Exoskeleton Market Size to Reach USD 1.2 Bn by 2027

The global exoskeleton market size is set to reach over USD 1.2 Billion by the 2027 and is estimated to grow at a CAGR of 21.9% during the forecast period 2021 to 2027.

Growth Factors:

The market rise in the prevalence of road accidents and stroke and the growing geriatric population is increasing the adoption of exoskeletons for improving mobility, thereby aiding the market growth. According to the data published by the National Safety Council in March 2021, an estimated 42,060 individuals died in road mishaps in 2020, a year in which people traveled significantly less (13%) owing to the COVID-19 pandemic, an increase of 9% over 2019. It further stated that around 5.9 million people were badly injured in 2020. Exoskeletons are anticipated to continuously evolve in complexity in the forthcoming years owing to the implementation of machine learning and artificial intelligence (AI), resulting in smarter and more competent robots.

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Based on mobility, the mobile exoskeleton segment accounted for the largest revenue and volume share in 2020. The development of innovative mobile exoskeletons by manufacturers for the elderly and disabled population is boosting the adoption of mobile exoskeletons. The segment is also anticipated to witness the fastest growth during the forecast period. However, complications and high costs associated with designing mobile systems are expected to hamper the market growth as these factors ultimately increase the costs of the final product.

In 2020, the powered technology segment accounted for the largest revenue and volume share. This is attributed to the increasing adoption of powered exoskeleton for SCI rehabilitation with different levels of injury. In addition, increasing benefits offered by these products in restoring mobility, increasing functioning, and improving the quality of life and health status for wheelchair-bound patients are bolstering the adoption of powered exoskeletons. The non-powered technology segment is anticipated to register the fastest growth rate during the forecast period. This is credited to the increasing product launches and the increasing demand for non-powered exoskeletons for reducing the risks for developing low back pain in bent forward work-related positions.

In 2020, the lower body extremity segment accounted for the largest revenue and volume share owing to the increasing prevalence of lower body disabilities. The upper body extremity segment is anticipated to register the fastest growth rate during the forecast period. This is attributed to the rising adoption of upper body exoskeletons in managing activities of daily living among the disabled patient population.

Based on end use, healthcare accounted for the largest revenue and volume share in 2020. An increase in the number of road accidents requiring rehabilitation services post-surgery and a surge in the prevalence of spinal cord injuries are aiding the segment growth across the globe. The industry segment is anticipated to be the fastest-growing segment during the forecast period as exoskeletons help in enhancing strength and reducing physical strain on workers in various industries.

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Regional analysis:

In 2020, North America accounted for the largest revenue share of 48.0%. This is attributed to the growing disabled population, high research expenditure in the healthcare sector by private entities as well as government agencies, the availability of technologically advanced medical devices, and a surge in collaborations in the medical device industry. According to the data published by the CDC, 65 million (27.0%) adults in the U.S. have a disability with 14.2% of the total disabled population living with mobility disabilities. In addition, the rising geriatric population, the high purchasing power of the patients, increasing human augmentation in the military and industrial sectors, and the presence of many public and private entities offering funds and grants for the development of technologically advanced products are aiding the market growth. For instance, in September 2020, Sarcos raised USD 44.0 million in a Series C funding round led by Rotor Capital. The funding is aimed to increase the commercial production of the company’s Guardian XO product.

Asia Pacific is anticipated to register the fastest growth rate in terms of revenue during the forecast period. The presence of a large patient pool requiring exoskeletons for rehabilitation is anticipated to drive the regional market during the forecast period. In addition, growing healthcare infrastructure, coupled with the increasing availability of government funding on medical devices, is driving the adoption of exoskeletons thereby, aiding the market growth. For instance, companies in Japan are providing exoskeletons to workers in order to tackle a labor shortage and encourage older workers to stay on the job. Economic development in nations like India, China, and Japan and favorable government efforts to expand healthcare infrastructure is projected to fuel market growth.

Some of the prominent players in the Exoskeleton 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)

Unravelling the Critical Segments

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:

• By Mobility
  • Mobile
  • Fixed/Stationary
• By Technology
  • Powered
  • Non-powered
• By Extremity
  • Upper Body
  • Lower Body
  • Full Body
• By End-use
  • Healthcare
  • Military
  • Industry

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