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Leading Producers Offering More Advanced Wearable Exoskeletons for Reducing Spinal Cord Strain: Fact Report
ROCKVILLE, MD, UNITED STATES, December 19, 2024 /EINPresswire / -- Fact, a
market research and competitive intelligence provider, through its updated market analysis, reveals that revenue from the wearable exoskeleton market is approximated to reach US$ 480.3 million in 2024 and advance at a double-digit CAGR of 30.5% through 2034.
Wearable exoskeleton demand is anticipated to be sustained due to existing market trends. Prominent manufacturers are creating suitable wearable exoskeletons that help reduce stress on the spinal cord because traumatic wounds account for nearly nine out of ten injuries.
In 2018, scientists at the Universidad Miguel Hernandez in Elche, Spain, created a robotic smart exoskeleton that aids with eating, drinking, and washing people with disabilities when paired with a robotic wheelchair. The forces exerted on an employee's arms and torso by upper extremity exoskeletons are distinct from the forces needed to lift a weight. These are essential human extenders that boost strength to lift hefty, bulky objects.
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Key Takeaways from the Market Study
The global market for wearable exoskeletons is analyzed to reach a value of US$ 6.88 billion by the end of 2034 United States is evaluated to reach a market valuation of US$ 1.16 billion by the end of 2034.
China is projected to contribute a market share of 46.4% in East Asia in 2024 demand for wearable exoskeletons in Japan is estimated to reach US$ 25.8 million in 2024.
The market in the East Asia region is approximated to advance at 31.1% CAGR through 2034 for rigid smart exoskeletons is forecasted to reach US$ 4.15 billion by 2034.
“Wearable exoskeletons are crucial for human extenders that increase power so that large, heavy objects are handled, thus expanding their sales in the market,” says a Fact analyst.
Wearable Exoskeletons Gaining Traction with Rising Incidence of Neurological Conditions Such as Strokes and Spinal Cord Injuries (Scis)
In terms of extremities, powered exoskeletons for the lower limb are gaining popularity for wearing exoskeletons for the lower extremities. Several patients with neuromuscular impairments in their lower limbs are putting pressure on clinicians to provide more long-lasting mobility options. The increasing prevalence of neurological disorders, such as spinal cord injuries (SCIs) and strokes, frequently has a detrimental effect on quality of life. Being able to walk again is therefore one of the key objectives of rehabilitation. It is projected that this segment will account for three-quarters of the global market value.
The market is expanding due to advancements in robotics and increased funding for exoskeleton research
In the United States, research and development efforts are mostly focused on back and neck discomfort more than any other medical concern. California-based Ekso Bionics has received USD 34 million to develop and market durable exoskeletons for industrial applications. The company concentrates on research and development for home environments in order to hasten the global adoption of the Ekso robotic exoskeleton. Other reasons propelling the market rise include the aging population, advances in robotics, and increased financing for exoskeleton research.
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Country-specific Perspectives
According to analysis, the East Asian market would account for 21.6% of the wearable exoskeleton industry worldwide in 2024. The Asia-Pacific market for wearable robots with exosuits is growing quickly. The development is attributed to rising investment in nations with the potential for rapid economic expansion, such as Indonesia, India, and others.
In the US, the market for smart exoskeletons is expected to grow significantly, especially in the military sector. The military is looking at commercial exoskeleton technology for potential use in the industry to lessen strain injuries and boost troop endurance. Wearable exoskeletons have been shown to enhance a warfighter's physical capabilities by allowing them to run more quickly and lift much heavier things without placing excessive strain on their joints.
The Chinese government is extensively sponsoring research on lower limb rehabilitation robots for patients with limb movement issues as a vital part of the rehabilitation exosuit research project. The country's senior population is one factor contributing to the rise in demand for wearable robots and exosuits. According to the Chinese Journal of Mechanical Engineering, 18.2% of Chinese people would be over 65 by 2030, increasing the need for exosuits and wearable robots.
Explore More Studies Published by Fact Research:
Military Defense Vehicle Intercom System Market It is projected that the global market for military defense vehicle intercom systems will generate US$ 260.4 million by 2024. The market is expected to grow at a compound annual growth rate (CAGR) of 6.4% over the following ten years, reaching a value of US$ 484.2 million by the end of 2034.
Military Exoskeleton Market According to a recent study by Fact, the military exoskeleton industry is expected to reach US$1.1 billion by 2023. At a high-value CAGR of 14.5%, the sector is expected to grow quickly, reaching US$ 4.27 billion by 2033.
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