Report Overview
The Global Exoskeleton Market size is expected to be worth around USD 1663 Billion by 2033, from USD 387 Billion in 2023, growing at a CAGR of 15.7% during the forecast period from 2023 to 2033.
The exoskeleton market encompasses the industry focused on creating wearable robotic devices that enhance human strength, mobility, and endurance, used in healthcare, industrial, and military applications.
The exoskeleton market refers to the industry focused on the development, production, and commercialization of wearable robotic devices designed to augment human strength, endurance, and mobility. These exoskeletons, often referred to as powered exoskeletons or exosuits, are utilized in various sectors including medical rehabilitation, industrial work, military applications, and personal mobility aids.
In the medical field, exoskeletons assist patients with spinal cord injuries, strokes, or other mobility impairments in regaining movement and enhancing rehabilitation outcomes. In industrial settings, these devices reduce worker fatigue and the risk of injury by providing additional support and strength, especially during heavy lifting or repetitive tasks.
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Key Market Segments
Mobility
- Fixed/Stationary
- Mobile
Technology
- Non-Powered
- Powered
Extremity
- Lower Body
- Upper Body
- Full Body
End-use
- Healthcare
- Industry
- Military
Type
- Soft Exoskeleton
- Rigid Exoskeleton
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Driver
Advancements in Robotic Technologies
Technological progress in robotics has greatly impacted the exoskeleton market. Developments in electrical and electronic engineering have led to better materials, sensors, actuators, control systems, and software. These innovations have enabled the creation of exoskeletons that are more efficient, self-powered, lightweight, simple, and portable. These advancements are vital for producing exoskeletons that are easy to use and can perform a variety of tasks more effectively.
Restraint
Regulatory Challenges in Medical Approvals
Although powered lower-limb exoskeletons have advanced significantly, they still struggle on sloping or slippery surfaces and with twisting movements. This limitation can lead to fatigue and even serious injuries like skin damage and bone fractures. Consequently, regulatory bodies have imposed strict approval processes for these devices to ensure the safety of the users, particularly considering the high power of the actuators involved.
Opportunity
Growing Insurance Coverage for Exoskeletons
In the healthcare sector, there’s an increasing trend of insurance providers covering robotic devices, including exoskeletons. For example, in Germany, the ReWalk 6.0 personal exoskeleton system was listed in the Medical Device Directory, making it eligible for insurance procurement. This growing support from insurance companies is a significant opportunity for the exoskeleton market, making these devices more accessible to those who need them.
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