Exoskeleton Market in United States to Reach Value of US$ 745.6 Mn by 2032, Reveals TMR Report

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Nov 15, 2022, 09:30 ET

The exoskeleton market is projected to expand at a CAGR of 20.1% during 2022-2032
Surge in the prevalence of Parkinson's disease and strokes worldwide is fueling the market growth

WILMINGTON, Del., Nov. 15, 2022 /PRNewswire/ -- A study by Transparency Market Research (TMR) notes that the United States exoskeleton market is prognosticated to reach a value of US$ 745.6 Mn by 2032. Besides, the exoskeleton market analysis by TMR notes that the global market is expected to develop at a CAGR of 20.1% during the forecast period, between 2022 and 2032.

The analysts at TMR notes that North America is prominent region in the market with the United States as leading country in the market region. The growth of the United States market is ascribed to rise in the product adoption in the nation's healthcare industry for orthopedic rehabilitation. This aside, a surge in the demand for exoskeleton in the country's defense and military sectors is fueling the North America market growth.

Players are executing varied organic and inorganic strategies including partnerships and collaborations in order to expand their businesses. Furthermore, several companies are investing in product innovation activities in order to launch products with improved quality. Such initiatives are expected to lead to rapid expansion of the market during the forecast period, state analysts of a TMR review.

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Due to rise in the adoption of technological advancements worldwide, there has been a surge in the demand for exoskeleton products across varied industry verticals, note TMR researchers. Moreover, a rise in the popularity of artificial intelligence (AI), virtual guidance, digital assistants in robots, and the availability of high-speed Internet have benefited different industries such as the medical, engineering, and logistics industries. Such factors are expected to create lucrative prospects in the market in the near future. This aside, the market is projected to gain sizable business prospects owing to rise in the use of wearable robots in varied sectors such as the military, warfighters, and the construction industry.

Market Key Findings

The adoption of exoskeletons is being rising in the manufacturing sector in the recent years owing to a wide range of advantages they offer. For instance, the use of exoskeletons can help in achieving decreased number of work-related injuries and fatigue. This, in turn, impacts positively on the work quality and productivity of an individual. Thus, rise in the product demand from the manufacturing sector is fueling the growth in exoskeleton market, note analysts of a TMR study.
Exoskeletons are attracting popularity in the healthcare industry owing to their ability to support in personal mobility, states a TMR analysis. Over the period of past few years, there has been a rise in the number of patients suffering from body movement disorders including strokes, Parkinson's disease, and other disorder that restrict the voluntary body movements and lead to problems in day-to-day activities. Such patient population is increasing the adoption of exoskeletons, states the exoskeleton market report by TMR. This factor, in turn, is creating lucrative avenues in the market for exoskeleton.

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Market Growth Boosters

Increase in the number of strokes and Parkinson's disease patients globally is expected to assist in expansion of the exoskeleton market size during the forecast period
Surge in the product adoption from the construction, military, defense, and automobiles industries is expected to propel the market in the near future

Market Key Players

Some of the key players profiled in the report are:

Hocoma
Ekso Bionics
Rex Bionics Plc
Lockheed Martin Corporation
ReWalk Robotics Ltd
RB3D
ActiveLink
Cyberdyne, Inc.

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Market Segmentation

By Mobility Type

Mobile
Fixed/stationary

By Technology Type

Powered
Non-powered

By Extremity Type

Upper Body
Middle Body
Full Body

By End-User Type

Healthcare
Military
Industry

By Region

North America
Latin America
Europe
APAC
MEA

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