Press release
Global Exoskeleton Market To Be Driven By The Rising Incidence Of Stroke In The Forecast Period Of 2022-2027
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysingthe market based on the SWOT and Porter's Five Forces models.
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The key highlights of the report include:
Market Overview (2017-2027)
• Forecast CAGR (2022-2027):17.2%
The rapidly growing global geriatric population, rising adoption rates of medical devices in various industries such as automobile, military, defence, and construction, and rising incidence of stroke are some of the primary drivers responsible for the global market's growth. The global exoskeleton market growth can also be attributed to the rising adoption of AI and IoT-powered exosuits for rehabilitation purposes in the medical sector.
Further, the growing incidence rate of spinal cord injuries (SCI) is expected to drive the demand for exoskeletons across global markets. Moreover, rising disposable income, availability of public and private investors, the widespread presence of key market players, and growing human augmentation in industry and military verticals are driving the market growth.
Industry Definition and Major Segments
Exoskeleton robots have heralded the dawn of a new era in modern neuromuscular rehabilitation engineering and assistive technology research. The technology has showed substantial potential in improving upper-limb capabilities required for daily activities. Upper limb exoskeletons are electromechanical systems that interact with the user to increase power, aid, or replace motor function.
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By type, the global exoskeleton market is segmented into:
• Augmentation
• Rehabilitation
Based on product type, the market is classified into:
• Stationary
• Mobile
By body part type, the market is classified into:
• Lower Body
• Upper Body
On the basis of region, the market is segmented into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Market Trends
Exoskeleton systems are increasingly being used across industries to improve employee health and productivity. The increased demand has resulted in the establishment of various startups with expertise in exoskeleton technology and rehabilitation solutions. Also, the constantly evolving exoskeleton market is driving market players to devise innovative product development strategies to increase the adoption rate over the forthcoming years.
The growing prevalence of disabled individuals, rising expenditure on research activities, increasing number of partnerships and collaborations amongst key participants, and availability of technologically advanced products are the major factors driving the market growth. Rising advancements in active and semi-passive technology are one of the primary factors influencing the exosuit demand.
Key Market Players
The major players in the marketare Ekso Bionics Holdings, Inc., ReWalk Robotics Ltd., BIONIK Laboratories Corp., Ottobock SE & Co. KGaA, and Lockheed Martin Corporation, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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