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Global exoskeleton market was valued at 499 million in 2021 and is anticipated to record a CAGR of 46.2% during 2022-2030, thereby accumulating a valuation of USD 15227.44 million by the end of the forecast duration.
Exoskeleton Market- Introduction and growth dynamics
Exoskeletons are basically external skeletons which is used for providing external support to human or animal body in case of injuries or for the enhancement of their biological capacities. These are primarily powered by electrical motor systems.
The primary factors propelling the progression of global exoskeleton market are escalating demand for robotic rehabilitation from the healthcare industry owing to rise in the number of people with physical disabilities and rapid development in robotic technologies. Alongside, increasing investments by market players and government bodies aiming towards the enhancement of robotic technology and extensive research and development activity in the field is positively swaying the market dynamics.
Similarly, growing usage of robots in healthcare activities has resulted in insurance providers include exoskeletons in their insurance policies. This in turn in augmenting industry expansion.
Furthermore, rising cognizance about these devices in various fields and high adoption of human augmentation equipment in military and other related industries are augmenting market outlook. Precisely, there has been an increased demand for exoskeletons for defense of several countries as they are equipped with the ability to improve powerlifting, load carrying, and endurance functions in military personnel.
Insights to Primary market restraints
The factor which is impeding the growth of global exoskeleton market is difficulty in getting approval from concerned authorities for the usage of exoskeletons for medical purposes. For the public usage of any medical devices, it is very important to test the safety of these products because malfunctions can be life threatening for patients. But as of now there are only a few standards that are applicable for the testing and approval of equipment in this industry which is posing a severe threat to the market expansion.
Other than that, dearth of affordable exoskeletons is further slowing down the overall market development.
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The report fragments global exoskeleton market on the basis of component (hardware, software), type (powered , passive) mobility (stationary, mobile) ,body part (lower extremities, upper extremities, and full body), and vertical (healthcare, defense, industrial, and others.)
Among these, the mobile segment is expected to register notable gains during 2022-2030 owing to the fact that the primary motive behind the adoption of exoskeletons is to private mobility to people and mobile exoskeletons do the same.
Also, the software segment is projected to record a significant CAGR over the stipulated timeline owing to technological advancements which is likely to lead to a rise in complexities in exoskeletons when it comes to artificial intelligence, inter-device connectivity, and autonomous operations. These functions can be assisted effectively by software rather than hardware which in turn in augmenting segmental outlook.
Moving on, the lower extremities segment is projected to capture substantial market share during 2022-2030 ascribing to escalating demand for lower-body exoskeletons due to the rising occurrence of lower body mobility issues among the masses. Apart from that, these devices are widely adopted in the healthcare sector which is known to be the largest vertical in this market, thereby leading to significant segmental growth.
Furthermore, the defense segment is expected to witness a significant CAGR over the forecast timeline owing to the ability of exoskeletons to assist soldiers to move faster, lift heavy objects, and also increase their strength and endurance on field.
An overview of the regional landscape
North America, Asia Pacific, Europe, and RoW are the regions constituting the geographical dynamics of global exoskeleton market. The APAC market is anticipated to record substantial gains during the forecast duration attributable to the rise in geriatric population in nations like China and India leading to the widespread adoption of these devices for rehabilitation and personal assistance. Moreover, escalating demand for exoskeletons from the defense sector is further adding traction to APAC market expansion.
Key market players
The major players present in global exoskeleton market are Otto Bock Kunststoff, DIH Medical, CYBERDYNE, Esko Bionics, Lockheed Martin Corporation, ATOUN, BIONIK, B-Temia, MediTouch. ReWalk Robotics, among others.
The aforementioned players are adopting several effective strategies like new product launches, research & development activities, mergers & acquisitions, just to name a few to strengthen their foothold in the overall industry and garner substantial returns.
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