Published on: July 29, 2024
The global exoskeleton market size is estimated to grow by USD 1.85 billion at a compound annual growth rate (CAGR) of 35.98% between 2022 and 2027. The global exoskeleton market is experiencing a significant surge, primarily driven by healthcare advancements and technological innovations. With an increasing focus on human augmentation equipment and rehabilitation robotics, the market is poised for substantial growth in the forecast period. The integration of soft actuators and advancements in robotic technologies for healthcare are reshaping the landscape, offering promising solutions for mobility enhancement and rehabilitation.
The rising demand for assistive devices in healthcare and advancements in control systems for healthcare applications are boosting demand for exoskeletons. Product types include powered, passive, and hybrid exoskeletons, and applications span the healthcare, industrial, and military sectors. End-users primarily include hospitals, rehabilitation centers, industrial facilities, and military organizations.
Trends in the market include the integration of soft actuators in healthcare exoskeletons, advancements in robotic technologies, and the incorporation of electrical and electronic engineering in healthcare devices. Additionally, innovative materials and advanced sensors are driving improvements in structural integrity and functionality.
Factors such as increasing healthcare advancements, growing demand for assistive devices, and technological innovations are key drivers propelling market growth. Additionally, regulatory compliance and the cost-effectiveness of assistive devices contribute significantly to market expansion.
The market also faces challenges such as regulatory hurdles in healthcare robotics, high initial costs associated with human augmentation equipment, and integration complexities in healthcare systems. Addressing these challenges will be crucial for sustained market growth and adoption.
North America is projected to account for 40% of the global market’s growth by 2027. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The presence of advanced medical facilities, increasing disability from spinal cord injuries, and high demand for self-assisting exoskeletons make the US the largest contributor to the North American market. The presence of major market players such as Ekso Bionics Holdings and Parker-Hannifin Corp. offering exoskeletons in the region also drives the market growth.
Technavio's exoskeleton industry reports monitor the leading players in the global market along with their current and forecasted market share. Our analysis covers regional and global companies. Some of the top companies covered in our exoskeleton market reports include:
In order to provide you with a comprehensive view of the exoskeleton industry, our experts analyze the market from many different perspectives. Our reports help identify opportunities, risks, key competitors, and more, helping you make timely, informed decisions to optimize your position in the market.
Technavio reports insights include:
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