The global exoskeleton market has been witnessing promising demand from diverse sectors including healthcare, defence, and military industries. Among these verticals, exoskeletons are set to observe a higher demand from the healthcare sector. In this sector, medical exoskeletons are used for rehabilitation to improve an end user’s mobility functions. Such devices are mainly used by patients with disability and lower limb mobility conditions. As a result, this factor has emerged as the foremost growth driver of the market. In the near future, the rising prevalence of disability around the world, technological advancements in healthcare, and new demand from the defence segment are expected to facilitate strong growth in the market. Moreover, industry leaders are introducing new products to meet the rising demand for exoskeletons, which is predicted to further support the expansion of the market. Notably, the demand for exoskeletons is likely to be more pronounced in the developed regions of the world.
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Rising Incidence of Lower Limb Issues Drives Demand for Medical Exoskeletons in Global Exoskeleton Market
Over the recent past, the incidence of lower limb complications has dramatically increased. The use of medical exoskeletons for rehabilitation is crucial for individuals with lower limb mobility issues such as those caused by ageing, hemiplegia, cerebral palsy, and paraplegia. An exoskeleton aids in reducing a therapist’s workload, tracking training progress, and evaluating recovery in a consistent manner. Given the benefits of exoskeletons in treating mobility issues, the exoskeleton market is attracting lucrative investments from the public and private sectors. The strategic initiatives employed by key players in the healthcare industry, as well as the rising prevalence of disability, are driving the demand for exoskeletons meant for rehabilitation purposes. This positive business scenario is expected to foster product differentiation and lucrative MA in the market.
Global Exoskeleton Market to Register Technology-Powered Growth Opportunities
The market is projected to shift toward software-based solutions due to advancements in inter-device connectivity, AI, and autonomous operations. Intelligent software enables advanced exoskeletons to function more accurately and effectively, thereby enhancing user experience and convenience. Companies are also providing 3D CAD software packages for exoskeletons to overcome the limitations of traditional design tools. These software solutions for digital human modelling (DHM) allow human model representations to interact with virtual objects and work environments in a CAD setting. Such technology advancements are fostering the creation of more cost-effective and functional exoskeletons that can be used by a larger population. Prominent market players are anticipated to continue building high-performing software programs, stimulating unprecedented growth in the exoskeleton market.
North America Sustains Lead in Exoskeleton Market amid High-level Innovation in Exoskeleton Tech
North America has the highest usage of exoskeletons and is expected to experience the fastest growth in the global market. Growth drivers of the market here include high patient purchasing power, an increasing elderly population, and the availability of sufficient public funding to develop high-tech exoskeletons. The rising incidence of spinal cord injuries and disabilities in North America is also expected to aid in market growth. In the future, these developments are poised to strengthen North America’s exoskeleton market.
Leading Market Players
Key players in the exoskeleton market are MediTouch (Israel), B-Temia (Canada), ATOUN (Japan), Ekso Bionics (US), Lockheed Martin Corporation (US), ReWalk Robotics (US), BIONIK (Canada), CYBERDYNE (Japan), Ottobock (Germany), and DIH Medical (China).
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