Global Exoskeleton Market expected to record a CAGR of ~20% during the forecast period (2017-2028): Ken Research

What Is The Size Of Global Exoskeleton Industry?

Global Exoskeleton market is growing at a CAGR of ~% in 2019-2022 and is expected to reach ~USD 2.5 Bn by 2030.

The Exoskeleton Market is largely driven by adoption of the exoskeleton in the healthcare sector for robotic rehabilitation

Robotic rehabilitation means designing wearable robotic exoskeletons to improve movement in persons with impaired physical functioning. According to the Rehabilitation Council of India, a government body that regulates training programs and courses targeted at the disabled, and special education requirement communities, stated that for every 1 billion of the population the spinal cord injury rate is between 1.85% to 2.19% out of which 75% are from rural areas.

The High Cost of exoskeletons is one of the Major challenges hindering the growth of the global exoskeleton market. Due to rapid advancements in exoskeleton technology, i.e., providing better efficiency and high payload the cost of exoskeletons rises significantly. Furthermore, the average cost of an Exoskeleton in the healthcare sector varies from US$ 77,000 to US$ 100,000.

The COVID-19 pandemic slowed the growth of the Global Exoskeleton Market, owing to the shutdown of production activities in various industrial areas including Robotic Exoskeleton manufacturing units. As a result, production showed a decline in the Global Exoskeleton market.

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Global Exoskeleton Market By Technology

The Global Exoskeleton market is segmented by Technology into Powered and Passive.

DGBEF segment held the largest market share of the Global Exoskeleton Market in 2022, as it improves thermal stability, has strong mechanical properties, and provides moisture resistance. It is used extensively across multiple end-user industries such as building & construction and automotive.

DGBEF is Diglycidyl Ether Bisphenol F, a reaction product of phenol and formaldehyde. This type of Exoskeleton is sold as liquids and solid resin dissolved in solvent and prepregs.

DGBEF performs better in resisting chemical attack as compared to other types, owing to its higher density of cross-links.

Global Exoskeleton Market By Mobility

The Global Exoskeleton market is segmented by Mobility into Mobile and Stationary

The liquid form segment held the largest market share of the Global Exoskeleton Market in 2022. The reason behind the largest share of this segment is a wide area of applications in almost all industries.

Exoskeleton in liquid form prevents corrosion and as a sealant, it protects surfaces, including pipelines, metal, floors, countertops, and equipment parts.

It is often found in transistors and electrical circuits to protect parts from moisture, dirt, dust, and other debris that can damage materials over time.

In March 2019, Axalta launched liquid epoxy-based casting resin system, Voltacast 3310/Voltacast H134. The launch of products expanded the Voltacast product portfolio of casting resins from Axalta's Energy Solutions business.

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Global Exoskeleton Market By Body Type

The Global Exoskeleton market is segmented by Body type into Full Body, Upper Body and Lower Body.

The Lower Body segment accounted for the largest market share in the Body Type segment in 2022.

Rise in lower body disabilities and the adoption of exoskeletons by paralyzing or old populations is likely to drive the lower body segment in the global exoskeleton market.

The lower body exoskeletons are also used in defense for increasing the speed of soldiers that helping them to carry heavy equipment such as ammunition and guns for a longer duration.

Global Exoskeleton Market By End-User

The Global Exoskeleton market is segmented by End-User into Healthcare, Defense/Military, Industrial and Others.

The Healthcare segment accounted for the largest market share in the End-User segment in 2022.

The growth is primarily due to the adoption of the exoskeleton in the healthcare sector for robotic rehabilitation and robotic therapy.

Many Hospitals and Rehabilitation Centers use exoskeletons for the treatment of patients suffering from spinal injuries, paralysis, and stroke.

Key Topics Covered in the Report

Snapshot of Global Exoskeleton Market
Industry Value Chain and Ecosystem Analysis
Market size and Segmentation of the Global Exoskeleton Market
Historic Growth of the Overall Global Exoskeleton Market and Segments
Competition Scenario of the Market and Key Developments of Competitors
Porter's 5 Forces Analysis of the Global Exoskeleton Industry
Overview, Product Offerings, and Strategic Developments of Key Competitors
COVID-19 Impact on the Overall Global Exoskeleton Market
Future Market Forecast and Growth Rates of the Total Global Exoskeleton Market and by Segments
Market Size of Mobility/End-user Segments with Historical CAGR and Future Forecasts
Analysis of the Global Exoskeleton Market
Major Production/Supply and Consumption/Demand Hubs within Each Major Country
Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
Overview of Notable Emerging Competitor Companies within Each Region

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Notable Emerging Companies Mentioned in the Report

Fourier Intelligence
Seismic
ROAM Robotics
Trexo Robotics
Bionic Yantra

Key Target Audience - Organizations and Entities Who Can Benefit by Subscribing This Report

Exoskeleton Manufacturers
Exoskeleton Raw Material Suppliers
Exoskeleton Products Manufacturers
Government Ministries of health and rehabilitation
Government Ministries of Defense
Exoskeleton Industry Association
Exoskeleton Companies
Venture Capitalists Targeting Exoskeleton Industry

Time Period Captured in the Report

Historical Period: 2019-2021
Forecast Period: 2022E-2030F

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https://www.kenresearch.com/business-research/global-exoskeleton-market-outlook/

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Ken Research is a Market Research and Consulting Firm, based out of India, Indonesia and UAE. Since 2011, we have been assisting clients globally with our Syndicate and Bespoke Market Research and Advisory Services.

This release was published on openPR.