Report : North America 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 22.7% CAGR, the North America Exoskeleton Robotic System Market is speculated to be worth US$ 1,996.56 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America exoskeleton robotic system market was valued at US$ 584.63 million in 2022 and is expected to reach US$ 1,996.56 million by 2028, registering a CAGR of 22.7% from 2022 to 2028. Rising incidence of stroke and musculoskeletal disorders and increasing strategic initiatives are the critical factors attributed to the North America exoskeleton robotic system market expansion.
The healthcare industry is growing at a significant rate due to the development of healthcare facilities and infrastructure, along with the surge in healthcare expenditure in North America. Companies are focusing on new product developments, product launches, approvals, R&D, investments, and strategic collaborations to introduce advanced products to suffice patient requirements. In July 2022, Ekso Bionics Holdings Inc. received approval from the US Food and Drug Administration to market its EksoNR robotic exoskeleton for use with multiple sclerosis patients. It was cleared for stroke and spinal cord injury rehabilitation in 2016 and acquired brain injury (ABI) in 2020. In May 2022, Samsung Electronics has received the US Food and Drug Administration (FDA) for its assistive robot “GEMS Hip,” a wearable device that acts as an exoskeleton for users with mobility issues using an active assist algorithm to improve gait and muscle movement. In November 2021, Ottobock acquired Bay Area-based exoskeleton startup SuitX. SuitX is a spinout of UC Berkeley’s Robotics and Human Engineering Lab. Both companies effectively operate in the same category, producing robotic exoskeletons designed for two distinct purposes—work assistance and healthcare. In May 2021, Roam Robotics launched “Ascend,” a first-of-its-kind smart knee orthosis that helps wearers reduce knee pain and regain mobility. It senses the body’s movement, automatically adjusts to the wearer’s needs, and provides precise support at the right moment for target muscle groups. It is a registered Class I device with FDA approval available for purchase directly and through private and Medicare insurance, radically expanding public accessibility to wearable robotic devices. In April 2021, Sarcos Corp. became a publicly listed company through a merger with Rotor Acquisition Corp. Sarcos has been working to commercialize its Guardian XO—a full body, industrial exoskeleton—by the end of 2022. The next-generation Guardian XO—a full body exoskeleton is highly dexterous mobile industrial robotic systems are intended to increase productivity, save lives, and reduce injuries. In November 2019, Toyota Motor Corporation (Toyota) launched Welwalk WW-2000, a robot designed to provide rehabilitation support to individuals with lower limb paralysis due to stroke and other causes. Such an increase in strategic collaborations, product development, launches, and approvals by the market players is accelerating the North America exoskeleton robotic system market expansion. This is expected to drive the North America exoskeleton robotic system market during the forecast period.
On the contrary, high cost of North America exoskeleton robotic systems market and unfavorable reimbursement scenario hurdles the growth of North America exoskeleton robotic system market.
Based on type, the North America exoskeleton robotic system market is categorized into lower body exoskeleton, upper body exoskeleton, and full body exoskeleton. The lower body exoskeleton segment held 44.5% market share in 2022, amassing US$ 260.29 million. It is projected to garner US$ 867.38 million by 2028 to expand at 22.2% CAGR during 2022–2028.
Based on application, the North America exoskeleton robotic system market is categorized into healthcare, defense, and industrial. The healthcare segment held 46.3% market share in 2022, amassing US$ 270.51 million. It is projected to garner US$ 897.48 million by 2028 to expand at 22.1% CAGR during 2022–2028.
Based on country, the North America exoskeleton robotic system market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 88.4% market share in 2022. It was assessed at US$ 518.57 million in 2022 and is likely to hit US$ 1,758.97 million by 2028, exhibiting a CAGR of 22.6% during the forecast period.
Key players dominating the North America 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.; Myomo Inc.; B-Temia Inc.; and AlterG Inc. among others.
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