Global Exoskeleton Market; By Mobility (Fixed/Stationary and Mobile); By Technology (Non-Powered and Powered); By Extremity (Lower Body, Upper Body, and Full Body); By End-use (Healthcare, Industry, and Military); as well as By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast: 2023-2032

Report Overview

The global market for exoskeletons was valued at USD 254.8 million in 2021 and is expected to expand at a compound annual growth rate of 17.2%, between 2023-2032. It is projected to reach USD 1.4 billion in the forecast period. This market’s growth has been driven by booming global geriatric populations and the increasing adoption rates of medical equipment across various industries like the automobile, defense, and construction sectors. Additionally, there is also an increasing incidence rate of strokes being indexed across the globe. Global markets are expected to register an increase in the number of Spinal Cord Injuries (SCI). According to National Spinal Cord Injury Statistical Center, (NSCISC), the number of SCI cases for 2019, 2020, and 2021 was 17,730, 17,810, and 10,9000, respectively. A further 296,000 Americans have suffered from SCIs.

Global Exoskeleton Market Scope:

Mobility Analysis

With regards to ‘Mobility’, in 2021, the mobile exoskeleton segment was dominant with a 59.9% revenue share and a 60.5% volume share. It is expected that this segment will expand at the fastest rate of growth in the coming years. This large market share and lucrative growth rate can be attributed to a greater demand for motor-equipped robots that assist human body mechanics as well as in research and development activities. This segment has also registered growth due to favorable reimbursement policies, which encourage the adoption of exoskeleton technologies within developing/emerging economies.

Innovators are continuously formulating new solutions for different industries that support worker/user health, increase productivity, as well as minimizing fatigue and the risk of serious injury. The increasing use of stationary exoskeleton systems in rehabilitation centers has contributed to the rapid growth and adoption of this technology. CAGR for the ‘Fixed’ market segment is expected to be significant over the forecast period. This rate of growth can be attributed to the increasing demand for stationary exoskeletons for treadmill training support and automation solutions.

Technology Analysis

In terms of ‘Technology’, the ‘Powered’ segment of the exoskeleton market made the most headway in 2021. This is due to the increasing use of powered exoskeleton solutions within many industries to improve safety and productivity. The benefits of powered technology products include smoother lifting motion, lower strain on a worker’s body, and increased strength.

Due to greater product innovations, the non-powered or passive technology market is expected to experience the highest growth rates over the next few years. Hilti and Ottobock SE teamed up to launch the EXO O1, an exoskeleton designed for construction workers. The passive exoskeleton uses mechanical cables to transfer the arms’ weight to the hips. This is done without the need for any energy. Research by Ottoback shows that the EXO-O1 decreases peak stress on the shoulders and muscles by 47%.

Extremity Analysis

The market for exoskeletons was dominated by the ‘Lower Body’ segment in 2021. This was due to the increasing number of lower body disabilities, the growing adoption of exoskeleton products, and the prospect of increased mobility and stability among paralyzed individuals. Additionally, military and defense personnel often use these lower-body solutions to aid soldiers or to improve their speed and coverage area.

The growth rate for the ‘Upper Body’ segment is expected to be the highest in the coming years due to the demand for exoskeleton products for the upper extremities. They provide support to disabled individuals and rehabilitation aids in post-stroke, neurological impairments, or musculoskeletal disorders. EksoUE is an upper-extremity rehabilitation aid that Ekso Bionics Inc. launched in July 2019.

End Use Analysis

On the basis of ‘End-Use’, in 2021, the ‘Healthcare’ segment was the dominant aspect of the exoskeleton market. It accounted for 50.8% of total revenues and 50.3% in terms of volume. This is due to the growing incidence of spinal cord injuries, the widespread adoption of these products and solutions by rehabilitation centers, as well as a significant increase in patient numbers. Exoskeleton product demand and adoption are largely driven by an increase in regulatory approvals and consumer awareness levels concerning technologically advanced products. In April 2016, EksoBionics was granted FDA approval for the clinical use of Ekso GT Robotic, which is widely used in rehabilitation centers to treat patients with spinal cord injuries or hemiplegia.

This industry is expected to grow the fastest in the future due to increasing awareness concerning the benefits of exoskeleton technologies across many industries, as well as a surge in the incidence rates for occupation-related injuries. This industry segment is anticipated to register a rapid increase in the demand for innovative technologies and a greater level of adoption across multiple industries such as the construction, manufacturing, and distribution sectors.

Key Market Segments

• Mobility
  • Fixed/Stationary
  • Mobile
• Technology
  • Non-Powered
  • Powered
• Extremity
  • Lower Body
  • Upper Body
  • Full Body
• End-use
  • Healthcare
  • Industry
  • Military
• Type
  • Soft Exoskeleton
  • Rigid Exoskeleton

Market Dynamics

To improve employee productivity and health, exoskeleton solutions have been widely adopted in a host of industries. There are several startups that specialize in exoskeleton technology, as well as rehabilitation solutions. In order to improve this market’s share in the coming years, industry players have been developing innovative product strategies due to the ever-changing nature of the exoskeleton industry. In June 2021, SuitX introduced shieldX. It is designed for health workers who have neck or back-related issues and wear heavy anti-radiation aprons. Roam Robotics, a robotic partial-knee orthosis, launched Ascend in May 2021. It is designed to help wearers reduce knee pain and improve mobility.

Cumulative Trauma Disorders (CTD), Occupational Overuse Syndrome (OOS), and Repetitive Strain Injury (RSI) are three of the most common musculoskeletal conditions and injuries that affect individuals in the construction industry. According to data published by the WHO in February 2021 about 1,710 million people suffer from musculoskeletal diseases. According to the Health and Safety Executive’s (HSE) November 2020 data, 480,000 British workers suffer from occupational-related musculoskeletal system disorders. These are some of the most prominent reasons why exoskeleton technology is being adopted. The benefits of exoskeleton technology include enhancing or assisting users’ ability or physical activity, improving productivity, as well as reducing fatigue.

The market for exoskeletons has been hindered by a lack of technological developments and low per capita incomes in developing nations and emerging economies. In developing countries, companies face numerous challenges due to a lack of funding and inaccessibility to the latest technologies. A lack of adequate healthcare services in emerging economies has limited access to rehabilitation treatments for those individuals with disabilities. Additionally, these countries are heavily dependent upon medical device imports. This makes devices more expensive and limits access in general. This factor is limiting the potential for the further development and growth of the exoskeleton market.

The COVID-19 outbreak has had a detrimental impact on the global economy. It raised unemployment rates and sparked economic instability while disrupting supply and demand systems. EksoBionics 2020’s annual report stated that there was a 36.0% decline in revenue earnings for FY2020 compared to FY2019. This is due to a substantial decline in the sales of medical equipment. According to the annual report, 38.0% of exoskeleton sales declined over the course of the pandemic. This led to a booking of 61 units in 2020, as opposed to 98 units in 2019.

Regional Analysis

North America held the top spot in the exoskeleton market in 2021. Markets in this region accounted for the highest revenue share (46.6%) and volume share (27.7%). This was due to the increasing prevalence of disabilities, growing public and private support, greater collaborations between key industry players, and a greater number of partnerships and collaborations. According to CDC data, nearly 61 million Americans have some form of disability. In addition, 13.7% suffer from mobility disabilities. This growth is being driven by a rapidly increasing geriatric population, the availability of private and public investors, surging disposable incomes, a greater number of market players present here, and growing human augmentation in both military and industrial verticals.

Sarcos, for example, raised USD 40 million in a Series B round by Rotor Capital in September 2020. The funding will be used to expand the commercial production of Guardian XO. The Asia Pacific, on the other hand, is expected to experience the highest growth rate over the next few years due to a growing number of individuals who require rehabilitation support. The Asia Pacific’s exoskeleton market is growing due to the expansion and development of healthcare infrastructure and the availability of adequate funding. Expect to see steady economic growth in emerging economies like India and Japan as well as favorable public and privately funded support.

Additionally, APAC serves as a hub for several sectors’ manufacturing, therefore the region’s rapidly increasing industrial automation will result in big demand for exoskeletons.

Key Regions and Countries Covered іn This Rероrt:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Spain
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia-Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• MEA
  • GCC
  • South Africa
  • Israel
  • Rest of MEA

Market Share Analysis

In order to grow their product range and expand their respective business, key participants focus on formulating new product development strategies. Ekso Bionics, for example, received FDA approval in June 2020 to use its EksoNR robotic exoskeleton in clinical trials. This exoskeleton is used by patients with Acquired Brain Injuries. This market will register a surge in technological collaborations and partnerships, geographical expansion prospects, as well as mergers and acquisitions over the next few years.

In order to commercialize rehabilitative robot devices created in Switzerland, Germany, and the United States, Hocomo’s parent company, DIH International Limited, joined up with Reha Technology in 2021.

The first sale of Bionik Laboratories’ InMotion arm robotic technology by its exclusive distributor in South Korea was announced in January 2020, following regulatory approval.

Key Market Players

These are some of the most prominent players in this market:

• Hocoma
• Ekso Bionics
• Suit X (U.S. Bionics Inc.)
• Lockheed Martin Corporation
• RB3D
• Rex Bionics Plc.
• Cyberdyne Inc.
• Atoun Inc.
• Wearable Robotics Srl
• ReWalk Robotics Ltd.
• Bionik Laboratories Corp.
• ActiveLink (Panasonic Corporation)
• Other Key Players