Smart Exoskeleton Market to Grow with a CAGR of 10.52% through 2028
Increasing adoption of smart exoskeletons among various industries and growing
military & defense sector is expected to drive the Global Smart Exoskeleton
Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Smart Exoskeleton Market – Global
Industry Size, Share, Trends, Competition Forecast & Opportunities,
2028”, the Global Smart Exoskeleton Market stood at USD 168.68 million in
2022 and is anticipated to grow with a CAGR of 10.52% in the forecast period,
2024-2028. The market expansion of orthopedic rehabilitation is being driven by
a growing demand from the healthcare sector, as well as increased investments
in exoskeletons from the military and defense sectors. Furthermore, the use of
exoskeletons in industries like automobiles and construction is expected to
further fuel this expansion. Factors such as the increasing prevalence of
stroke, the growing acceptance of exoskeletons, and the global rise in the
geriatric population are anticipated to have a significant impact on market
growth throughout the forecast period.
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The rising incidence of physical disabilities and neurological disorders
is expected to drive the growth of the target market in the forecast years.
Additionally, the increasing geriatric population, along with the growing
demand for minimally invasive procedures and the rising incidences of
fall-related injuries among the elderly, are also contributing factors to the
market's growth over the next decade. Major manufacturers are currently
focusing on obtaining FDA and other regulatory authority approvals for their
products in order to market them in different regions globally. These trends
are significant observations in the target market. For example, in January
2018, Cyberdyne Inc., a Japan-based robotics company, received approval from
the US Food and Drug Administration and launched the Hybrid Assistive Limb
lower-body exoskeleton for users in the US through licensed medical facilities.
The utilization of robotic treatment is increasingly gaining popularity
in the healthcare industry, driving the market's growth. Robot-assisted therapy
systems are being widely used in rehabilitation processes due to their numerous
benefits, including the ability to perform repetitive movements during
goal-directed tasks, evaluate different physiological and functional
parameters, improve motivation, and assist with home exercises and training.
Robots are extensively employed to aid in the recovery of patients who have
experienced strokes and other serious neurological illnesses. The market for
rehabilitation robots is rapidly expanding. According to the IFR's World
Robotics 2019 – Service Robots report, 2,400 rehabilitation robots were sold in
2018, marking an 83% increase compared to 2017.
Robot devices offer advantages over therapist-guided rehabilitation
exercises as they ensure consistent and repetitive movements, training the
brain to allow muscles to carry out the movements independently. Additionally,
robot-assisted rehabilitation allows for a larger number of repetitions per
session. The robots capture data on the patient's performance, enabling
therapists and doctors to accurately analyze improvement.
Several studies have shown that robot-assisted therapy leads to faster
recovery compared to unassisted therapy, as it facilitates very accurate and
repetitive movements. This approach also enhances safety for both the patient
and therapist, as the therapist can perform more precise and targeted training
sessions. The use of exoskeletons for rehabilitation purposes has increased,
driven in part by the growing number of people with physical limitations,
particularly among the elderly. In Eastern and South-Eastern Asia, the
percentage of the population aged 65 and older doubled from 6% in 1990 to 11%
in 2019. Similarly, in Latin America and the Caribbean, it increased from 5% in
1990 to 9% in 2019. The proportion of older people is projected to more than
double between 2019 and 2050 in four regions: Northern Africa and Western Asia,
Central and Southern Asia, Latin America and the Caribbean, and Eastern and
South-Eastern Asia. This indicates a larger potential user base for humanoid
robots. However, the primary challenges in the development and regulation of
medical devices are user safety and device reliability. Manufacturers'
technical design abilities and knowledge play a crucial role during product
testing, as medical equipment malfunctions could have fatal consequences.
Therefore, exoskeletons designed for healthcare applications must undergo
extensive testing. These issues may impede the market's growth.
The Global Smart Exoskeleton Market is segmented into component, type,
product type, body type, application, regional distribution, and company.
Based on body part, the full body extremity segment is projected to
experience the highest compound annual growth rate (CAGR) during the forecast
period. This growth can be attributed to the rising demand for full body
extremity suits, which are wearable robotic devices designed to assist and
enhance human movements across the entire body, including arms, legs, and other
extremities. These smart exoskeletons have gained significant traction in both
military and industrial sectors due to their ability to improve productivity,
reduce fatigue, and enhance safety. With advancements in technology and
increasing awareness about the benefits of full body extremity exoskeletons,
the segment is expected to witness substantial growth in the coming years.
Based on region, North America segment is expected to grow during the
forecast period. The North American market holds a significant share,
driven by factors such as the strong purchasing power of patients, a growing
geriatric population, and grants from public and private organizations for
advanced product development. North America is expected to maintain its
prominence in the global smart exoskeleton market, benefiting from a
well-established healthcare industry, comprehensive reimbursement policies, and
technological advancements.
The Asia Pacific market is projected to witness substantial growth,
particularly in countries like China, Japan, and India. Factors such as the
expanding healthcare sector, rising disposable income, increasing preference
for advanced medical technology, large population base, and growing incidence
of chronic and lifestyle diseases contribute to the region's market potential.
Major companies operating in Global Smart Exoskeleton Market
are:
- ATOUN
Inc.
- Cyberdyne
Inc.
- Ekso
Bionics Holdings Inc.
- Rewalk
Robotics, Inc.
- Bionik
Laboratories Corp.
- Parker-Hannifin
Corp.
- Bioservo
Technologies AB
- Rex
Bionics Ltd.
- Bioness
Inc.
- B-Temia
Inc.
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“The increasing demand for exoskeletons in rehabilitation centers,
coupled with the growing industrial activities worldwide, are key drivers of
market growth. The development of motor-equipped robots to aid in human body
mechanics is another significant factor contributing to this growth. Furthermore,
the rising prevalence of heart strokes, spinal cord injuries, and paralysis
among patients has led to an increased demand for exoskeletons in the
healthcare sector. The exoskeleton system market is experiencing a boost in
adoption rates across military and industrial sectors. These systems are custom
fitted to specific body parts and constructed using materials such as
fiberglass, carbon fiber, and aluminum, depending on the required strength.
Moreover, they effectively provide support to multiple joints and can detect
human movements to initiate appropriate responses from the exoskeleton
actuators, thus further driving the demand for these products in the military
and industrial sectors.,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based management consulting firm.
“Smart Exoskeleton Market Segmented By Component (Actuators, Power Source,
Control System, Sensors, Others), By Type (Rigid v/s Soft), By Product Type
(Active v/s Passive), By Body Part (Upper body, Lower body, Full body), By
Application (Healthcare, Industrial, Military, Others), By Region
and Competition, Forecast &
Opportunities, 2018-2028F”,
has evaluated the future growth potential of Global Smart Exoskeleton Market
and provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Smart Exoskeleton Market.
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