Exoskeletons: Savings on Insurance

Goals

To provide an analysis of the amount of money saved on insurance with the usage of exoskeletons by various industries that include construction, agriculture, manufacturing, healthcare, among others in regions/countries like Europe, the USA, Australia, and New Zealand.

Early Findings

Exoskeleton market

  • According to Grand View Research, the global exoskeleton market size was valued at USD 626.3 million in 2019.
  • By end-user, the healthcare segment accounts for the largest revenue share of 53.3% in 2019.
  • The global Exoskeleton Wearable Robot market is anticipated to reach $5.2 billion by 2025.
  • Due to their short-range and short battery life, exoskeletons are generally used for medical, logistical, and engineering purposes.
  • With exoskeletons, businesses can increase their efficiency and productivity as they eliminate the need for completely automated solutions.

Exoskeletons and Insurance

  • Exoskeletons could be used to reduce the number of on the job injuries and thus ultimately lead to a decrease in the number of worker compensation claims.
  • Exoskeletons are certainly encountering insurance companies and organizations that are responsible for workers' compensation as they are entering the workplace in various industries.
  • From the outlook of insurance companies, exoskeletons could lessen injury rates and disability claims.
  • In the future, exoskeletons could be instrumental in plummeting working insurance claims for future generations.
  • Cigna, a major insurance provider, has listed exoskeletons such as the ReWalk Personal System as “experimental, investigational, or unproven.

Proposed next steps:

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