NEW YORK, Sept. 13, 2023 /PRNewswire/ — The exoskeleton market is expected to grow by USD 1.85 billion from 2022 to 2027. In addition, the momentum of the market will progress at a CAGR of 35.98% during the forecast period, according to Technavio Research. The market has been segmented by end-user (healthcare, military, and industry), mobility type (mobile and fixed/stationary), and Geography (North America, Europe, Asia, and the Rest of the World (ROW)). North America is estimated to contribute 40% to the growth of the global market during the forecast period. The US is the leading market contributor to that region because of advanced medical technologies, a growing disability resulting from spine cord injuries, and rising demand for exoskeletons which allow them to support themselves. In addition, the existence of the American Spinal Injury Association (ASIA), an insurance and reimbursement policy favorable to commercial third-party payments for non-medical skeletons, aims to enhance awareness of the treatment options available to patients with SCI. The presence of major players in the market such as Ekso Bionics Holdings and Parker-Hannifin Corp. (Parker-Hannifin), providing exoskeletons in the region. Hence, these factors are expected to drive market growth in the region during the forecast period.
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Bionik Laboratories Corp., Cyberdyne Inc., DIH Group, Ekso Bionics Holdings Inc., German Bionic Systems GmbH, Honda Motor Co. Ltd., Hyundai Motor Co., Lockheed Martin Corp., Marsi Bionics SL, Myomo Inc., Ottobock SE and Co. KGaA, Panasonic Holdings Corp., Parker Hannifin Corp., Press Brake Safety, RB3D, ReWalk Robotics Ltd., Rex Bionics Ltd., Sarcos Technology and Robotics Corp., and Wandercraft
Bionik Laboratories Corp. – The company offers exoskeletons such as ARKE lower body exoskeletons.
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Exoskeleton Market: Segmentation Analysis
The market share growth by the healthcare segment will be significant during the forecast period. These devices are gaining popularity in the healthcare industry due to their potential to improve patient outcomes, aid in rehabilitation, and reduce physical stress for healthcare workers.
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“Besides analyzing the current market scenario, our report examines historic data from 2017 to 2021”- Technavio
Exoskeleton Market – Market Dynamics
- Increasing incidences of SCIs
- Growing demand for robotic rehabilitation from the healthcare sector
- Increasing insurance coverage for medical exoskeleton
The increasing incidences of SCIs are a key factor driving market growth. An individual has a spinal cord injury when there is damage to the vertebrae, ligaments, spinal discs, or nerves at the end of the spinal canal (cauda equina), resulting in permanent loss of strength, sensation, and function in the area injured. Some of the major causes of spinal cord injuries include accidental falls, motor vehicle accidents, trauma, sports and recreational injuries, and illness. The rate of spinal cord injury is higher in people over 65 years old because aging alters gait worsening; and reduces strength, reaction time, and fine motor skills. Hence, these factors are expected to drive market growth during the forecast period.
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What are the key data covered in this exoskeleton market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the exoskeleton market between 2022 and 2027.
- Precise estimation of the exoskeleton market size and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the exoskeleton market across North America, Europe, Asia, and ROW
- A thorough analysis of the market’s competitive landscape and detailed information about companies
- Comprehensive analysis of factors that will challenge the growth of exoskeleton market companies.
Historic Market Sizes
Five Forces Analysis
Market Segmentation by End-User
Market Segmentation by Mobility Type
Market Segmentation by Geography
Drivers, Challenges, & Trends
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