The exoskeleton market in the United States alone is predicted to hit $745.6million within ten years, with global demand set to grow by over 20 per cent by 2032.
New analysis reveals that North America is a key region for growth of the market, with significant progress for exoskeletons predicted from the adoption for orthopaedic rehabilitation.
As well as their importance in healthcare, the surge in demand is also fuelled by the country’s defence and military sectors, the study from Transparency Market Research (TMR) revealed.
Furthermore, the rising levels of people living with Parkinson’s disease and the effects of stroke is helping to underline the importance of the exoskeleton, said the research.
By 2023, the US exoskeleton market is estimated to be worth $745.6million, with forecasted compound annual growth rate (CAGR) of 20.1 per cent during the next ten years.
Globally, the significant advancements in technology has seen surging demand for exoskeleton products, with the rise in use of artificial intelligence (AI), virtual guidance, digital assistants and the availability of high-speed internet being key drivers.
Some of the key players – including ReWalk Robotics, Hocoma and Cyberdyne – are executing varied organic and inorganic strategies including partnerships and collaborations to expand their businesses.
Furthermore, several companies are investing in product innovation activities to launch products with improved quality. Such initiatives are expected to lead to rapid expansion of the market during the forecast period, analysts predict.
Exoskeletons are used widely within healthcare, and specifically neuro-rehab, with increasing levels of support and dynamism in personal mobility.
TMR analysis finds that over the past few years, there has been a rise in the number of patients with body movement disorders including strokes, Parkinson’s disease and other conditions that restrict the voluntary body movements and lead to problems in day-to-day activities using exoskeletons.
Such patient population is increasing the adoption of exoskeletons, states the report, creating lucrative avenues in the market for exoskeleton.
The territories predicted to be significant in the development of the exoskeleton market are North America, Latin America, Europe, Asia Pacific and the Middle East.
Furthermore, in addition to the use of exoskeletons within healthcare among people with mobility-limiting conditions, the study also reveals the rise in use within the manufacturing sector in recent years, though helping to decrease work-related injuries and fatigue.
Through its by-products of impacting positively on work quality and productivity, demand from manufacturing is set to be a further key factor in the growth of the sector, analysts note.
