Exoskeleton Market

Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

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Industry: Medical Devices

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Anticipated to see a robust double-digit growth rate over the period of projection, exoskeleton market represented an approximately US$500 Mn industry in 2021. Growing integration of advanced technologies like robotics will play an indispensable role in shaping the market.

Rapidly Increasing in Rehabilitation to Fuel Growth of Exoskeleton Market

Human exoskeletons, an invention that first showed up in the 1960s, is coming into its own, designed for medical, military, manufacturing, and industrial applications. While humans weren’t born with hard shells for protection, technology is trying to play catch-up. These wearable machines augment human strength and endurance, thereby reducing the risk of worker injury through the transference of weight and load forces from the body to a motorised, external frame. These revolutionary devices are meant to improve the lives of people by regaining mobility, reduce strain, and prevent musculoskeletal disorders. Increasing awareness regarding these benefits is expected to elevate demand for these devices, in turn driving the growth of exoskeleton market.

To function better, the user briefly dons medical exoskeletons for rehabilitation. After a supervised training program, the user no longer uses this exoskeleton. A rehabilitation exoskeleton needs to be adaptable, perform the same motion repeatedly, and record data for each patient. It is mainly utilised by patients with lower limb mobility impairments during 1- to 2-hour sessions. Following the rehabilitation tools, the patient begins to walk correctly. Increasing demand is thus expected to keep global exoskeleton market afloat. Adoption of strategic initiatives by key participants in global exoskeleton market, and the rising prevalence of disability remain the main drivers for surging adoption of rehabilitation exoskeleton.

According to a 2019 paper, titled "A Review on Lower Limb Rehabilitation Exoskeleton Robots," China had the world's highest rate of strokes. Nearly 40 million impaired older adults had lost their capacity to walk due to ageing, and almost 15 million disabled people had lower limb motor dysfunctions like cerebral palsy, hemiplegia, and paraplegia. Robots for lower limb rehabilitation are therefore very important in China. Robotic rehabilitation can lessen the therapists’ workload, enable data detection during training, and support quantitative recovery evaluation in a predictable and repeatable way. The industry is expanding with several participants stepping in. For instance, Astrek Innovations, a healthcare start-up focused on assistive and rehabilitation robots, declared in March 2021 that it was in the last phases of product development and intended to commence user trials in the second quarter of 2021. The Gurugram-based accelerator, Huddle, has sped up the product development. A motorised wearable robot by Astrek called the Unik Exosuit can assist persons with lower limb problems in exercising and training their gaits. Innovations are thus anticipated to fuel the expansion of exoskeleton market throughout the forecast period.

Technological Advancements Uphold Global Exoskeleton Market

The software segment is expected to have a larger share during the projected period. Exoskeletons will become more complex due to technological advancements in inter-device connectivity, Artificial Intelligence (AI), and autonomous operations. As a result, the value of software in the exoskeleton market will rise more than that of hardware because the software will help such complex functionalities process effectively and precisely. There are currently various software programs suited for ergonomic simulation on the market. Software companies now supply a variety of 3D CAD software packages for exoskeletons in response to the restrictions of conventional design tools. These software solutions for digital human modelling (DHM) allow human model representations to interact with virtual goods and work environments in a CAD setting. Developers have improved modelling and simulation capabilities, allowing designers to create more economically tough exoskeletons that more people can use.

High Patient Purchasing Power to Drive Growth of North America’s Exoskeleton Market

North America is the largest user of exoskeleton and is expected to grow at the fastest rate throughout the forecast period. The high patient purchasing power, the rising elderly population, and the governmental and private organisations providing grants and cash for the development of technologically improved products are the leading causes of the significant proportion of the North American exoskeleton market. Around 17,810 new spinal cord injuries are reported annually in the United States, according to the SCI Data Sheet from the National SCI Statistical Center (NSCISC), with males making up roughly 78% of these new spinal cord injury (SCI) cases. There are around 294,000 SCI sufferers in the US. Forty-three years old is currently the average age at the time of injury. Acute care hospital stays durations decreased to 11 days (about one and a half weeks), while rehabilitation stay durations decreased to 31 days (about one month). Similarly, 26% of individuals in the US have a disability, according to a September 2020 update from the Centers for Disease Control and Prevention (CDC). As a result of these figures, several industry participants are putting strategic efforts into action.

The exoskeleton market here is expanding due to increased R&D. For instance, according to a National Institute of Standards and Technology (NIST) update from August 2020, researchers at the NIST developed a new measurement technique to check whether an exoskeleton and the user both are moving smoothly to assist manufacturers and consumers in minimising the risks associated with exoskeletons. New product introductions further represent a driver for exoskeleton market expansion. For instance, Ekso Bionics collaborated with the US Physiatry in March 2021 to inform doctors about the clinical advantages of an EksoNR exoskeleton. The collaboration will aid in educating medical professionals, and other rehabilitation therapists about the Ekso Bionics technology. They will learn how to incorporate robotics into rehabilitation programs from it as well successfully. This is likely to support the growth of exoskeleton market in future.

Global Exoskeleton Market: Competitive Landscape

At the Hannover Messe Digital Edition event in 2021, Ottobock introduced the Paexo Cool Sleeve, Paexo Shoulder Jacket, and Paexo Thumb Slim. These devices significantly relieve the body when doing demanding tasks like lifting heavy objects or working overhead. On the other hand, the Thai Food and Medical Products Approval Authority approved CYBERDYNE's HAL Single Joint Type medical device in March 2021. Patients with limited mobility in their upper and lower limbs due to muscle weakness or paralysis should use the product.

A few of the players in exoskeleton market include BIONIK (Canada), DIH Medical (China), Ottobock (Germany), CYBERDYNE (Japan), and MediTouch (Israel), Lockheed Martin Corporation (US), Ekso Bionics. (US), ATOUN. (Japan), B-Temia (Canada), ReWalk Robotics (US).

The Global Exoskeleton Market is Segmented as Below:

By Component

  • Hardware
  • Software

By Type

  • Powered
  • Passive

By Mobility

  • Stationary
  • Mobile

By Body Part

  • Lower Extremities
  • Upper Extremities
  • Full Body

By Vertical

  • Healthcare
  • Defense
  • Industrial
  • Others

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • France
    • Germany
    • Russia
    • Rest of Europe
  • Asia Pacific
    • Japan
    • South Korea
    • India
    • China
    • Rest of Asia Pacific
    • Latin America
    • Middle East
    • Africa

Key Elements Included In The Study: Global Exoskeleton Market

  • Exoskeleton Market by Product/Technology/Grade, Application/End-user, and Region
  • Executive Summary (Opportunity Analysis and Key Trends)
  • Historical Market Size and Estimates, Value, 2018 - 2021
  • Market Value at Regional and Country Level, 2022 - 2029
  • Market Dynamics and Economic Overview
  • Market Size in Value, Growth Rates, and Forecast Figures, 2022 - 2029
  • Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
  • Regional and Product/Grade/Application/End-user Price Trends Analysis
  • Value Chain and Five Force’s Analysis
  • Regional/Sub-region/Country Market Size and Trend Analysis
  • Company Market Share Analysis and Key Player Profiles

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