How is Rising Healthcare Expenditure Driving Exoskeleton Market?

The global exoskeleton market is projected to reach a value of $6,957.9 million by 2030, from $290.3 million in 2019, progressing at a 35.9% CAGR during the forecast period (2020–2030), according to a study by P&S Intelligence. The primary factor leading to the growth of the market are the rising healthcare expenditure, increasing number of stroke cases and spinal cord injuries (SCIs), surge in the penetration of products in military and industrial operations, growing geriatric population, and rising job opportunities for disabled people.  

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When component is taken into consideration, the exoskeleton market is classified into software and hardware, between which, the hardware classification held the larger share of the market in 2019. Exoskeletons consist of several hardware components and passive exoskeletons are particularly constructed using hardware parts, thereby leading to the growth of the classification. The hardware classification is further divided into control systems, power sources, actuators, and sensors. On the basis of mobility, the market is divided into mobile and stationary.

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Geographically, the exoskeleton market was dominated by North America in 2019, and is region is predicted to contribute the largest revenue share to the market during the forecast period as well. Exoskeletons are extensively being used by military personnel and the healthcare sector. In addition to this, the regional market is growing because of the rising workforce of disabled people and increased availability of these products. The Asia-Pacific region is expected to register the fastest growth during the forecast period. 

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Created on Apr 1st 2021 03:47. Viewed 232 times.

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