The global smart exoskeleton market value reached at US$ 201 million in 2020 and predicted to surpass around US$ 3.4 billion by 2030, expanding at a noteworthy CAGR of 31% from 2021 to 2030.
The global smart exoskeleton market value reached at US$ 201 million in 2020 and predicted to surpass around US$ 3.4 billion by 2030, expanding at a noteworthy CAGR of 31% from 2021 to 2030.
Increase in patient population with health conditions such as musculoskeletal injuries and neurological disorders including spinal cord injury due to work-related accidents, motor vehicle accidents, and injuries caused while participating in sporting or recreational activities and technological advancement are key factors projected to fuel the global smart exoskeleton market during the forecast period.
The report provides an elaborate executive summary, which comprises a snapshot of various segments of the global smart exoskeleton market. The report also provides information and data analysis of the global smart exoskeleton market with regard to segments based on product, extremity, application, end user, and region.
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The overview section of the report provides detailed qualitative analysis of drivers and restraints impacting the global smart exoskeleton market, along with opportunities in the global market.
Additionally, the global smart exoskeleton market report includes company profiles and competitive matrix, which provide data about their businesses, product portfolios, and competitive landscape in the global smart exoskeleton market.
The report includes data analysis on the smart exoskeleton market attractiveness by region and segments.
The last section of the report provides quantitative and qualitative analysis on market share of key players operating in the global smart exoskeleton market. It elaborates key competitive strategies adopted by major industry players, thereby presenting a thorough understanding of the competitive scenario in the global smart exoskeleton market.
Surge in Adoption of Technologically Advanced Smart Exoskeleton Products to Propel Market
A number of people with mobility disorders due to various diseases is increasing rapidly across the globe. Thus, adoption of smart exoskeleton products is rising to improve the quality of life of these people, thereby driving the demand for these products. Advantages of smart exoskeleton include increasing efficiency, productivity, decrease in worker injuries, and decline in healthcare and disability costs. Moreover, it can be used instead of industrial robots and eliminates the need of completely automated solutions. These factors boost the adoption of technologically advanced smart exoskeleton products in various industries and subsequently, drive the market.
Additionally, robotic rehabilitation systems (RRS) help reduce costs, improve treatment quality, and increase productivity of therapists. Modern developments are promising to obtain exoskeleton with a natural and a wide range of motions. Thus, adoption of robot technology in healthcare settings is fueling the demand for smart exoskeleton products. Hence, key players operating in the market are engaged in the development of new innovative technologically advanced products to address the needs of patients. For instance, Ekso Bionics, a prominent player, is engaged in the development of wearable technology to augment human potential. The company has received approval from the U.S. Food and Drug Administration to market its Ekso GT robotic exoskeleton. Ekso GT is the first exoskeleton cleared by the FDA for use with stroke patients. Thus, a surge in the adoption of technologically advanced products is likely to augment the market.
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Material Sciences, AI Research Help to Boost Adoption of Smart Exoskeleton
Wearable exoskeleton are being used to support the motor function for people with severe mobility impairments. However, the market adoption of exoskeleton is relatively low due to factors concerning the weight of the equipment and sometimes ineffective prediction of the wearer’s movements, while walking or approaching an obstacle. Hence, companies in the smart exoskeleton market are increasing their research in robotics, material sciences, and artificial intelligence (AI), which help to make mobility assistance and rehabilitation tools more lightweight, compact, and effective for the wearer.
The BioMot project hailing from the Human Locomotion Laboratory in Madrid is advancing in the field of smart exoskeleton by demonstrating that personalized computational models of the human body can effectively be used to control wearable exoskeleton.
Lightweight, High Performance Personalized Wearable Exoskeleton Increase Worker Safety
According to the Occupational Safety and Health Administration (OSHA), a significant percentage of worker fatalities occur at construction sites. Companies in the smart exoskeleton market are developing devices that improve worker safety and efficiency. This is being achieved by partnering with researchers to seek planning grants from organizations such as the National Science Foundation as part of their 10 Big Ideas - Future of Work at the Human-Technology Frontier (FW-HTF) program, which involves innovations in exoskeleton.
Lightweight and high performance personalized wearable devices are being made available by manufacturers in the smart exoskeleton market for users in the construction industry.
Next-gen Military Exoskeleton Deploy Export of Data from Soldiers
The smart exoskeleton market is anticipated to progress to reach US$ 3.4 Bn by the end of 2030. Manufacturers are unlocking business opportunities for devices used in military applications to diversify their income streams. Lockheed Martin - a global security and aerospace company is increasing its marketing capabilities to be known for its research and innovation in military exoskeleton that export data from the wearer or soldier.
In order to establish stable revenue streams, companies in the smart exoskeleton market are designing devices that support repetitive and continuous kneeling or squatting, lifting and climbing with heavy loads. They are innovating in exoskeleton that help to transfer much of the weight a soldier carries to the ground, while allowing warfighters to carry extra gear with less effort climbing stairs or steep terrain.
Report Highlights
In terms of product, the global smart exoskeleton market has been bifurcated into rigid smart exoskeleton and soft smart exoskeleton. Rigid exoskeleton have been used for a long time. Hence, usage of rigid smart exoskeleton is higher and is preferred due to the material in extreme cases of paralysis.
Based on extremity, the global smart exoskeleton market has been classified into lower extremity, upper extremity, and full body extremity. The lower extremity segment is anticipated to dominate the global smart exoskeleton market during the forecast period, due to a large number of lower extremity products in the market that are used in various industries.
In terms of end user, the global smart exoskeleton market has been categorized into industrial, healthcare, military, and others. The healthcare segment is expected to account for a significant share of the global smart exoskeleton market by 2031. The increase in the adoption of smart exoskeleton by patients suffering from mobility disorders and geriatric people is likely to drive the segment during the forecast period.
North America is expected to account for a significant share of the global smart exoskeleton market during the forecast period. The expansion of the market in the region can be attributed to increase in geriatric population, highly structured healthcare industry, availability of various reimbursement policies from public and private health insurance firms, and technological advancements in exoskeleton.
The market in Asia Pacific is projected to expand at a high CAGR from 2021 to 2030. This can be ascribed to the expansion of the healthcare sector in countries such as China, Japan, and India. Moreover, increase in disposable income and purchasing power of consumers, rise in inclination toward the use of high-end technology in medical practice, large population base, and surge in incidence of chronic and lifestyle diseases are anticipated to propel the market in the region during the forecast period.
Key Players
The report provides profiles of leading players operating in the global smart exoskeleton market. These include EksoBionics, ReWalkRobotics, Bionik, Inc., Cyberdyne, Inc., Rex Bionics Ltd., HocomaAG, Wearable Robotics srl, Fourier Intelligence, AXOSUITS SRL, FREE Bionics Taiwan Inc., Innophys Co., Ltd., Medexo Robotics, Noonee, Technaid, Walkbot (P&S Mechanics Co. Ltd), Lockheed Martin Corporation, and RB3D.
Market Segmentation
- By Product
- Rigid Smart Exoskeleton
- Soft Smart Exoskeleton
- By Extremity
- Lower Extremity
- Upper Extremity
- Full Body Extremity
- By Application
- Rehabilitation
- Pick & Carry
- Others
- By End User
- Industrial
- Healthcare
- Military
- Others
- By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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