Smart Exoskeleton Market to Reach $1.7 Billion, Globally, by 2032 at 17.3% CAGR: Allied Market Research
Jul 29, 2023
The global smart exoskeleton market is attributed to growth factors such as an increase in demand for gait rehabilitation, and a surge in demand for elderly safety body parts.
Portland, OR, Aug. 04, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report titled, "Smart Exoskeleton Market by Component (Sensors, Actuators, Power Source, Control System, and Others), Type (Soft Exoskeleton and Rigid Exoskeleton), Body Part (Upper Body, Lower Body, and Full Body), and Application (Industrial, Healthcare, Military, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032." According to the report, the global smart exoskeleton market was valued at $357.1 million in 2022 and is projected to reach $1.7 billion by 2032, registering a CAGR of 17.3% from 2023 to 2032. The term "smart exoskeleton" describes a powered wearable suit that is intended to improve user safety. They also increase people's capacity for performing the necessary tasks. Technology makes use of smart algorithms, which are known to automatically adapt to the movements of the human body.
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Prime Determinants of Growth:
The global smart exoskeleton market is attributed to growth factors such as an increase in demand for gait rehabilitation, and a surge in demand for elderly safety body parts. However, the high cost of smart exoskeletons hampers market growth. On the contrary, an increase in initiatives for military body parts is expected to open new avenues for market growth.
Report Coverage & Details:
Market Size in 2022
Market Size in 2032
No. of Pages in Report
Type, Body Part, Component, Application, and Region
An increase in demand for gait rehabilitation
A surge in demand for elderly safety body parts
Increase in initiatives for military body parts
High cost of smart exoskeleton
The outbreak of the COVID-19 pandemic significantly changed the dynamics of the supply chain, raised demand for e-commerce packaging, and brought attention to health and safety precautions, all of which influence the smart exoskeleton market.
Many businesses had to swiftly adjust to the growth in e-commerce by developing packaging that could endure the rigors of shipping and handling.
The pandemic had intensified attention on sustainable smart exoskeleton solutions as people looked for eco-friendly choices. Thus, the global smart exoskeleton market has had a positive impact during the pandemic.
The rigid segment to maintain its leadership status throughout the forecast period-
Based on type, the rigid segment held the highest market share in 2022, accounting for more than three-fifths of the global smart exoskeleton market revenue, and is estimated to maintain its leadership status throughout the forecast period. The same segment would also showcase the fastest CAGR of 17.66% during the forecast period. Rigid exoskeletons employ advanced joint mechanisms to replicate natural human joint movements and provide precise control. These mechanisms may include rotary actuators, hydraulic or pneumatic systems, or motorized mechanisms that allow for multi-degree-of-freedom (DOF) motion.
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The upper body segment to maintain its lead positions throughout the forecast period-
Based on body part, the upper body segment held the highest market share in 2022, contributing to more than two-fifths of the global smart exoskeleton market revenue, and is expected to maintain its lead position throughout the forecast period. The same segment would also portray the fastest CAGR of 18.19% from 2023 to 2032. Smart upper body exoskeletons are used in rehabilitation and physical therapy settings to aid patients with upper limb impairments or injuries. The exoskeletons provide assistance during therapy sessions, helping patients regain strength, range of motion, and coordination in their upper body.
The actuators segment to rule the roost by 2032-
Based on component, the actuators segment held the highest share in 2022, accounting for nearly one-third of the global smart exoskeleton market and is projected to rule the roost by 2032. There is a growing trend toward developing actuators with high power density, meaning they can deliver significant force or torque output in a compact and lightweight design. On the other hand, the control system segment would cite the fastest CAGR of 17.96% during the forecast period.
The industrial segment to maintain its leadership status throughout the forecast period-
Based on application, the industrial segment held the highest market share in 2022, contributed to nearly two-fifths of the global smart exoskeleton market revenue, and is estimated to maintain its leadership status throughout the forecast period. Industrial exoskeletons are increasingly being developed with task-specific designs to address the unique needs of different industries and job roles. This involves optimizing the exoskeleton's form, function, and assistance mechanisms to provide targeted support for specific tasks such as lifting heavy objects, overhead work, repetitive motions, and maintaining proper posture. However, the healthcare segment would exhibit the fastest CAGR of 18.0% during the forecast period.
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Asia-Pacific to maintain its dominance by 2032-
Based on region, Asia-Pacific held the highest market share in 2022, accounting for nearly half of the global smart exoskeleton market revenue, and is expected to maintain its dominance during the forecast period. Asia-Pacific serves as one of the potential markets for exoskeletons globally. This is majorly attributed to an increase in investments in R&D, exponential rise in aging population, and surge in demand for advanced rehabilitation & industrial solutions. On the other hand, the Europe region is expected to witness the fastest CAGR of 18.79% from 2023 to 2032.
Leading Market Players: -
Ekso Bionics Holdings, Inc.
ReWalk Robotics Ltd.
HONDA MOTOR CO. LTD.
Rex Bionics Ltd.
Sarcos Technology and Robotics Corporation
Lockheed Martin Corporation
The report provides a detailed analysis of these key players in the global smart exoskeleton market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others, to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolios, and strategic moves of market players to showcase the competitive scenario.
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Smart Exoskeleton Market Regional Reports:
North America Smart Exoskeleton Market: Opportunity Analysis and Industry Forecast, 2022-2032
Asia-Pacific Smart Exoskeleton Market: Opportunity Analysis and Industry Forecast, 2022-2032
South Korea Smart Exoskeleton Market: Opportunity Analysis and Industry Forecast, 2022-2032
Europe Smart Exoskeleton Market: Opportunity Analysis and Industry Forecast, 2022-2032
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