Global Exoskeleton Market Report 2023: Sector to Reach $2.5 Billion by 2028 at a 20% CAGR

News provided by

May 24, 2023, 11:15 ET

DUBLIN, May 24, 2023 /PRNewswire/ -- The "Global Exoskeleton Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Technology, Mobility, Body Type, End-User Region" report has been added to ResearchAndMarkets.com's offering.

According to this analysis, 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.

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.

Scope of the Report

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.

By Technology

Powered
Passive

By Mobility

Mobile
Stationary

By Body Type

Full Body
Upper Body
Lower Body

By End-User

Healthcare
Defense/Military
Industrial
Others

By Region

North America (USA, Canada, Mexico)
Europe (Germany, UK, France, Spain, Italy)
Asia-Pacific (China, Japan, South Korea, India, Australia)
LAMEA (Latin America, Middle East, Africa)

Key Players

Ekso Bionics Holdings
ReWalk Robotics
Cyberdyne Inc
Rex Bionics Ltd
Sarcos
Lockheed Martin Corporation
B-Temia
Ottobock
DIH Medical
Medi-Touch

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.

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 Americaaccounted 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.

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.

Key Topics Covered in the Report

Snapshot of Global Exoskeleton Market
Industry Value Chain and Ecosystem Analysis
Market size and Segmentation of the Global Exoskeleton Market
Historic Growth of the Overall Global Exoskeleton Market and Segments
Competition Scenario of the Market and Key Developments of Competitors
Porter's 5 Forces Analysis of the Global Exoskeleton Industry
Overview, Product Offerings, and Strategic Developments of Key Competitors
COVID-19 Impact on the Overall Global Exoskeleton Market
Future Market Forecast and Growth Rates of the Total Global Exoskeleton Market and by Segments
Market Size of Mobility/End-user Segments with Historical CAGR and Future Forecasts
Analysis of the Global Exoskeleton Market
Major Production/Supply and Consumption/Demand Hubs within Each Major Country
Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments

Overview of Notable Emerging Competitor Companies within Each Region

Fourier Intelligence
Seismic
ROAM Robotics
Trexo Robotics
Bionic Yantra

Key Target Audience - Organizations and Entities Who Can Benefit by Subscribing This Report

Exoskeleton Manufacturers
Exoskeleton Raw Material Suppliers
Exoskeleton Products Manufacturers
Government Ministries of health and rehabilitation
Government Ministries of Defense
Exoskeleton Industry Association
Exoskeleton Companies
Venture Capitalists Targeting Exoskeleton Industry

Time Period Captured in the Report

Historical Period: 2019-2021
Forecast Period: 2022E-2030F

Frequently Asked Questions

What is the Study Period of this Market Report?
The Global Exoskeleton Market is covered from 2019-2030 in this report, which includes a forecast for the period 2022-2030

What is the Future Growth Rate of the Global Exoskeleton Market?

The Global Exoskeleton Market is expected to witness a CAGR of about ~20% over the next eight years

What are the Key Factors Driving the Global Exoskeleton Market?

Adoption of the exoskeleton in the healthcare sector is driving the growth of the global Exoskeleton market

Which is the Largest Mobility Segment within the Global Exoskeleton Market?

The mobile segment accounted for the largest share of the Global Exoskeleton Market in 2021

A selection of companies mentioned in this report includes

Key Players
Ekso Bionics Holdings
ReWalk Robotics
Cyberdyne Inc.
Rex Bionics Ltd.
Sarcos
Lockheed Martin Corporation
B-Temia
Ottobock
DIH Medical
Medi-Touch
Fourier Intelligence
Seismic
ROAM Robotics
Trexo Robotics
Bionic Yantra

For more information about this report visit https://www.researchandmarkets.com/r/uczag

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

SOURCE Research and Markets