Exoskeleton Market Size to Exceed to USD 20.3 Billion By 2035 Says, Roots Analysis

Global Exoskeleton Market Overview Global Exoskeleton Market Overview The globalexoskeleton marketis estimated to be worthUSD 1.67 billionin 2023 and is anticipated to reachUSD 20.3 billionby 2035. It is expected to grow at a compounded annual growth rate (CAGR) of 23.1% during the forecast period (2023-2035). A medical exoskeleton is a form of wearable electromechanical equipment specifically designed to improve mobility in patients suffering from neurological disorders...

Global Exoskeleton Market Overview

The global exoskeleton market is estimated to be worth USD 1.67 billion in 2023 and is anticipated to reach USD 20.3 billion by 2035. It is expected to grow at a compounded annual growth rate (CAGR) of 23.1% during the forecast period (2023-2035).

A medical exoskeleton is a form of wearable electromechanical equipment specifically designed to improve mobility in patients suffering from neurological disorders. Within the past few decades, there has been a rapid increase in patients suffering from neurological disorders, including multiple sclerosis. According to the report of the World Health Organization, nearly 1.8 million individuals worldwide have multiple sclerosis and over 12.2 million patients have experienced strokes. Unfortunately, neurological disorders still have no cure, but exoskeletons emerge as a potent solution that allows patients with spinal cord injuries and other muscle impairments to walk and move freely. With advances in technology, the medical exoskeleton is designed with sensors, controllers and motors that enable recovery of body movement. The exoskeleton devices are also essential in assisting caregivers to perform routine tasks such as lifting patients and standing for a long time. Owing to the significance of exoskeletons in mobility improvement, several market players are showing active interest in developing advanced exoskeletons, anticipating growth in the global exoskeleton market during the forecast period.

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Exoskeleton Market Report Scope:

 

Market Drivers

Several market drivers are driving the exoskeleton market during the forecast period. Some of the promising drivers include increasing demand for rehabilitation devices to restore movement in individuals with muscle impairments. The ongoing technological advancements to introduce software technologies, sensors, control systems, and others further drive the market to develop high-tech exoskeleton devices.

Market Restraints

Though the global exoskeleton market is witnessing steady growth, several market restraints restrict it. One such market restraint is regulatory challenges associated with securing approval for medical applications of exoskeletons. The high cost of developing advanced software technology-based medical exoskeletons further restrain the market.

Growth Factors

Despite the market restraints, growth factors propelling the exoskeleton market include increased research on robotic exoskeletons to help patients with mobility impairment. Several industry and non-industry stakeholders are increasing initiatives such as reimbursement and financing for the widespread adoption of rehabilitation devices. Additionally, the rising government initiatives and collaboration between global exoskeleton market players drive the market during the forecast period.

Recent Developments in Global Exoskeleton Market

It is interesting to note here that several global exoskeleton market players have undergone collaborations and definitive agreements to strengthen their product portfolios. Examples of such agreements include:

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Exoskeleton Market Segments

Based on the body part covered, the global exoskeleton market is segmented into upper body, lower body, and full body.

Based on the mode of operation, the exoskeleton market is segmented into powered exoskeleton, passive exoskeleton, and hybrid exoskeleton.

Based on the form of the skeleton, the exoskeleton market is segmented into rigid and soft.

Based on mobility, the exoskeleton market is segmented into fixed / supported and mobile.

Based on end-users, the global exoskeleton market is segmented into patients, healthcare providers, industry workers, military personnel, and others.

Based on key geographical regions, the exoskeleton market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World

Key Companies Profiled

The market report also includes detailed profiles of key players (listed below) that provide exoskeleton solutions.

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About Roots Analysis

Roots Analysis is a global leader in the pharma/biotech market research. Having worked with over 750 clients worldwide, including Fortune 500 companies, start-ups, academia, venture capitalists, and strategic investors for more than a decade, we offer a highly analytical / data-driven perspective to a network of over 450,000 senior industry stakeholders looking for credible market insights. All reports provided by us are structured in a way that enables the reader to develop a thorough perspective on the given subject. Apart from writing reports on identified areas, we provide bespoke research/consulting services dedicated to serving our clients in the best possible way.

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