According to IMARC Group’s latest report, titled ““Exoskeleton System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global exoskeleton system market size reached US$ 543.8 Million in 2021. Looking forward, IMARC Group expects the market to reach US$ 5,275.8 Million by 2027, exhibiting a growth rate (CAGR) of 46.13% during 2022-2027.
What is an exoskeleton system?
Exoskeleton systems are wearable devices that provide support to the body’s musculoskeletal system, enhancing strength, endurance, and mobility. These systems are used in a wide range of applications, including industrial settings, military operations, and medical rehabilitation. Exoskeleton systems are designed to mimic the natural movement of the body by providing additional support and assistance where needed. They typically consist of a frame or structure that fits around the body, along with motors or actuators that help the wearer’s muscles. One of the key benefits of exoskeleton systems is their ability to enhance strength and endurance. Exoskeletons can help reduce fatigue and increase productivity in industrial settings or improve the physical capabilities of soldiers in the field by providing additional support to the body’s musculoskeletal system. Exoskeleton systems can also be used in medical rehabilitation to help patients recover from injuries or disabilities. By providing targeted support to specific areas of the body, exoskeletons can help patients regain mobility and strength. In addition to their physical benefits, exoskeleton systems can also help reduce the risk of injury in a range of applications. For instance, exoskeletons can help prevent back injuries in workers who regularly lift heavy objects or reduce the risk of musculoskeletal injuries in soldiers carrying heavy loads. While exoskeleton systems have numerous potential benefits, there are also challenges associated with their use. For example, exoskeletons can be expensive and require specialized training to operate effectively. Additionally, the design of exoskeletons can be complex, requiring a multidisciplinary approach to development and testing. By providing support and assistance to the body’s musculoskeletal system, exoskeletons can enhance strength, endurance, and mobility, improving safety, productivity, and quality of life.
What are the growth prospects and trends in the industry?
The increasing demand for the product from various industries represents one of the key factors driving the exoskeleton system market growth across the globe. This is primarily attributed to the rising need for load shifting and load bearing in various industries and the rising need to prevent injuries and ensuring the safety of employees and workers, which is driving the market growth. In line with this, the increasing aging population, along with the rising incidences of health disorders, including muscular dystrophy, general fatigue, and paralysis are contributing to the growth of the market. The market is also driven by the rising inclusion of exoskeletons and related technologies-based treatment in commercial health insurance plans by insurance providers and the increasing integration with artificial intelligence (AI) and sensors to improve the performance of exoskeleton systems. Other factors, such as the availability of technologically advanced products, and the increasing incidence of stroke, and spinal cord injuries (SCI), along with extensive research and development (R&D) activities and the rising demand for assistive technologies, are creating a positive outlook for the market across the globe.
Competitive Analysis:
The competitive landscape of the exoskeleton system market 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.
Key Market Segmentation:
The report has segmented the global exoskeleton system market based on component, type, mobility, body part, end use sector and region.
Breakup by Component:
- Hardware
- Sensors
- Actuators
- Power Sources
- Control Systems
- Other Components
- Software
Breakup by Type:
- Powered
- Passive
Breakup by Mobility:
- Stationary
- Mobile
Breakup by Body Part:
- Lower Body
- Upper Body
- Full Body
Breakup by End-Use Sector:
- Healthcare
- Defense
- Industrial
- Others
Breakup by Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
Explore Full Report With TOC & List of Figures: https://www.imarcgroup.com/exoskeleton-system-market
Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
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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