Exoskeleton System Market Size, Share Growth & Analysis Report 2024 To 2032
Exoskeleton system market size reached US$ 1,157.1 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 25,700.7 Million by 2032, exhibiting a growth rate (CAGR) of 39.9% during 2024-2032.
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IMARC Group, a leading market research company, has recently released a report titled “Exoskeleton System Market Report by Component (Hardware, Software), Type (Powered, Passive), Mobility (Stationery, Mobile), Body Part (Lower Body, Upper Body, Full Body), End-Use Sector (Healthcare, Defense, Industrial, and Others), and Region 2024-2032”. The study provides a detailed analysis of the industry, including the global exoskeleton system market share, trends, size, and industry trends forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global exoskeleton system market size reached US$ 1,157.1 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 25,700.7 Million by 2032, exhibiting a growth rate (CAGR) of 39.9% during 2024-2032.
Global Exoskeleton System Market Trends:
The increasing product utilization in military and defense applications to enhance soldiers' strength, endurance, and performance is driving market growth.
Additionally, the widespread product adoption in industries such as manufacturing, construction, and logistics to reduce worker fatigue, prevent injuries, and improve productivity, is favoring the market growth. Besides this, the introduction of government initiatives, funding, and favorable regulations aimed at promoting the use of advanced healthcare technologies are acting as another growth-inducing factor.
Furthermore, the rising prevalence of disabilities and the need for effective rehabilitation solutions, which are driving the demand for exoskeletons in healthcare facilities, rehabilitation centers, and home care settings, are favoring the market growth.
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Factors Affecting the Growth of the Exoskeleton System Industry:
· Rising Geriatric Population:
The rising geriatric population is a significant factor driving the growth of the exoskeleton system market. This demographic change brings about unique challenges, particularly in healthcare and mobility. Geriatric adults often face mobility issues, decreased muscle strength, and a greater risk of falls and injuries. Exoskeleton systems offer a solution to these challenges by providing mechanical support and enhancing physical capabilities. These systems can assist with walking, standing, and performing daily activities, allowing geriatric adults to maintain their independence and augment their quality of life.
Moreover, exoskeletons can be used in rehabilitation settings to help geriatric adults recover from injuries or surgeries, further enhancing their mobility and overall health.
· Increasing Incidence of Stroke and Spinal Cord Injuries:
The rising incidence of stroke and spinal cord injuries is another major factor propelling the exoskeleton system market. Strokes are a leading reason of long-term disability worldwide, often resulting in significant impairments in movement and function. Similarly, spinal cord injuries can cause partial or complete loss of motor and sensory function. Exoskeleton systems play a vital role in the rehabilitation of individuals with these conditions by enabling repetitive, task-specific training that can enhance neuroplasticity and promote recovery. In rehabilitation centers, exoskeletons are used to help patients regain their ability to perform daily activities, which is essential for improving their quality of life and reducing healthcare costs. The increasing awareness of the benefits of early and intensive rehabilitation is driving the adoption of exoskeleton systems in healthcare facilities.
· Technological Advancements:
Advancements in robotic technology are significantly driving the growth of the exoskeleton system market. Innovations in robotics, materials science, and sensor technology are continuously improving the performance, efficiency, and functionality of exoskeletons. Modern exoskeleton systems are becoming more lightweight, durable, and adaptable, making them ideal for a wider range of applications, from medical rehabilitation to industrial use.
Furthermore, the introduction of enhanced sensors and control systems, allowing for more precise and responsive movements, which is crucial for applications requiring fine motor control, such as rehabilitation, is favoring the market growth. Additionally, the integration of artificial intelligence (AI) and machine learning (ML) algorithms, which enables exoskeletons to adapt to individual users' needs, providing personalized support and improving the overall user experience, is fueling the market growth.
Exoskeleton System Market Report Segmentation:
By Component:
Hardware
· Sensors
· Actuators
· Power Sources
· Control Systems
· Other Components
Software
Software holds the majority of the market share due to the critical role of advanced algorithms and machine learning in enhancing the functionality, adaptability, and user experience of exoskeleton systems.
By Type:
· Powered
· Passive
Powered accounted for the largest market share because they provide greater assistance and enhanced mobility through motorized support, making them suitable for a wider range of applications from medical rehabilitation to industrial use.
By Mobility:
· Stationery
· Mobile
Mobile represented the largest segment due to the growing demand for versatile and portable exoskeleton systems that allow users to move freely in various environments, offering enhanced convenience and functionality.
By Body Part:
· Lower Body
· Upper Body
· Full Body
Lower body holds the majority of the market share because of the high demand for solutions addressing mobility impairments and rehabilitation needs related to walking and standing.
By End-Use Sector:
· Healthcare
· Defense
· Industrial
· Others
Healthcare accounted for the largest market share because of the significant use of exoskeleton systems in rehabilitation therapies, mobility assistance for patients with disabilities, and improving the quality of life for the elderly.
Regional Insights:
· North America
· Europe
· Asia Pacific
· Middle East and Africa
· Latin America
North America's dominance in the market is attributed to the presence of leading exoskeleton manufacturers, high healthcare expenditure, advanced technological infrastructure, and strong support from government initiatives and funding.
Competitive Landscape with Key Players:
The competitive landscape of the exoskeleton system market size has been studied in the report with the detailed profiles of the key players operating in the market.
Some of These Key Players Include:
· Bionik Laboratories Corp.
· SuitX (US Bionics, Inc.)
· Gogoa Mobility Robots, S.L.
· Exhauss Exoskeleton
· Atoun Inc.
· Fourier Intelligence Co. Ltd.
· Honda Motor Co., Ltd.
· Daiya Industry Co. Ltd.
· Mitsubishi Heavy Industries Ltd.
· Rex Bionics Ltd.
· Myomo Inc.
· Gobio Robot
· Parker Hannifin Corp.
· Wandercraft SAS
· P&S Mechanics Co. Ltd
Ask Analyst for Customized Report:
https://www.imarcgroup.com/request?type=report&id=1502&flag=C
Key Highlights of the Report:
· Market Performance (2018-2023)
· Market Outlook (2024-2032)
· Market Trends
· Market Drivers and Success Factors
· Impact of COVID-19
· Value Chain Analysis
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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