Exoskeleton Market: Upper Body Segment is Anticipated To Register The Fastest Growth Rate
Exoskeleton Industry Overview
The global exoskeleton market size was valued at USD 257.9 million in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 18.0% from 2022 to 2030. In terms of volume, the market volume was 8,741 units is projected to expand at a CAGR of 11.0% from 2022 to 2030. The rapidly growing global geriatric population, rising adoption rates of medical devices in different industries such as automobile, military, defense, and construction, and rising incidence of stroke are some of the key driving forces responsible for the growth of the market. Furthermore, the growing incidence rate of Spinal Cord Injuries (SCI) is expected to drive the demand across global markets. As per National Spinal Cord Injury Statistical Center (NSCISC) estimates in 2021, the number of SCI cases in 2019, 2020, and 2021 were 17,730, 17,810, and 10,9000, respectively. Moreover, approximately 296,000 Americans suffer from some form of SCIs.
Exoskeleton solutions are being widely adopted across industries to support employee health and boost productivity. The growing demand has led to the emergence of several startups expertizing in exoskeleton technology and providing solutions for rehabilitation. Furthermore, the constantly evolving exoskeleton industry is driving market players to devise innovative product development strategies to boost the adoption rate over the forthcoming years. For instance, in June 2021, suitX launched shieldX which is used by health workers wearing heavy anti-radiation aprons who are prone to suffering from neck & back problems. Similarly, in May 2021, Roam Robotics announced the launch of Ascend, which is a robotic partial knee orthosis used by wearers to reduce knee pain and regain mobility.
Gather more insights about the market drivers, restrains and growth of the Global Exoskeleton market
Some of the most common musculoskeletal injuries and disorders affecting the construction industry are Occupational Overuse Syndrome (OOS), Cumulative Trauma Disorders (CTD), and Repetitive Strain Injury (RSI). As per the WHO, data estimates published in February 2021, approximately 1.71 billion individuals across the globe suffer from musculoskeletal disorders. According to Health and Safety Executive (HSE) data estimates in November 2020, approximately 480,000 workers in Great Britain suffer from occupation-related musculoskeletal disorders across several industries. These are some of the driving forces boosting the adoption of exoskeleton solutions owing to the benefits associated with exoskeleton technology such as augmenting or assisting users’ physical activity or capability, improving users’ health and productivity, and reducing fatigue experienced by industrial workers.
However, the growth and development of the market for exoskeleton are restrained by limited technological advancements and low per capita income in emerging economies and under-developed countries. Companies in under-developed nations face several challenges in the form of lack of funding and the lack of accessibility to these novel technologies for the patients. For instance, the lack of adequate healthcare services in emerging economies has restricted access to rehabilitation therapies for disabled communities. Furthermore, these developing countries heavily depend on medical device imports, which makes these devices more expensive and restricts access, thereby challenging the development and growth of the market for exoskeletons.
The ongoing Covid-19 pandemic had an adverse impact on the global economy, disrupted supply & demand chains, increased unemployment, and led to overall economic uncertainty. As per Ekso Bionics’ 2020 annual report, it stated an overall decrease of 36.0% in revenue earning in FY2020 as compared to FY2019 owing to the significant decline in sales of medical devices. Furthermore, the annual report states that the demand for exoskeleton products dramatically dwindled down by 38.0% during the onset of the pandemic leading to a booking of 61 units in 2020 as compared to 98 units in 2019.
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Exoskeleton Market Segmentation
Grand View Research has segmented the global exoskeleton market on the basis of mobility, technology, extremity, end-use, and region:
Exoskeleton Mobility Outlook (Volume, Units; Revenue, USD Million, 2016 - 2030)
- Mobile
- Fixed/Stationary
Exoskeleton Technology Outlook (Volume, Units; Revenue, USD Million, 2016 - 2030)
- Powered
- Non-powered
Exoskeleton Extremity Outlook (Volume, Units; Revenue, USD Million, 2016 - 2030)
- Upper Body
- Lower Body
- Full Body
Exoskeleton End-Use Outlook (Volume, Units; Revenue, USD Million, 2016 - 2030)
- Healthcare
- Military
- Industry
Exoskeleton Regional Outlook (Volume, Units; Revenue, USD Million, 2016 - 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Market Share Insights
- June 2020: Ekso Bionics received U.S. FDA approval for clinical use of EksoNR robotic exoskeleton which is used in patients suffering from Acquired Brain Injury (ABI).
Key Companies profiled:
Some of the prominent players in the market include:
- Ekso Bionics
- Hocoma
- Lockheed Martin Corporation
- Suit X (U.S. Bionics, Inc.)
- Rex Bionics Plc.
- RB3D
- ReWalk Robotics Ltd
- Cyberdyne, Inc.
- ActiveLink (Panasonic Corporation)
Order a free sample PDF of the Exoskeleton Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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