What Is The Size Of Global Exoskeleton Industry?
Global Exoskeleton market is growing at a CAGR of ~% in 2019-2022 and is expected to reach ~USD 2.5 Bn by 2030.
The Exoskeleton Market is largely driven by adoption of the exoskeleton in the healthcare sector for robotic rehabilitation
Robotic rehabilitation means designing wearable robotic exoskeletons to improve movement in persons with impaired physical functioning. According to the Rehabilitation Council of India, a government body that regulates training programs and courses targeted at the disabled, and special education requirement communities, stated that for every 1 billion of the population the spinal cord injury rate is between 1.85% to 2.19% out of which 75% are from rural areas.
The High Cost of exoskeletons is one of the Major challenges hindering the growth of the global exoskeleton market. Due to rapid advancements in exoskeleton technology, i.e., providing better efficiency and high payload the cost of exoskeletons rises significantly. Furthermore, the average cost of an Exoskeleton in the healthcare sector varies from US$ 77,000 to US$ 100,000.
The COVID-19 pandemic slowed the growth of the Global Exoskeleton Market, owing to the shutdown of production activities in various industrial areas including Robotic Exoskeleton manufacturing units. As a result, production showed a decline in the Global Exoskeleton market.
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Global Exoskeleton Market By Technology
The Global Exoskeleton market is segmented by Technology into Powered and Passive.
DGBEF segment held the largest market share of the Global Exoskeleton Market in 2022, as it improves thermal stability, has strong mechanical properties, and provides moisture resistance. It is used extensively across multiple end-user industries such as building & construction and automotive.
DGBEF is Diglycidyl Ether Bisphenol F, a reaction product of phenol and formaldehyde. This type of Exoskeleton is sold as liquids and solid resin dissolved in solvent and prepregs.
DGBEF performs better in resisting chemical attack as compared to other types, owing to its higher density of cross-links.
Global Exoskeleton Market By Mobility
The Global Exoskeleton market is segmented by Mobility into Mobile and Stationary
The liquid form segment held the largest market share of the Global Exoskeleton Market in 2022. The reason behind the largest share of this segment is a wide area of applications in almost all industries.
Exoskeleton in liquid form prevents corrosion and as a sealant, it protects surfaces, including pipelines, metal, floors, countertops, and equipment parts.
It is often found in transistors and electrical circuits to protect parts from moisture, dirt, dust, and other debris that can damage materials over time.
In March 2019, Axalta launched liquid epoxy-based casting resin system, Voltacast 3310/Voltacast H134. The launch of products expanded the Voltacast product portfolio of casting resins from Axalta’s Energy Solutions business.
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Global Exoskeleton Market By Body Type
The Global Exoskeleton market is segmented by Body type into Full Body, Upper Body and Lower Body.
The Lower Body segment accounted for the largest market share in the Body Type segment in 2022.
Rise in lower body disabilities and the adoption of exoskeletons by paralyzing or old populations is likely to drive the lower body segment in the global exoskeleton market.
The lower body exoskeletons are also used in defense for increasing the speed of soldiers that helping them to carry heavy equipment such as ammunition and guns for a longer duration.
Global Exoskeleton Market By End-User
The Global Exoskeleton market is segmented by End-User into Healthcare, Defense/Military, Industrial and Others.
The Healthcare segment accounted for the largest market share in the End-User segment in 2022.
The growth is primarily due to the adoption of the exoskeleton in the healthcare sector for robotic rehabilitation and robotic therapy.
Many Hospitals and Rehabilitation Centers use exoskeletons for the treatment of patients suffering from spinal injuries, paralysis, and stroke.
Key Topics Covered in the Report
- Snapshot of Global Exoskeleton Market
- Industry Value Chain and Ecosystem Analysis
- Market size and Segmentation of the Global Exoskeleton Market
- Historic Growth of the Overall Global Exoskeleton Market and Segments
- Competition Scenario of the Market and Key Developments of Competitors
- Porter’s 5 Forces Analysis of the Global Exoskeleton Industry
- Overview, Product Offerings, and Strategic Developments of Key Competitors
- COVID-19 Impact on the Overall Global Exoskeleton Market
- Future Market Forecast and Growth Rates of the Total Global Exoskeleton Market and by Segments
- Market Size of Mobility/End-user Segments with Historical CAGR and Future Forecasts
- Analysis of the Global Exoskeleton Market
- Major Production/Supply and Consumption/Demand Hubs within Each Major Country
- Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
- Overview of Notable Emerging Competitor Companies within Each Region
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Notable Emerging Companies Mentioned in the Report
- Fourier Intelligence
- Seismic
- ROAM Robotics
- Trexo Robotics
- Bionic Yantra
Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report
- Exoskeleton Manufacturers
- Exoskeleton Raw Material Suppliers
- Exoskeleton Products Manufacturers
- Government Ministries of health and rehabilitation
- Government Ministries of Defense
- Exoskeleton Industry Association
- Exoskeleton Companies
- Venture Capitalists Targeting Exoskeleton Industry
Time Period Captured in the Report
- Historical Period: 2019-2021
- Forecast Period: 2022E-2030F
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