Home Press Releases Exoskeleton Market worth $3.7 billion by 2028 at a CAGR of 38.6%

Exoskeleton Market worth $3.7 billion by 2028 at a CAGR of 38.6%

by Press Room

(EMAILWIRE.COM, February 10, 2023 ) The global exoskeleton market size is expected to grow from USD 0.7 billion in 2023 to USD 3.7 billion by 2028, at a CAGR of 38.6%. The growth of the market is attributed to the rising demand for exoskeletons from the healthcare vertical as well as higher investments of manufacturers in the development of exoskeleton technology. However, regulatory challenges in securing approvals for medical applications of exoskeletons is restraining the market growth.

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The exoskeleton market has promising growth potential due to several factors, such as the increasing adoption of human augmentation equipment in the industrial and military sectors and growing insurance coverage for exoskeletons.

Based on component, the market is segregated into hardware and software. The hardware segment held a major share of the exoskeleton market in 2022. To stay relevant in the highly competitive market, exoskeleton manufacturers are adding new features to their products leading to the integration of several new types of sensors and actuators into the overall exoskeleton design, which is making it smarter and more interactive with the environment in various ways.

Based on type, the market is segmented into powered and passive exoskeletons. These two types of exoskeletons help people with disabilities to regain control over their limbs and increase the mobility of the elderly and augment the capabilities of workers. The high cost of powered exoskeletons leads to a larger market share of the technology compared to passive exoskeletons. Thus, powered exoskeletons accounted for the largest share of the overall exoskeleton market in 2022.

The exoskeleton market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. In 2022, North America held the largest share of the exoskeleton market, with only the US capturing more than 81% of the overall market. The growing demand for assistive technology, especially in the healthcare sector for orthopedic rehabilitation, increasing prevalence of strokes, and growing investment in exoskeletons by the defense sector of various countries are promoting the growth of this market. On the other hand, the growth of the market in the US is being driven by the increasing use of exoskeletons in the healthcare and military sectors. Exoskeletons are being extensively adopted for home healthcare and industrial machinery manufacturing applications in the country. The growing geriatric population in the US is also contributing to the growth of the exoskeleton market.

News Also Covered: https://www.prnewswire.com/news-releases/exoskeleton-market-worth-3-7-billion-by-2028—exclusive-report-by-marketsandmarkets-301741841.html

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