The global exoskeleton market size is expected to reach USD 14.58 Billion in 2030 and register a revenue CAGR of 45.8% over the forecast period, according to the latest report by Reports and Data. Market revenue growth for exoskeletons is expanding due to reasons such as increased demand from the healthcare sector for robotic rehabilitation and rising strategic alliance brms and research organizations for the development of exoskeleton technology for medical application in several countries. However, the hurdles to acquiring permissions for the medical applicaetween fition of exoskeletons, may limit market revenue growth.

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Now that the tide is turning, more worldwide growth in the pharmaceutical business is likely to come from emerging nations, particularly China, where health systems are rapidly developing. Despite the fact that only a few acquisitions were announced or completed, tremendous growth is projected in the future years.

Significantly, China’s adoption of health insurance and broader healthcare reforms last year effectively created a market of one billion people overnight. However, generic medications account for 76% of the Chinese market, making it difficult for European and American multinationals to capitalize on market prospects.

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In the past, developed countries were hesitant to trade in emerging markets, with only a few multinational pharmaceutical companies making acquisitions in Latin America, India, or China. However, with tremendous development potential in the East, major businesses in the pharmaceutical industry should explore acquisitions in China aggressively to gain a presence.

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Some Key Highlights from the Report

  • By type, powered segment accounted for largest revenue share in 2020. Powered exoskeletons are currently used primarily in the healthcare vertical to assist people with disabilities, but with the introduction of premium systems and their additional benefits over passive exoskeletons, powered exoskeletons will find applications in several new verticals, resulting in the segment’s high revenue growth during the forecast period.
  • By component, software segment is expected to register a faster revenue CAGR over the forecast period. Technological advancements will increase the complexities of exoskeletons in terms of inter-device connectivity, Artificial Intelligence (AI), and autonomous operations. Demand for software in the overall exoskeleton market will increase more than that of hardware, as software will assist in efficient and accurate processing of complex functionalities. There are already a variety of software programs available that are suitable for ergonomic simulation. As a result of the constraints of conventional design tools, software companies currently supply a variety of 3D CAD software packages for exoskeletons.
  • By end use, military & defense segment is expected to register fastest revenue CAGR over the forecast period. Exoskeletons can help soldiers on the battlefield hoist heavier weapons and move quicker and cover a bigger area on the battlefield. As a result, some countries are looking forward to employing exoskeletons in military & defense applications to reinforce national security. The primary driving reason for the revenue growth for military & defense segment is technological improvements in exoskeletons. Significant attempts are being made to improve the efficiency of exoskeletons for military applications through the adoption of modern technologies, which are anticipated to drive the segment’s revenue growth during the forecast period.
  • Exoskeleton Market in North America is expected to grow at fastest CAGR during the forecast period. The expansion of the healthcare business, increasing frequency of chronic diseases, increase in R&D investment in life sciences for manufacturing technologically sophisticated and innovative goods, and other factors are all contributing to market growth in the region.
  • Companies profiled in global exoskeleton market report include Lockheed Martin Corporation, ReWalk Robotics, Parker Hannifin Corp., Rex Bionics Ltd., Ekso Bionics, Cyberdyne Inc., ATOUN Inc., Hocoma, Wandercraft, and Otto Bock.

For the purpose of this report, Reports and Data has segmented the exoskeleton market based on component, anatomy, mobility, end use, type, structure, and region:

Product Type Outlook (Revenue, USD Billion; 2019-2030)

  • Powered
  • Passive

Component Type Outlook (Revenue, USD Billion; 2019-2030)

  • Hardware
    • Electric Actuator
    • Pneumatic Actuator
    • Hydraulic
    • Control Systems/Controllers
    • Electric Servo
    • Others
  • Software

Anatomy Type Outlook (Revenue, USD Billion; 2019-2030)

  • Lower Extremities
  • Upper Extremities
  • Full Body

Mobility Outlook (Revenue, USD Billion; 2019-2030)

  • Stationary
  • Mobile

Indication Type Outlook (Revenue, USD Billion; 2019-2030)

  • Paralysis
  • Paraplegia
  • Weaker Appendages
  • Others

End-use Outlook (Revenue, USD Billion; 2019-2030)

  • Healthcare
  • Military
  • Industrial
  • Others

Regional Outlook (Revenue, USD Billion; 2019-2030)

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Sweden
    • BENELUX
    • Rest of Europe
  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of APAC
  • Latin America
    • Brazil
    • Rest of LATAM
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa
    • Israel
    • Rest of MEA

Growing advancements in medical therapies to drive market growth

The pharmaceutical and healthcare industry is driven by rapid advancements in customized therapies, medical devices, and surgical procedures. Integration of advanced technologies to accelerate research and development and manufacturing and production activities are some other factors driving market growth.

High prices of certain drugs might affect revenue growth 

Launch of high-priced drugs to treat rare and chronic diseases and lesser affordability in middle- and low-income regions might limit their adoption and restrain market growth going ahead. In addition, less knowledge and awareness regarding advanced treatment approaches and lower adoption of advanced technologies might further hamper market growth over the forecast period.

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