With a market valuation of US$8 billion exoskeleton robots

With a market valuation of US$8 billion exoskeleton robots

ROCKVILLE, Nov. 28, 2022 (GLOBE NEWSWIRE) — The global exoskeleton robotics market is expected to reach US$8 billion by 2032, expanding at a rate of High CAGR of 23.7% From 2022 to 2032, according to this new industry analysis by Fact.MR, a market research firm and competitive intelligence provider.

The exoskeleton system is a human-machine wearable device that combines human intelligence and machine power to deliver mechanical strength to the user. It consists of a powered wearable suit designed to increase user safety and overall effectiveness when performing specific tasks. It uses advanced algorithms that change and adapt to the movements of the human body and is equipped with many sensors and electrical connections to operate the components.

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Exoskeleton robots help lift heavy objects and relieve stress on the user’s back muscles and spine. They also allow seniors to walk with greater ease and reduce fall-related injuries. Exoskeleton robots have a wide range of applications, including military, healthcare, and industrial.

Exoskeleton robots are in high demand in the healthcare field as they assist with personal mobility. An increasing number of individuals with body movement disorders, such as stroke, Parkinson’s disease, etc. are driving the demand for exoskeletal robots, as these diseases restrict voluntary body movements and pose challenges in daily activities.

Moreover, exoskeleton robots are widely used in the military and defense industry. Soldiers are currently required to carry weights from 80 to 660 pounds (40 to 300 kg). Robots with exoskeletons could help soldiers carry weights, allowing them to cover more ground.

Key takeaways from the market study

  • The global exoskeletal robots market will be valued at USD 950 million in 2022.
  • It is estimated that global sales of exoskeleton robots will reach US$8 million by 2032.
  • The market is expected to rise at a compound annual growth rate of 23.7% during the forecast period.
  • North America accounted for 47% of the global market share in 2021.
  • The healthcare sector accounted for 51.3% of the global demand for exoskeleton robots in 2021.

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Competitive scene

The global exoskeleton robots market is highly competitive. Moreover, many startups are entering the market, which intensifies the competition. Major players in the exoskeleton robotics market are increasingly focusing on offering new innovative solutions and expanding their geographic footprint through a variety of technologies such as product approvals, product launches, partnerships, and collaborations.

  • Ottobock debuted the Paexo Cool Sleeve, Paexo Thumb Slim and Paexo Shoulder Jacket at the Hannover Messe Digital Edition 2021 event in April 2021. These devices provide great body relaxation during challenging activities such as lifting packages or overhead work.
  • The Thai Food and Medical Products Approval Authority (FDA) approved CYBERDYNE’s HAL single-joint medical device in March 2021. The product is intended for people with limited movement in their lower and upper limbs due to paralysis or muscle weakness.
  • Cyberdyne Inc has teamed up with J-Workout Inc. (Koto-Ku, Tokyo, Japan, President: Takunori Isa, “J-Workout”) in March 2021 to introduce new services. The Group offers Neuro HALFIT as a service to support the functional improvement of people with limited motor functions by engaging the activity loop of the brain’s nervous system with the Wearable Cyborg HAL.
  • DIH entered into a partnership with Reha Technology in March 2021. DIH has agreed to take over the distribution of Reha Technology’s robotics products as well as the promotion and distribution of Reha Technology end-responder-based devices for gait rehabilitation in important markets such as the United States, Switzerland and Germany under this arrangement.
  • Ekso Bionics teamed up with the United States Department of Naturopathic Medicine (USP) in March 2021 to educate clinicians about the clinical benefits of the EksoNR exoskeleton. USP is the largest internist practice in the country, specializing solely in physical medicine and rehabilitation.

Profile of the main companies

  • Atoun Company
  • Gogoa Mobility bots
  • Beyonce Inc
  • Bionic Labs Inc
  • Hocoma AG
  • Lockheed Martin
  • Bioservo Technologies AB
  • B-Temia Inc
  • Rehab Robotics Co., Ltd
  • Cyberdyne Corporation
  • Exo Bionics Holdings Inc
  • ReWalk Robotics Ltd
  • Parker Hanifen Company
  • RB3D
  • Rex Bionics Ltd
  • suitX (US Bionics)

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The main sectors of exoskeleton robot industry research

  • Secondary:
    • full body
    • The lower limbs
    • upper extremities
  • By mobility:
  • By technology:
  • By the end user:
    • Health Care
    • Industrial
    • Army and defense
  • By region:
    • North Amarica
    • Latin america
    • Europe
    • your father
    • Middle East Airlines

Regional analysis

North America is expected to dominate the global exoskeletal robots market during the forecast period. This is due to the growing number of individuals with disabilities, huge investments in research activities, increased public and private support, and the availability of technologically advanced products.

The United States is expected to lead the North American market. According to data from the Centers for Disease Control and Prevention (CDC), nearly 60 million people in the United States have some form of disability, with mobility impairments accounting for 14.7% of the disabled population.

More valuable insights Offer available

Fact.MR, in its new offering, provides an unbiased analysis of the global welding machine market, offering historical demand data (2017-2021) and forecast statistics for the period 2022-2032.

Study reveals key market insights on the basis of product (whole body, lower limb, upper limb), mobility (mobile, fixed), technology (powered, passive), and end user (healthcare, industrial, military and defense), across five regions Major (North America, Europe, Asia Pacific, Latin America, Middle East and Africa).

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About Fact.MR

Fact.MR is a market research and advisory agency with deep expertise in emerging market intelligence. It spans the spectrum – from Automotive and Industry 4.0 to Healthcare, Technology, Chemicals and Materials, and even more specialized categories. We are committed to providing insights that help companies gain a deeper understanding of their target markets. We understand that making sense of the vast maze of data can be overwhelming for businesses. That’s why we focus on providing insights that can make a difference to the bottom line.

Specialties: Competition tracking, personalized research, syndicated research, investment research, social media research, business intelligence, industry analysis, thought leadership.

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