Exoskeleton Market Is Estimated At US$ 2,288.3 million by 2025, With A CAGR Of 44.16%

 

Exoskeleton Market

The Exoskeleton Market is predicted to grow from its 2016 valuation of US$ 87.9 million to US$ 2,288.3 million by 2025, with a CAGR of 44.16%. The exoskeleton market is expanding as a result of rising demand for exoskeletons in the military and healthcare sectors for rehabilitation as well as rising investments in the advancement of exoskeleton technology.

The market is expanding as a result of rising demand for exoskeletons from the military sector, who prefer them since they can carry heavier armour while moving quickly. Exoskeletons can also enable soldiers cover more ground and carry more armour on their own, which is increasing demand for them in the military sector and, as a result, the expansion of the exoskeleton market. For instance, Lockheed Martin is developing sustainment and load-carrying applications for the military. In 2010, two significant exoskeleton projects for the military were launched: the XOS and XOS2 by Sarcos/Raytheon and the Human Universal Load Carrier (HULC) by Ekso Bionics and Lockheed Martin. Both were complete body outfits for enhanced movement in stronger individuals.

Over the course of the projection period, the powered Exoskeleton Market segment is anticipated to experience rapid expansion. The need for powered exoskeletons in the healthcare industry, which help persons with disabilities, is credited with this development. In Japan, hospitals and assisted-living institutions have installed more than 150 Hybrid Assisted Limb (HAL) exoskeletons, according to Ekso Bionics, a bioengineering company based in California. The market for powered exoskeletons is anticipated to increase since they are more energy efficient than passive exoskeletons.

In terms of verticals, the healthcare industry held the greatest Exoskeleton Market Shares in 2016. In 2016, the segment had an estimated market value of $47.5 million USD. The military sector is anticipated to develop at the highest rate throughout the projection period, with a CAGR of 44.40%. Exoskeletons' capacity to help soldiers on the battlefield hoist heavy weapons and move more quickly, allowing them to cover more ground, is credited with this growth.

Nevertheless, during the anticipated period, the worldwide Exoskeleton Market expansion is anticipated to be constrained by exoskeletons' high cost. Exoskeletons with motors cost considerably more than those without. Powered exoskeletons cost between $70,000 and $120,000 per unit, not including service and maintenance fees. In order to permit the personal use of exoskeletons for rehabilitation applications, there is a growing necessity for significant cost reduction.

Top Manufacturers of Exoskeleton Market are- Ekso Bionics, ActiveLink (Panasonic Corporation), Cyberdyne, Inc., ReWalk Robotics Ltd, Rex Bionics Plc., Lockheed Martin Corporation, Suit X (U.S. Bionics, Inc.), RB3D, Hocoma, DIH Technologies, Focal Meditech, and Ottobock.

Read the Press Release of Exoskeleton Market

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