According to new data from Reports and Data, the exoskeleton market is expected to reach $4 billion by 2026. A number of factors will play a part in the 43.4% compounded annual growth of a market that currently sits at $220 million. They include the:
- Increasing number of individuals with body movement disorders such as Parkinson’s disease, multiple sclerosis, and stroke-related handicaps.
- Expanding adoption of exoskeleton devices by military and healthcare providers to match a growing population of users.
- Growth of electric actuator technology at a rate of 43.4% over the next seven years. This technology costs less than pneumatic or hydraulic options and is more accurate in terms of acceleration, speed, and position. Both factors will increase adoption levels for exoskeletons.
- Entry of new companies in the market, combining with an established manufacturing and supplier base to increase competitiveness, spur innovation, and lower costs.
- Continuing of reported spinal cord injuries and the level of nervous system trauma.
- Growing adoption of these devices for disabled and elderly patients in rehabilitation therapies.
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