Report : Middle East & Africa 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 21.7% CAGR, the Middle East & Africa Exoskeleton Robotic System Market is speculated to be worth US$ 116.18 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Middle East & Africa exoskeleton robotic system market was valued at US$ 35.70 million in 2022 and is expected to reach US$ 116.18 million by 2028, registering a CAGR of 21.7% from 2022 to 2028. Intensifying incidence of stroke and musculoskeletal disorders and cumulative strategic initiatives are the critical factors attributed to the Middle East & Africa exoskeleton robotic system market expansion.
The healthcare industry trends are changing drastically due to constant technological developments and innovations, enhancing healthcare services and quality of care. Various MEA market players are striving hard to acquire a larger market share, followed by rising investments in exoskeleton robotic systems on a region level. For instance, in April 2022, Exoskeleton maker RoboCT Technology Development Co. completed a $ 15.7 million (RMB 100 million) Series A+ financing round. Additionally, the surge in R&D activities by the companies is expected to accelerate the development of advanced systems for diverse application areas such as healthcare, chemical, defense, and commercial. The companies also hold their technology and intellectual property rights (IPR) that help them maintain their market share. For instance, RoboCT Technology Development Co. is involved in the research and development of exoskeleton technology in several fields, such as entertainment, industry, and sports. RoboCT has applied for over 100 intellectual Property Rights (IPRs) and has received more than 20 awards across different fields. Also, constant technological advancements are expected to augment the market growth. The increased adoption of artificial intelligence (AI) and Internet of Things (IoT) in developing smart exoskeleton robotic systems is expected to complement the market growth. As it is providing the data necessary for advance machine learning and cultivating AI applications it becomes unique in the industry. Thus, the increasing technological advancements and rising investments are likely to catalyze the growth of the Middle East & Africa exoskeleton robotic system market. This is expected to drive the market during the forecast period.
On the contrary, high charge of exoskeleton robotic systems and unfavorable reimbursement scenario hurdles the growth of Middle East & Africa exoskeleton robotic system market.
Based on type, the Middle East & Africa exoskeleton robotic system market is categorized into lower body exoskeleton, upper body exoskeleton, and full body exoskeleton. The lower body exoskeleton segment held 42.7% market share in 2022, amassing US$ 15.25 million. It is projected to garner US$ 47.62 million by 2028 to expand at 20.9% CAGR during 2022–2028.
Based on application, the Middle East & Africa exoskeleton robotic system market is categorized into healthcare, defense, and industrial. The healthcare segment held 46.0% market share in 2022, amassing US$ 16.42 million. It is projected to garner US$ 51.94 million by 2028 to expand at 21.2% CAGR during 2022–2028.
Based on country, the Middle East & Africa exoskeleton robotic system market has been categorized into Saudi Arabia, South Africa, the UAE, and the Rest of Middle East & Africa. Our regional analysis states that Saudi Arabia captured 34.0% market share in 2022. It was assessed at US$ 12.12 million in 2022 and is likely to hit US$ 38.75 million by 2028, exhibiting a CAGR of 21.4% during the forecast period.
Key players dominating the Middle East & Africa 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.; and AlterG Inc. among others.
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