Exoskeleton Market Is Estimated To Witness High Growth Owing To Opportunity Of Increased Workforce Efficacy
Exoskeletons are wearable robotics that provide power and support to the user, enhancing their strength, speed, precision and endurance. Leveraging robotics and human physiological principles, exoskeletons can assist with physically demanding tasks across industries, reducing fatigue and enhancing productivity. By empowering workers through wearable robotics, exoskeletons can help industries struggling with labor shortages. The global Exoskeleton Market is estimated to be valued at US$ 0.7 Mn in 2023 and is expected to exhibit a CAGR of 38.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The opportunity of increased workforce efficacy is expected to drive significant growth of the exoskeleton market. With ongoing labor shortages across industries, exoskeletons can augment human strength and endurance, enabling workers to be more productive with less fatigue. This is particularly valuable for manually intensive jobs in industries like construction, manufacturing, logistics and healthcare. By enhancing what a worker can do physically, exoskeletons effectively increase the available workforce. They allow aging populations to remain active in the workforce longer and can attract more workers to difficult physical jobs. By empowering workers and improving productivity, exoskeletons address major challenges facing industries and stimulate market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: Low capital requirements and established suppliers lower barriers to entry however established brands enjoy scale advantages.
Bargaining power of buyers: Large medical institutions have significant bargaining power to negotiate on price and quality while individual customers have limited power.
Bargaining power of suppliers: Key suppliers of parts and components enjoy some bargaining power given specialized nature however multiple component options maintain competitive prices.
Threat of new substitutes: Substitutes currently limited but continuous technological advances may lead to new alternative solutions for mobility assistance.
Competitive rivalry: Intense competition among major players to gain market share through innovations, customizations and competitive pricing.
SWOT Analysis
Strengths: Growing demand for rehabilitation and mobility solutions. Ability to restore or enhance physical functions.
Weaknesses: High costs of systems limit adoption. Restricted movement and reliance on external charging.
Opportunities: Expanding applications for industrial and military sectors. Growing elderly population drive healthcare adoption.
Threats: Disruptions due to COVID-19 impact supply chains and demand. Regulatory approvals and insurance coverage hurdles.
Key Takeaways
The global exoskeleton market analysis is expected to witness high growth over the forecast period supported by increasing applications across healthcare, industrial and defense sectors. The North American region currently dominates the market owing to presence of major players and availability of favorable reimbursement policies for exoskeleton systems. The Asia Pacific region is expected to grow at the fastest pace during the forecast period with China and Japan emerging as high potential markets.
Key players operating in the exoskeleton market are Lockheed Martin Corporation, RB3D, Ekso Bionics, suitX, Rewalk Robotics Ltd, Hocoma, Rex Bionics, and Cyberdyne. These players are focusing on new product launches and enhancing customizations to target wider application areas. Ongoing technological upgrades are also expanding capabilities for industrial use cases across factories.
Get more insights on this topic: https://www.trendingwebwire.com/exoskeleton-market-industry-insights-trendsexoskeleton-market-2023-2030/
