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Exoskeleton Market Impact of Industry Size, Shares, and Impact Y-o-Y

Exoskeleton Market Impact of Industry Size, Shares, and Impact

The Global Exoskeleton Market Size Accounted for USD 493 Million in 2021 and is predicted to be worth USD 13,949 Million by 2030, with a CAGR of 45.5% during the Forthcoming Period from 2022 to 2030.

Exoskeletons are robotics wearable devices that work in tandem with the consumer to augment, strengthen, or reconstruct human physical performance. Exoskeletons are also known as powered armor, robotic suits, wearable machine, exo-frame or exosuit, as well as power jackets. The growing demand for orthopedic rehabilitation in the healthcare industry, the increasing incidence of cardiac events, and the growing investment in the exoskeleton in the industrial, military, and defense sectors, are driving growth in the exoskeleton market size.

Exoskeleton technology is a wearable man-machine system that combines machine power and human intelligence to provide mechanical potency to the consumer. It is made up of a powered customizable outfit that is aimed to enhance user productivity and quality efficiency when performing specific tasks. It uses sophisticated algorithms to modify and adapt to human body movements, and it is outfitted with numerous sensors and electrical connections to control the components. Furthermore, these wearable technologies assist users in lifting heavy objects while relieving pressure on their core muscles and spine. They also make it easier for older people to walk and reduce the risk of falling. These structures are currently used in a variety of applications, including military, healthcare, and industrial.

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Global Exoskeleton Market Dynamics

Growing applications across a wide range of industries, an aging workforce, technological advancements, and expanding reach in the military and healthcare industries are driving growth in the worldwide exoskeletons market value. These outfits are projected to be widely used in healthcare systems and to benefit from an increase in the number of rehabilitation clinics. The development of active and partially passive technology is one of the primary factors influencing the need for exoskeletons market. Several companies are focusing on the discovery and development of new exoskeleton systems. As a result, these factors are propelling the exoskeletons market trend. Global use of AI and IoT-enabled exoskeletons will improve the industry scenario. Furthermore, the global exoskeletons market size will profit from the increased demand for industrial exoskeletons.

Global Exoskeleton Market Regional Outlook

The global exoskeleton market is divided into five geographic regions: North America, Latin America, Asia-Pacific, Europe, and the Middle East and Africa. According to the exoskeleton industry analysis, the Asia-Pacific region accounted for the largest revenue share in the market over the forecasting years. Expansion in the regional market is anticipated in response to the existence of a sizable demand for exoskeletons for the healthcare and industrial sectors. Furthermore, rising government funding for medical equipment, combined with expanding healthcare infrastructure, is increasing the use of advanced robotics, resulting in market revenue growth. In recent, certain Japanese companies are providing exoskeletons to employees in order to alleviate the shortage of labor and promote older employees to continue their employment. Furthermore, Economic growths in nations such as China, India, and Japan, as well as increased government efforts to strengthen healthcare systems, are expected to boost revenue growth in this region.

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Market Segmentation

The global exoskeleton market has been segmented by Acumen Research and Consulting based on mobility, extremity, technology, and end-use. In terms of mobility, the segment is separated into fixed/stationary, and mobile. Based on the extremity, the industry is divided into passive, and powered. By technology, the market is classified into lower body, full body, and upper body. In terms of end-use, the segment is categorized into healthcare, industrial, military, and others.

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Exoskeleton Market Players

Recently, important players have been concentrating on developing novel product development strategies and obtaining timely product approvals from regulatory authorities in order to broaden their company footprint and product portfolio. The increasing number of technical partnerships, collaborations, geographic expansion, and acquisitions and mergers is expected to propel the exoskeletons market expansion in the projected years.

Some of the prominent exoskeleton market companies is Bionik Laboratories Corp., Ekso Bionics, Cyberdyne Inc., Hocoma, B-Temia, Hyundai Motor Company, Lockheed Martin Corporation, Parker Hannifin, REX Bionics, Levitate Technologies, Inc., Ottobock SE & Co. KGaA, and ReWalk Robotics.

• In February 2022, CYBERDYNE Inc. reported that the Ministry of Health Republic of Indonesia approved its application for a medical device advertising licence for Medical HAL Single Joint Type, a wearable cyborg that enhances physical muscle strength.

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Acumen Research and Consulting (ARC) is a global provider of market intelligence and consulting services to information technology, investment, telecommunication, manufacturing, and consumer technology markets. ARC helps investment communities, IT professionals, and business executives to make fact based decisions on technology purchases and develop firm growth strategies to sustain market competition. With the team size of 100+ Analysts and collective industry experience of more than 200 years, Acumen Research and Consulting assures to deliver a combination of industry knowledge along with global and country level expertise.

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