Hyderabad, Telangana -- (SBWIRE) -- 02/20/2023 -- Exoskeleton Robotic System Market:

The exoskeleton robotic system market has witnessed significant growth over the past few years. This technology is designed to support the movement of individuals with mobility disabilities, provide physical assistance to labor-intensive activities, and enhance the performance of athletes and soldiers.

Market Size and Future Apprehension:

According to the research report published by USD Analytics, the global "Exoskeleton Robotic System Market" is expected to grow at a CAGR of 22% during the forecast period 2023-2030.

Market Dynamics:

Drivers:

One of the key drivers of this growth is the increasing demand for exoskeleton systems in the healthcare industry. These systems are being used to assist individuals with mobility disabilities and help them to move around more easily. This has significant implications for the quality of life for those individuals, as well as for healthcare providers and insurers. The use of exoskeletons can reduce the need for human assistance and increase the efficiency of care, resulting in cost savings for both patients and healthcare providers.
Another important driver of the exoskeleton robotic system market is the growing interest in wearable robotics in various industries. Exoskeletons are being used in industrial settings to assist workers in physically demanding jobs. They are also being used by the military to enhance the performance of soldiers in combat situations. Additionally, exoskeletons are being used by athletes to improve their performance and prevent injuries.

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Market Challenges:

One of the major challenges facing the exoskeleton robotic system market is the high cost of these systems. Exoskeletons are still relatively expensive, which limits their accessibility to those who need them. As the technology continues to improve and become more widely adopted, however, it is expected that the cost of exoskeletons will come down. This will help to make them more accessible to a wider range of users.

Market Opportunities:

There are also a number of opportunities for growth and expansion in the exoskeleton robotic system market. One of the biggest opportunities is in the medical sector. Exoskeletons have the potential to revolutionize the way that people with mobility disabilities live and move around. They can also help to reduce the strain on healthcare providers and insurers, making them a potentially cost-effective solution for many patients.
Another opportunity for growth in the exoskeleton robotic system market is in the industrial sector. Exoskeletons can help to reduce physical strain on workers and increase productivity. This is particularly important in industries such as manufacturing and construction, where workers are frequently exposed to physically demanding tasks. As more companies begin to recognize the potential of exoskeletons in the workplace, we can expect to see increased demand for these systems.

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Segmentation Analysis:

The Exoskeleton Robotic System Market is segmented by Component, type, extremity, mobility

By Type:
? Lower Body Exoskeleton
? Upper Body Exoskeleton
? Full Body Exoskeleton

By Application:
? Healthcare
? Defense
? Industrial

Competitive Landscape:

The major companies to contribute the market's growth are
1. Ekso Bionics (US),
2. ReWalk (Israel), and Parker Hannifin (US),
3. Cyberdyne (Japan) and Bionik (Canada),
4. Rex Bionics (UK),
5. B-TEMIA Inc. (Canada),
6. Bioventus (North Carolina),
7. Hocoma AG (a subsidiary of DIH Technologies) (Switzerland),
8. Wearable Robotics SRL (Italy),
9. Gogoa Mobility Robots SL (Spain),

Regional Analysis:

The medical exoskeleton market is divided into three regions: North America, Europe, and Asia Pacific. North America is predicted to have a large market share. The expanding elderly population, rising demand for self-assist exoskeletons, high stroke prevalence, and rising incidence of spinal cord injuries (SCI) are the primary drivers driving the growth of the medical exoskeleton market in this area.

Recent Developments:

- In 2021, CYBERDYNE received medical device approval from Thai Food and Medical Products Approval Authority (Thai FDA) for HAL Single Joint Type. The product is for patients with reduced mobility in the upper and lower limbs due to muscle weakness or paralysis.
- In 2020, Ekso Bionics received 501(k) clearance from the US Food and Drug Administration (FDA) to market its EksoNR robotic exoskeleton for patients with acquired brain injury (ABI). EksoNR is the first exoskeleton device to receive FDA clearance for rehabilitation use with ABI, significantly expanding the device's indication to a broader group of patients.
- In 2019, ReWalk Robotics' ReStore soft exo-suit system received clearance from the US Food and Drug Administration (FDA) for sale to rehabilitation centers across the United States.

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