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 trends, share, 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 global exoskeleton system market is poised for substantial growth driven by multiple key drivers, such as the advancements in robotics and materials science have significantly enhanced the design and functionality of exoskeletons, making them more durable, lightweight, and ergonomic, thereby expanding their applications across various industries including healthcare, military, and industrial sectors. In line with this, rising demand for rehabilitation solutions due to an aging population and increasing prevalence of disabilities has spurred adoption in healthcare settings, were exoskeletons aid in physical therapy and mobility assistance.
Furthermore, in industrial applications, exoskeletons are increasingly deployed to enhance worker safety and productivity by reducing physical strain and preventing injuries.
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Factors Affecting the Growth of the Exoskeleton System Industry:
Advancements in Robotics and Materials Science:
The exoskeleton system market has benefitted immensely from ongoing advancements in robotics and materials science. Innovations in lightweight materials such as carbon fiber and advanced polymers have significantly reduced the weight of exoskeletons, enhancing user comfort and maneuverability.
Moreover, improvements in robotic actuators and joints have led to more precise and efficient movement capabilities, making exoskeletons suitable for a wider range of applications. These technological advancements have not only improved the performance and durability of exoskeleton systems but have also reduced manufacturing costs, making them more commercially viable.
Rising Demand for Rehabilitation Solutions:
The global exoskeleton market has seen a substantial rise in demand for rehabilitation solutions, driven primarily by demographic shifts and increasing incidences of disabilities. With a growing aging population and higher rates of chronic diseases, there is a heightened need for effective rehabilitation and physical therapy options. Exoskeletons offer a promising solution by providing support and assistance to individuals with mobility impairments, enabling them to regain independence and improve their quality of life. Healthcare providers are increasingly integrating exoskeletons into their treatment protocols, leveraging their ability to facilitate early mobilization and enhance therapy outcomes.
Industrial Applications:
Exoskeleton systems are making significant inroads into industrial applications, where they are increasingly recognized for their potential to improve worker safety and productivity. In sectors such as manufacturing, construction, and logistics, exoskeletons help reduce physical strain and the risk of musculoskeletal injuries by providing ergonomic support during repetitive tasks and heavy lifting. Employers are investing in exoskeletons as part of their occupational health and safety strategies, aiming to minimize workplace injuries and related costs. The integration of smart technologies, such as sensors and AI, further enhances the utility of exoskeletons by enabling real-time monitoring of worker movements and adjustments to suit varying work conditions.
Exoskeleton System Market Report Segmentation:
By Component:
Hardware
- Sensors
- Actuators
- Power Sources
- Control Systems
- Other Components
Software
By the component, the market is bifurcated into hardware (sensors, actuators, power sources, control systems, other components) and software.
By Type:
- Powered
- Passive
Based on the type, the market is divided into powered and passive.
By Mobility:
- Stationery
- Mobile
On the basis of the mobility, the market is categorized into stationery and mobile.
By Body Part:
- Lower Body
- Upper Body
- Full Body
By the body part, the market is classified into lower body, upper body, and full body.
By End-Use Sector:
- Healthcare
- Defense
- Industrial
- Others
Based on the end-use sector, the market is subdivided into healthcare, defense, industrial, and others.
Regional Insights:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
On the basis of the region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
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
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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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