The healthcare industry held the greatest market share among verticals in the Exoskeleton Market in 2016. Around US$ 47.6 million was the segment's estimated 2016 market worth. With a CAGR of 44.40% during the projected period, the military segment is anticipated to increase at the fastest rate. The ability of exoskeletons to help soldiers on the battlefield hoist heavy weapons and move faster, covering a bigger area on the battlefield, is credited with this growth.
Nevertheless, during the anticipated period, the worldwide Exoskeleton Market expansion is anticipated to be constrained by exoskeletons' high cost. Exoskeletons with motors cost considerably more than those without. Powered exoskeletons cost between $70,000 and $120,000 per unit, not including service and maintenance fees. In order to permit the personal use of exoskeletons for rehabilitation applications, there is a growing necessity for significant cost reduction.
Additionally, the introduction of soft actuators, an increase in insurance coverage for exoskeletons, and an increase in the occurrence of spinal cord injuries will all contribute to the potential opportunities for the exoskeleton market during the forecast period of 2022-2029. However, the strict regulatory guidelines for medical uses and the expensive cost of equipment will operate as a barrier and present additional difficulties for the Exoskeleton Market to expand.
