Global Exoskeleton Market Size will Reach $183.52 Million in 2023

Global Exoskeleton Market Overview

According to Global Market Monitor, the global exoskeleton market size will reach $183.52 million in 2023 with a CAGR of 16.34% from 2023 to 2028.Exoskeletons are widely used for rehabilitation applications such as tendon therapy and physical exercise and support finger flexion and extension movements.

The Aging Population and Chronic Health Conditions are Stimulating the Demand for Exoskeletons.

By 2050, the global elderly population will reach 2.1 billion. Disability rates are rising due to the aging population and an increase in chronic health conditions. With the increasing prevalence of disability worldwide, the demand for robotic rehabilitation devices is growing. Since the beginning of the 21st century, emerging markets and developing economies have achieved good growth. With the economic growth of various countries and the development of medical technology and industrial technology, the exoskeleton is being accepted by more people and enterprises. With the advancement of robotics in emerging countries and the increase in R&D investment, the exoskeleton market will further expand.

There is a Great Demand for Lower Limb Rehabilitation Robots in China.

Market Dynamics

Exoskeletons can support people in walking and standing to helping people and also contributing to health care. But at present, the price is high and it is difficult for ordinary people to afford the price of exoskeleton products, especially in some low-income areas. Exoskeletons can also help frail people as well as people with health and neurological diseases, it utilizes an intelligent, lightweight, and tailored way to enhance movements and prevent accidental injuries. However, in many countries, the marketing of medical products requires strict approval procedures and many safety tests, which may increase the cost of getting a product to market.

At present, exoskeleton products still have problems such as high cost and safety in use. Manufacturers should reduce the cost to meet the needs of more consumers while ensuring safety and effectiveness, and innovate and update the materials and production processes. This will help manufacturers further increase market share.