Report : Asia Pacific Exoskeleton Robotic System Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Lower Body Exoskeleton, Upper Body Exoskeleton, and Full Body Exoskeleton) and Application (Healthcare, Defense, and Industrial)
At 25.0% CAGR, the Asia Pacific Exoskeleton Robotic System Market is speculated to be worth US$ 544.55 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific exoskeleton robotic system market was valued at US$ 142.44 million in 2022 and is expected to reach US$ 544.55 million by 2028, registering a CAGR of 25.0% from 2022 to 2028. Mounting incidence of stroke and musculoskeletal disorders and escalating strategic initiatives are the critical factors attributed to the Asia Pacific exoskeleton robotic system market expansion.
Every nation is focusing on developing its armed forces to become a superpower. The armed forces are equipped with advanced arsenal that help them serve better. The soldiers are trained to carry heavy weights, ammunition, and guns to different altitudes for a long period of time. It can weigh anywhere from 90 to 140 pounds (40–64 kg) even though the recommended limit is just 50 pounds (23 kg). This can cause severe back pain and other upper body issues among soldiers. Exoskeleton robotic systems help them carry weights, ammunition, and other gear without putting strain on their backs and also help prevent spinal cord injury due to excess weight. Due to the scenario mentioned above, governments are investing in customized military and defense-based exoskeletons to assist soldiers in performing better at war. Additionally, with the increasing demand from the military & defense sector to enhance soldier performance, various companies are involved in the research and development of wearable technologies. Ongoing trials for military exoskeleton robotic systems are further expected to create ample opportunities for market growth. Additionally, the Soldier Center has initiated a 48-month-long Other Transaction Agreement (OTA) worth US$ 6.9 million for development of enough exoskeleton systems to conduct a comprehensive operational evaluation. Thus, the rising demand from the military & defense sector is likely to create lucrative opportunities for the growth of the Asia Pacific exoskeleton robotic system market. This is expected to drive the Asia Pacific exoskeleton robotic system market during the forecast period.
On the contrary, high rate of exoskeleton robotic systems and unfavorable reimbursement scenario hurdles the growth of Asia Pacific exoskeleton robotic system market.
Based on type, the Asia Pacific exoskeleton robotic system market is categorized into lower body exoskeleton, upper body exoskeleton, and full body exoskeleton. The lower body exoskeleton segment held 49.9% market share in 2022, amassing US$ 71.13 million. It is projected to garner US$ 265.44 million by 2028 to expand at 24.5% CAGR during 2022–2028.
Based on application, the Asia Pacific exoskeleton robotic system market is categorized into healthcare, defense, and industrial. The healthcare segment held 54.2% market share in 2022, amassing US$ 77.23 million. It is projected to garner US$ 289.54 million by 2028 to expand at 24.6% CAGR during 2022–2028.
Based on country, the Asia Pacific exoskeleton robotic system market has been categorized into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 29.3% market share in 2022. It was assessed at US$ 41.66 million in 2022 and is likely to hit US$ 157.65 million by 2028, exhibiting a CAGR of 24.8% during the forecast period.
Key players dominating the Asia Pacific exoskeleton robotic system market are Lockheed Martin Corp; Cyberdyne Inc.; Panasonic Holdings Corp; Hocoma AG; ReWalk Robotics Inc.; Ekso Bionics Holdings Inc.; Parker Hannifin Corp.; B-Temia Inc.; AlterG Inc.; and INNOPHYS CO., LTD. among others.
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