Sharp Revenue Jump Predicted in Global Exoskeleton Industry Between 2023 and 2030

The exoskeleton market is experiencing growth and is projected to reach USD 6,957.9 million by 2030. This growth can be credited to the rising count of spinal cord injuries and strokes, growing healthcare investments, rising elderly populace, thriving job opportunities for disabled individuals, and growing penetration of such items in military and industrial operations.

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The industry, under the component segment, is divided into software and hardware. Of these, the hardware category held the larger revenue share in recent years because exoskeletons mainly include hardware components, such as actuators, sensors, and powered systems. Passive exoskeletons are majorly constructed with hardware parts.

The categories under the type segment of the exoskeleton industry comprise passive and powered. Of these, the powered category is projected to experience faster development in the coming few years.

Asia-Pacific is projected to showcase the fastest development in the industry for exoskeletons in the coming few years. This will be because of the rise in the elderly populace and the growth in the utilization of exoskeletons in the medicinal field.

The quickly increasing aged pool has caused the snowballing occurrence of disability and orthopedic illnesses in the region. The elderly also results in a dropping in bone density and breakable bones, which drives the need for such medicinal items.

Key companies in the exoskeleton market are concentrating on integrating progressive technologies, like cloud connectivity, robotics, and artificial intelligence, to advance the performance of their items. artificial intelligence fuels the human potential, and also productivity, of the devices.

Hence, the rising count of spinal cord injuries and strokes, growing healthcare investments, rising elderly populace, thriving job opportunities for disabled individuals, and growing penetration of such items in military and industrial operations are the major factors contributing to the growth of the exoskeleton market.

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How is Rising Healthcare Expenditure Driving Exoskeleton Industry?

The global exoskeleton market size is projected to reach a value of $6,957.9 million by 2030. The primary factor leading to the growth of the market are the rising healthcare expenditure, increasing number of stroke cases and spinal cord injuries (SCIs), surge in the penetration of products in military and industrial operations, growing geriatric population, and rising job opportunities for disabled people.

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When component is taken into consideration, the exoskeleton market is classified into software and hardware, between which, the hardware classification held the larger share of the market in 2019. Exoskeletons consist of several hardware components and passive exoskeletons are particularly constructed using hardware parts, thereby leading to the growth of the classification. The hardware classification is further divided into control systems, power sources, actuators, and sensors. On the basis of mobility, the market is divided into mobile and stationary.

Geographically, the exoskeleton market was dominated by North America in 2019, and is region is predicted to contribute the largest revenue share to the market during the forecast period as well. Exoskeletons are extensively being used by military personnel and the healthcare sector. In addition to this, the regional market is growing because of the rising workforce of disabled people and increased availability of these products. The Asia-Pacific region is expected to register the fastest growth during the forecast period.

In conclusion, the increasing number of SCIs and stoke cases and rising healthcare expenditure are driving the growth of the market.

Read more: https://www.psmarketresearch.com/market-analysis/exoskeleton-market-forecast

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