New York, United States, Oct. 08, 2024 (GLOBE NEWSWIRE) — Exoskeletons are the rigid exterior coverings of animals, most commonly arthropods. They are non-living due to their composition of chitin and calcium carbonate. Exoskeletons offer structural support and defense against predators, water, and dehydration. However, larger animals would find exoskeletons to be excessively cumbersome. Arthropods, such as crustaceans and beetles, have an exoskeleton on the exterior of their bodies. They lack the internal skeleton present in human bodies. Their skeleton is called an exoskeleton because their ‘bones’ are on the outside, like a suit of Armor. The shell of sponges is another example. It’s called the exoskeleton.

In addition to serving as a protective covering, the exoskeleton or integument of an insect serves as a surface for muscle attachment, an impenetrable barrier against desiccation, and a sensory interface with the surrounding environment. Insects, scorpions, and crustaceans are all examples of the animal class known as arthropods. Exoskeletons are a distinguishing characteristic of arthropods.

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Market Dynamics

Increasing Incidence of Spinal Cord Injury Drives the Global Market

As patients with spinal cord injuries are advised to use exoskeletons to improve their condition, the incidence of spinal cord injuries propels the market growth for exoskeletons. This has become a significant driver of patient and healthcare provider exoskeleton adoption. According to the World Health Organization, between 250,000 and 500,000 individuals worldwide sustain a spinal cord injury each year, and this rise in patients is causing an increase in the use of exoskeletons.

In addition, the demand for exoskeletons is increasing because they provide several benefits; they enable individuals with spinal cord injuries to experience walking and standing at a low metabolic cost. According to Clinicaltrials.gov, exoskeletons can enhance bowel function and reduce spasticity while assisting with mobility. In addition, continuous exoskeleton use improves physical activity levels and psychological parameters. In addition, previous research indicates that using an exoskeleton at least twice or thrice per week for one to two hours is beneficial for rehabilitating individuals with spinal cord injuries. These advantages are driving the growth of the exoskeleton market.

Exoskeleton Insurance Coverage Is Expanding Creates Tremendous Opportunities

As an integral component of modern medicine and a readily available resource, assistive technology is accessible to patients through various healthcare systems. As a direct result, it is presently available in a substantial number of countries around the world. As the prevalence of robotics in medical procedures increases, certain robotic technologies, such as exoskeletons, are beginning to be covered by health insurance. This category comprises a wide variety of distinct pieces of equipment, including prosthetic limbs and surgical robots, to name a couple.

Regional Analysis

North America is the most significant global exoskeleton market shareholder and is estimated to exhibit a CAGR of 16.7% over the forecast period. Increasing adoption of exoskeletons in the military, healthcare, medical, industrial, and consumer markets is propelling the expansion of the North American exoskeleton market. In addition, the incidence of spinal cord injuries is rising in the region, propelling market expansion. Increasing elderly and disabled populations are among the factors accelerating the adoption of exoskeletons. In addition, government agencies’ high research expenditures in the healthcare sector and continuous technological advancement are driving market growth in the North American region. The presence of private entities that provide funding for R&D to develop technologically advanced products is contributing to the expansion of the market.

In addition, the use of exoskeletons in various industries, such as the medical and military, is increasing. These exoskeletons help infantry personnel carry 17 times their normal carrying capacity with significantly less physical strain. Exoskeletons have numerous medical applications, assisting patients in standing, walking, and carrying large objects.

Europe is anticipated to exhibit a CAGR of 18.4% over the forecast period. In Europe, the high incidence of stroke has been a significant public health concern, resulting in mobility impairment and long-term disability. In addition, a growing elderly population is anticipated to contribute to an increase in exoskeleton usage. The widespread use of exoskeletons in the military, industrial, and manufacturing sectors is anticipated to drive market expansion. Exoskeletons make industrial activities requiring heavy lifting easier.

Additionally, according to the European Foundation for Improvement of Living and Working Conditions, approximately 65 percent of workers spend at least a quarter of their time performing lifting and carrying duties. Low back pain and injuries related to employment are most prevalent among these workers. For industrial purposes, European researchers are interested in developing technologically advanced exoskeletons. Robo-Mate is one such illustration. Thus, the abovementioned factors will stimulate market expansion over the forecast period.

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Competitive Players

The key players in the global exoskeleton market are Ekso Bionics, Hocoma; Lockheed Martin Corporation; Suit X (U.S. Bionics, Inc.); Rex Bionics Plc.; RB3D; ReWalk Robotics Ltd; Cyberdyne, Inc.; and Active Link (Panasonic Corporation).

Competitive Players

1. Ekso Bionics
2. Hocoma
3. Lockheed Martin Corporation
4. Suit X (U.S. Bionics Inc.)
5. Rex Bionics Plc.
6. RB3D
7. ReWalk Robotics Ltd
8. Cyberdyne Inc.
9. Active Link (Panasonic Corporation).

Recent Developments

• November 2023- XoMotion was created by SFU researchers to be the world’s most advanced exoskeleton for mobility challenges. The technology is poised to offer people with mobility challenges a new chance at free and independent movement.
• September 2023- IIT-D’s Exoskeleton Device RoboExo SMART headed for international footprint. The exoskeleton synchronizes wrist and finger joint movements, significantly enhancing daily functions and minimizing muscle rigidity. Its muscle activity-controlled interface, adaptable settings, and real-time performance feedback promise a journey toward swifter recovery.

Segmentation

1. By Mobility
   1. Mobile
   2. Fixed/Stationary
2. By Technology
   1. Powered
   2. Non-Powered
3. By Extremity
   1. Upper Body
   2. Lower Body
   3. Full Body
4. By End-User
   1. Healthcare
   2. Industry
   3. Military
5. By Region
   1. North America
   2. Europe
   3. APAC
   4. LATAM
   5. MEA

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