The global exoskeletons market had a value of USD 484.8 Million in 2021 and is projected to exhibit a revenue compound annual growth rate (CAGR) of 45.9% during the forecast period. Market revenue growth is expected to be driven by several factors.

One of the main drivers of market revenue growth is the increasing incidence of stroke, which is attributed to the rapid growth in the elderly population worldwide. As the global population ages, the prevalence of stroke cases rises, creating a demand for exoskeletons as a rehabilitation solution.

The adoption rates of medical devices in various industries, including automotive, military, defense, and construction, are also contributing to the market's growth. These industries are increasingly incorporating exoskeleton technology, driving market revenue as a result.

Additionally, the rising number of Spinal Cord Injuries (SCI) is expected to fuel demand in global markets. According to the National Spinal Cord Injury Statistical Center (NSCISC), there were 17,730, 17,810, and 10,900 SCI cases reported in 2019, 2020, and 2021, respectively. Furthermore, approximately 296,000 Americans are living with some form of SCI.

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Competitive Landscape:

Key players are engaged in platform development and strategic alliances to expand their respective portfolios and gain a robust footing in global market. Some of the major companies included in the global market report are Lockheed Martin Corporation, ReWalk Robotics, Parker Hannifin Corp., Rex Bionics Ltd., Ekso Bionics, Cyberdyne Inc., ATOUN Inc., BIONIK, Hocoma, Honda Motor Co. Ltd., Wandercraft, and Ottobock.

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The Exoskeleton Market is driven by several factors:

1. Increasing prevalence of mobility impairments: The market is propelled by the rising prevalence of mobility impairments and disabilities, such as stroke, spinal cord injuries, and musculoskeletal disorders. These conditions create a demand for exoskeletons as assistive devices to enhance mobility and independence.
2. Growing elderly population: The global increase in the elderly population is a significant driving factor for the exoskeleton market. As the population ages, there is a higher likelihood of age-related conditions, such as stroke and osteoarthritis, which can benefit from exoskeleton technology.
3. Technological advancements: Advances in exoskeleton technology, including improved functionality, lightweight materials, and enhanced user experience, are driving market growth. These technological advancements make exoskeletons more accessible, comfortable, and effective, thus increasing their adoption in various applications.
4. Increasing adoption across industries: Exoskeletons are finding applications beyond healthcare, such as in industries like automotive, military, defense, and construction. The use of exoskeletons in these industries for tasks involving heavy lifting, repetitive motions, and injury prevention is driving market growth.

However, the Exoskeleton Market also faces certain restraints:

1. High cost: Exoskeletons can be expensive, making them less accessible to individuals and healthcare facilities with limited financial resources. The high cost of exoskeletons, including their development, maintenance, and customization, can limit market growth and adoption.
2. Limited reimbursement coverage: Reimbursement coverage for exoskeletons by healthcare systems and insurance providers may be limited or nonexistent. The lack of adequate reimbursement can pose financial challenges for patients and healthcare organizations, affecting the adoption of exoskeletons.
3. Regulatory challenges: Exoskeletons are subject to regulatory approval processes, which can be time-consuming and costly. Stringent regulations and certification requirements can pose barriers to market entry and hinder the growth of the industry.
4. Technical limitations: Despite technological advancements, exoskeletons still face technical limitations such as limited battery life, size and weight constraints, and challenges in adapting to individual user needs. These limitations can affect the usability and acceptance of exoskeletons in certain applications.

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