Report : South 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 23.3% CAGR, the South America Exoskeleton Robotic System Market is speculated to be worth US$ 182.50 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the South America exoskeleton robotic system market was valued at US$ 51.91 million in 2022 and is expected to reach US$ 182.50 million by 2028, registering a CAGR of 23.3% from 2022 to 2028. Rising incidence of stroke and musculoskeletal disorders and increasing strategic initiatives are the critical factors attributed to the South America exoskeleton robotic system market expansion.
Stroke continues to be a disease of major concern for public health, despite advancements in the medical industry. Even though the growing incidence of this noncommunicable disease threatens the larger population, stroke treatment and rehabilitation remain underdeveloped in the country. Therefore, the rising incidences of stroke has increased the demand for exoskeleton robotic system for rehabilitation of stroke patients which helps in improving the quality of life. Furthermore, musculoskeletal disorders affect the mobility of an individual. The rising prevalence of musculoskeletal disorders, such as tendinitis, sarcopenia, osteopenia, and low back injuries, is expected to fuel the need for exoskeletal robotic systems. These exoskeletons robotic system assists the patients in managing their condition and regaining their mobility, thereby improving their overall quality of life. Thus, the rising prevalence of stroke and musculoskeletal disorders has fueled the use of exoskeletal robotic systems for rehabilitation. This is expected to drive the South America exoskeleton robotic system market during the forecast period.
On the contrary, high cost of exoskeleton robotic systems and unfavorable reimbursement scenario hurdles the growth of South America exoskeleton robotic system market.
Based on type, the South America exoskeleton robotic system market is categorized into lower body exoskeleton, upper body exoskeleton, and full body exoskeleton. The lower body exoskeleton segment held 49.1% market share in 2022, amassing US$ 25.49 million. It is projected to garner US$ 87.42 million by 2028 to expand at 22.8% CAGR during 2022–2028.
Based on application, the South America exoskeleton robotic system market is categorized into healthcare, defense, and industrial. The healthcare segment held 53.5% market share in 2022, amassing US$ 27.78 million. It is projected to garner US$ 95.81 million by 2028 to expand at 22.9% CAGR during 2022–2028.
Based on country, the South America exoskeleton robotic system market has been categorized into Brazil, Argentina, and the Rest of South America. Our regional analysis states that the Rest of South America captured 38.0% market share in 2022. It was assessed at US$ 19.74 million in 2022 and is likely to hit US$ 68.09 million by 2028, exhibiting a CAGR of 22.9% during the forecast period.
Key players dominating the South 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.; and AlterG Inc., among others.
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