Global Exoskeleton Market is expected to reach a market size of ~US$ 2,500 million by 2028 – Ken Research
The Global Exoskeleton Market was valued at ~US$ 300 million in 2017. It is estimated to be ~US$ 550 million in 2022 and is expected to reach a market size of ~US$ 2,500 million by 2028 growing with a CAGR of ~20% during 2022 to 2030. The adoption of the exoskeleton in the healthcare sector for robotic rehabilitation is likely to drive market growth.
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Adoption of the exoskeleton in the healthcare sector for robotic rehabilitation is driving the growth of the global Exoskeleton market.
- Robotic rehabilitation means designing wearable robotic exoskeletons to improve movement in persons with impaired physical functioning. According to the Rehabilitation Council of India, a government body that regulates training programs and courses targeted at the disabled, and special education requirement communities, stated that for every 1 billion of the population the spinal cord injury rate is between 1.85% to 2.19% out of which 75% are from rural areas.
The High Cost of exoskeletons is one of the Major challenges hindering the growth of the global exoskeleton market.
- Due to rapid advancements in exoskeleton technology, i.e. providing better efficiency and high payload the cost of exoskeletons rise significantly.
- Furthermore, the average cost of an Exoskeleton in the healthcare sector varies from US$ 77,000 to US$ 100,000.
The COVID-19 pandemic slowed the growth of the Global Exoskeleton Market, owing to the shutdown of production activities in various industrial areas including Robotic Exoskeleton manufacturing units. As a result, production showed a decline in the Global Exoskeleton market.
Key Trends by Market Segment
By Technology: The Power segment by technology held the largest market share in 2021 of the Global Exoskeleton Market.
- The growth is primarily due to the rise in implementation of powered exoskeleton solutions in multiple industries such as military and industrial sectors, which enhance safety and increase the productivity of the user.
- The Power technology provides better motion of working and easy lifting decreasing the strain on the user of the exoskeleton, thus significantly increasing in the productivity and strength of the users.
By Mobility: The Mobile segment held the largest market share in 2021, and is projected to be the fastest-growing segment during the forecast period.
- The growth is primarily due to an increase in demand for mobile robots, as mobile robots are able to perform tasks like material handling, transporting, and picking & placing very easily.
- Furthermore, many companies are now focusing on developing mobile exoskeletons with better features, that would put less strain on the user, reducing the risk of injuries, and enhance productivity.
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By Body Type: The Lower Body segment accounted for the largest market share in the Body Type segment in 2021.
- Rise in lower body disabilities and the adoption of exoskeletons by paralyzing or old populations is likely to drive the lower body segment in the global exoskeleton market.
- The lower body exoskeletons are also used in defense for increasing the speed of soldiers that helping them to carry heavy equipment such as ammunition and guns for a longer duration.
By End-User: The Healthcare segment accounted for the largest market share in the End-User segment in 2021.
- The growth is primarily due to the adoption of the exoskeleton in the healthcare sector for robotic rehabilitation and robotic therapy.
- Many Hospitals and Rehabilitation Centers use exoskeletons for the treatment of patients suffering from spinal injuries, paralysis, and stroke.
By Geography: North America accounted for the largest market share among all regions within the total Global Exoskeleton Market in 2021.
- The growth is primarily due to the increase in disability issues in individuals as well as continuous spending on research & development for the exoskeleton.
- In August 2018, the Centers for disease control and prevention which is the public health agency of the U.S that serves under the U.S department of health and human services stated that in one of four U.S Adults i.e. around 61 Million Americans suffer from a disability that majorly impacts their life activities.
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Competitive Landscape
The Global Exoskeleton Market is highly competitive with ~100 players which include globally diversified players, regional players as well as a large number of country-niche players each with their niche in Exoskeleton manufacturing. Large global players constitute ~20% of competitors, while country-niche players represent ~45% of competitors. Most of these country players include component manufacturers and assembling companies. Some of the major players in the market include Ekso Bionics Holdings, ReWalk Robotics, Cyberdyne Inc., Rex Bionics Ltd., Sarcos, Lockheed Martin Corporation, B-Temia, Ottobock, DIH Medical, Medi-Touch, and among others.
Recent Developments Related to Major Players
- In September 2020, Sarcos Robotics raised US$ 40 Million in Funding, the funding is likely to be used for the production of Guardian XO which is an industrial exoskeleton that is going to be the world’s first full-body, battery-powered Exoskeleton with enhanced strength and endurance.
- In February 2022, CYBERDYNE Inc. received its marketing license approved by the Ministry of Health Republic of Indonesia, for Medical HAL Single Joint Type which is a “Wearable Cyborg” for the upper body exoskeleton that improves the physical function of the user.
Conclusion
The Global Exoskeleton Market is forecasted to grow exponentially with a CAGR of ~20% during the forecast period primarily driven by the adoption of the exoskeleton in the healthcare sector for robotic rehabilitation. Though the market is highly competitive with ~ 100 participants, few global players control the dominant share and country-niche players also hold a significant share. North America is the dominating region, owing to the High Purchasing power of the Users.
Note: This is an upcoming/planned report, so the figures quoted here for a market size estimate, forecast, growth, segment share, and competitive landscape are based on initial findings and might vary slightly in the actual report. Also, any required customizations can be covered to the best feasible extent for Pre-booking clients, and the report delivered within a maximum of two working weeks.
Ken Research has recently published report titled, “Global Exoskeleton Market Size, Segments, Outlook, and Revenue Forecast 2022-2028” The Global Exoskeleton Market is segmented by Technology, Mobility, Body Type, and End-User. In addition, the report also covers market size and forecasts for the four major regions for Global Exoskeleton Markets. The revenue used to size and forecast the market for each segment is US$ million.
Market Taxonomy
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