Global Exoskeleton Market Report 2023: Demand for Human Augmentation Equipment to Drive Market Across Industrial and Military Verticals
DUBLIN, Feb. 28, 2023 /PRNewswire/ -- The "Global Exoskeleton Market by Component (Hardware, Software), Type (Powered, Passive), Body Part (Full Body, Lower & Upper Extremities), Mobility (Stationary, Mobile), Structure (Rigid, Soft), Vertical, and Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global exoskeleton market is expected to grow from USD 0.7 billion in 2023 to USD 3.7 billion by 2028, at a CAGR of 38.6%. The key factors driving the exoskeleton market growth are surging demand for exoskeletons from the healthcare vertical and rising development in robotic technologies.
Full body segment is estimated to grow at a highest CAGR during the forecast period
The full body segment is expected to grow at the highest CAGR of more than 45% from 2023 to 2028. This is mainly because of the growing interest of the governments of various countries toward the development of full-body exoskeletons, owing to the advantages these exoskeletons provide in the defense sector. Several countries are investing heavily in the development of this technology to further strengthen their security forces on borders. The main constraint for full-body exoskeletons is price sensitivity, which will decrease gradually as the overall market progresses.
Stationary segment holds the second-largest share of exoskeleton market in 2022
Stationary exoskeletons incorporate a fixed structure that is combined with a moving ground platform. They are mainly developed for virtual reality and telerobotic applications. These exoskeletons are mostly used in a variety of medical applications, such as in rehabilitation centers and hospitals, to treat spinal cord injuries and other mobility impairment disorders, which is estimated to increased its adoption in the coming years.
North America region held the largest market share in 2022
North America is expected to hold the largest share of the global exoskeleton market during 2023-2028. The growth of the market can be attributed to the presence of major players, their subsidiaries, distributors, and resellers in this region. Growing demand from the healthcare sector for rehabilitation, advancements in robotic technologies, and huge investments made for the development of exoskeleton technology are boosting the demand for exoskeletons in North America.
Research Coverage
The research report on the global exoskeleton market covers the market based on component, type, body part, mobility, structure, vertical, and region. Based on component, the market has been segmented into hardware and software. Hardware segment is further segregated into sensors, actuators, power sources, control systems/controllers, and others. Based on type, the market has been segmented into powered and passive. Based on body part, the market has been segmented into lower extremities, upper extremities, and full body. Based on mobility, the market has been segmented into stationary and mobile. Based on structure, the market has been segmented into rigid exoskeletons and soft exoskeletons. Based on vertical, the market has been segmented into healthcare, defense, industrial, and others. The report covers four major regions, namely, North America, Europe, Asia-Pacific (APAC), and Rest of the World (RoW).
Market Dynamics
Drivers
- Growing Demand for Robotic Rehabilitation from Healthcare Sector
- Advancements in Robotic Technologies
- High Investment in Development of Exoskeleton Technology
Restraints
- Regulatory Challenges in Securing Approvals for Medical Applications of Exoskeleton
Opportunities
- Increasing Adoption of Human Augmentation Equipment in Industrial and Military Sectors
- Introduction of Soft Actuators in Exoskeletons
- Growing Insurance Coverage for Exoskeletons
Challenges
- High Equipment Cost
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Exoskeleton Market, by Component
7 Exoskeleton Market, by Type
8 Exoskeleton Market, by Body Part
9 Exoskeleton Market, by Mobility
10 Exoskeleton Market, by Structure
11 Exoskeleton Market, by Vertical
12 Exoskeleton Market, by Region
13 Competitive Landscape
14 Company Profiles
15 Adjacent & Related Markets
16 Appendix
Companies Mentioned
- B-Temia
- Bionik
- Cyberdyne Inc.
- Daiya Industry Co. Ltd.
- DIH Medical
- Ekso Bionics
- Europe Technologies
- Exhauss
- Focal Meditech
- Ford Motor Company
- Fourier Intelligence
- Gogoa.eu
- Hocoma
- Honda Motor Co. Ltd.
- Hyundai Motor Company
- Laevo Exoskeletons
- Lockheed Martin Corporation
- Marsi Bionics
- Meditouch
- Mitsubishi Heavy Industries, Ltd.
- Myomo Inc.
- Ottobock
- P&S Mechanics Co. Ltd.
- RB3D
- Rewalk Robotics
- Rex Bionics Ltd.
- Sarcos Technology and Robotics Corporation
- Vodafone
- Wandercraft
For more information about this report visit https://www.researchandmarkets.com/r/c4cllr
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