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Exoskeleton Market to Witness Robust Growth of 35.9% CAGR during 2020–2030

10-11-2021 06:43 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: P&S Intelligence

Exoskeleton Market to Witness Robust Growth of 35.9% CAGR during

The global exoskeleton market is projected to reach a value of $6,957.9 million by 2030, from $290.3 million in 2019, progressing at a 35.9% CAGR during the forecast period (2020–2030), according to a study by P&S Intelligence. The primary factor leading to the growth of the market are the rising healthcare expenditure, increasing number of stroke cases and spinal cord injuries (SCIs), surge in the penetration of products in military and industrial operations, growing geriatric population, and rising job opportunities for disabled people.

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Between the two, the mobile division is projected to witness the higher CAGR during the forecast period, as mobile exoskeletons are flexible or movable devices. These can move outside the premises with the user, contrary to fixed exoskeletons. Owing to such benefits, various healthcare settings are creating high demand for these devices. This being said, stationary devices are also utilized widely in healthcare settings. For example, during the treatment of SCIs or strokes in rehabilitation centers.

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The rising expenditure in the healthcare sector is also major factor leading to the expansion of the exoskeleton market. The investments in the sector are primarily aimed at commercialization and innovation of exoskeleton products. As per the World Bank Group, the global healthcare expenditure was 9.0% of the GDP in 2007, which rose to 9.8% of the GDP in 2017. Furthermore, people in emerging economies are becoming increasingly aware regarding the benefits of exoskeletons for acute and chronic orthopedic diseases’ management.

In conclusion, the increasing number of SCIs and stoke cases and rising healthcare expenditure are driving the growth of the market.

About P&S Intelligence
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

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