Exoskeleton Market Estimated To Witness High Growth Owing To Rising Adoption In Healthcare Sector
Exoskeletons are wearable robotic systems that augments the wearer's ability and enhance mobility. Exoskeletons find major applications in healthcare to assist people with disability and chronic diseases. They are used to support users suffering from a lack of muscular function, repetitive stress injuries, paraplegia, multiple sclerosis, and other mobility challenges by providing wearers' mobility independence and assistance in daily living activities.
The global exoskeleton market is estimated to be valued at US$ 0.7 Mn in 2023 and is expected to exhibit a CAGR of 38.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
The exoskeleton market is witnessing high growth owing to rising adoption in healthcare sector. Exoskeletons help users with disability and chronic diseases to carry out everyday tasks independently. They are prescribed for rehabilitation of patients with mobility challenges, spinal cord injuries, strokes as physical therapy. Exoskeletons provide physiotherapy to improve strength, reduce spasticity, and enhance quality of life. With growing geriatric population and rising incidence of mobility impairments globally, demand for medical exoskeletons is increasing rapidly. According to World Health Organization, by 2050, the world's population aged 60 years and older is expected to total 2 billion, up from 900 million in 2015. This rising demand from healthcare will continue to propel the market growth over the forecast period.
The high cost of exoskeletons is a major challenge for widespread adoption. However, ongoing technological advancements are making them more affordable which is another driver boosting the exoskeleton market. Growing investments by companies in R&D is focus on developing exoskeletons that are more efficient yet inexpensive. This along with favorable government policies and programs supporting rehabilitation care through medical exoskeletons is creating growth opportunities for players in the market.
SWOT Analysis
Strength: Exoskeletons provide enhanced strength and endurance to humans beyond normal human limits which enables them to perform tasks that require heavy lifting or help people with disabilities move more easily. They reduce stress on joints and muscles. Wearable exoskeletons are lightweight and easy to wear which allows workers flexibility of movement.
Weakness: Exoskeletons require high upfront investment which limits widespread adoption. The battery life is limited requiring frequent recharging which affects productivity. Development of exoskeleton technology suitable for complex daily tasks remains a challenge.
Opportunity: Growing elderly population and rising cases of physical disabilities will drive demand for assisted exoskeletons for rehabilitation and daily assistance. Increased labor costs and shortage of workers makes exoskeletons attractive for industries involving manual labor and manufacturing. Advancements in material science, sensors and batteries will further improve capabilities.
Threats: High costs pose affordability challenges especially in developing markets. Strict regulations for exoskeleton approval as medical devices may delay widespread adoption. Concerns around job losses due to replacement of humans by exoskeleton assisted robots can limit uptake.
Key Takeaways
The global exoskeleton market scope is expected to witness high growth over the forecast period of 2023 to 2030. The exoskeleton market size is projected to grow from US$ 0.7 Mn in 2023 to over US$ 6.5 Mn by 2030, registering a CAGR of 38%.
Regional analysis: North America dominates currently due to strong research ecosystem and early technology adoption. Asia Pacific is expected to be the fastest growing market supported by large population, rising industrialization, and increasing focus on worker safety. Countries like China, Japan and South Korea are investing heavily in exoskeleton development.
Key players: Key players operating in the exoskeleton market are Lockheed Martin Corporation, RRB3D, Ekso Bionics, suitX, Re Walk Robotics Ltd, Hocoma, Rex Bionics PLC., Active Link (Panasonic Corporation), and Cyberdyne, Inc. They are focused on enhancing design and functionality, and expanding into new applications like military and healthcare. Partnerships between technology firms and medical device companies will aid commercialization.
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