardware, as software enables the efficient processing of these complex functionalities. Advanced software solutions, such as 3D CAD software packages and digital human modeling (DHM), are enhancing the design and simulation capabilities of exoskeletons, making them more accessible to a wider range of users.
North America Leading the Way
North America is currently the largest user of exoskeleton technology and is poised for the fastest growth throughout the forecast period. The regions high patient purchasing power, increasing elderly population, and government and private grants for technological advancements are driving the North American exoskeleton market. With a significant number of spinal cord injuries and a sizable disabled population, the demand for exoskeletons is growing rapidly in the United States. Increased R&D efforts and collaborations with healthcare professionals are further propelling the markets expansion.
Innovative Players Shaping the Market
The competitive landscape of the global exoskeleton market is marked by several innovative players, including BIONIK, DIH Medical, Ottobock, CYBERDYNE, MediTouch, Lockheed Martin Corporation, Ekso Bionics, ATOUN, B-Temia, and ReWalk Robotics. These companies are continuously introducing new products and solutions to address the evolving needs of various industries and sectors.
As the exoskeleton market continues to experience dynamic growth and technological advancements, it is poised to play an increasingly indispensable role in enhancing human capabilities and improving the quality of life for people around the world.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/exoskeleton-market
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This press release first seen on Brilad
COMTEX_442320070/2840/2023-10-23T08:21:18
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.