The exoskeleton robotic system market is expected to reach US$ 4,224.63 million by 2028; registering at a CAGR of 23.0% from 2022 to 2028, according to a new research study conducted by The Insight Partners.
Lower Body Exoskeleton Segment to Hold Major Market Share During 2022–2028
The report highlights the trends and drivers prevailing in the market.
Based on type, the exoskeleton robotic system market is segmented into lower body exoskeleton, upper body exoskeleton, and full body exoskeleton. The lower body exoskeleton segment held the largest market share in 2021. The upper body exoskeleton segment is anticipated to register the highest CAGR of 23.6% during the forecast period. Based on application, the exoskeleton robotic system market is segmented into healthcare, defense, and industrial. The healthcare segment held the largest share of the market in 2021. The industrial segment is expected to grow at the highest CAGR during the forecast period.
Exoskeleton Robotic System Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Type (Lower Body Exoskeleton, Upper Body Exoskeleton, and Full Body Exoskeleton) and Application (Healthcare, Defense, and Industrial)
Exoskeleton Robotic System Market Demand & Growth by 2028
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Impact of COVID-19 Pandemic on Exoskeleton Robotic System Market
Countries worldwide witnessed a huge challenge due to the growing number of COVID-19 cases. Considering the economic operations and geographic conditions, the outbreak affected medical tourism, manufacturers of medical equipment, laser systems, accessories, and other problems posed by the shortage of healthcare infrastructure in low-income countries. According to WHO, due to the rapidly changing risk of COVID-19 affected countries and constantly controlling outbreak trends, additional health measures are likely to interfere with international travel and trade significantly. China is specifically facing issues with the pandemic, leading to disruption of the supply chain, projected losses in revenue, marketing, and sales within all industries, as well as health concerns within the production units and other public places. However, the rollout of COVID-19 vaccines eased restrictions, which reinitiated manufacturing units and R&D activities, resulting in new product launches. In the coming years, especially in the Asia Pacific region where manufacturers are looking to automate their production processes further, exoskeleton robotic system will gain significant importance among the industrial, healthcare, and defense applications. Post-COVID-19, manufacturers are expected to increase in-house manufacturing through automation rather than outsource manufacture to other countries to prevent global supply chain challenges or risks in the future.
Lockheed Martin Corp, Cyberdyne Inc, Panasonic Holdings Corp, Hocoma AG, Rewalk Robotics Inc, Ekso Bionics Holdings Inc, Parker Hannifin Corp, Myomo Inc, B-Temia In, AlterG Inc, and INNOPHYS Co LTD are among the several players engaged in addressing the growing demands for exoskeleton robotic systems.
The report segments the exoskeleton robotic system market as follows:
The exoskeleton robotic system market is segmented on the basis of type, application, and geography. Based on type, the exoskeleton robotic system industry is segmented into upper body exoskeleton, lower body exoskeleton, and full body exoskeleton. Based on application, the exoskeleton robotic system industry is segmented into healthcare, defense, and industrial. Based on geography, the exoskeleton robotic system market is segmented into North America (the US, Canada, and Mexico), Europe (the UK, Germany, France, Italy, the Netherlands, and the Rest of Europe), Asia Pacific (China, Japan, India, Australia, Thailand, and the Rest of Asia Pacific), the Middle East & Africa (the UAE, Saudi Arabia, South Africa, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America).
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