Huge Growth Expected in Exoskeleton Market in Future

With the rising incidence of spinal cord injuries (SCIs) and strokes, the demand for exoskeletons is increasing rapidly across the world. In various healthcare facilities such as rehabilitation centers, exoskeletons are increasingly being used for helping patients suffering from paralysis and SCIs walk and perform daily activities and tasks again. As per the National Spinal Cord Injury Statistical Center (NSCISC), in the U.S., in 2019, there were around 54 individuals out of every 1 million people suffering from SCIs.

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As per the 2019 World Population Ageing report published by the UN, the population of people in the age bracket 65 years or above was 703 million in 2019. Moreover, the population of such persons is predicted to grow to 1.5 billion by 2050. These systems provide support and physical strength to geriatric people and help them perform daily tasks. Besides these factors, the soaring healthcare expenditure in various countries is also boosting the demand for exoskeletons.

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This is pushing up the sales of exoskeletons, which is, in turn, causing the expansion of the global exoskeleton market. The value of the market is predicted to rise from $290.3 million to $6,957.9 million from 2019 to 2030. Furthermore, the market is predicted to progress at a CAGR of 35.9% from 2020 to 2030. Based on component, the market is divided into software and hardware. Between these, the hardware category recorded higher growth in the market in the past.

This was because of the fact that the exoskeletons comprise various hardware components such as powered systems, actuators, and sensors. Additionally, passive exoskeletons are mainly built with hardware parts and components, which further fuels the sales of hardware components around the world. Depending on mobility, the exoskeleton market is classified into mobile and stationary. Of these, the mobile category will demonstrate faster growth in the market in the forthcoming years.