Global Exoskeleton Market by Mobility (Mobile, Fixed/Stationary), by Technology (Non-powered, Powered) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global exoskeleton market was worth USD 218.0 million in 2020. It is expected to grow at a compound annual rate (CAGR of 20.5%) of 20% between 2021 and 2028. Exoskeleton adoption has risen due to rising stroke incidence and increased use of exoskeletons across various industries including construction and military. The market is expected to grow due to the rising incidence of spinal cord injury (SCI). According to data from the National Spinal Cord Injury Statistical Center, approximately 17,700 new spinal cord injury cases were reported in the United States in 2018, according to NSCISC. In 2019, the total number of SCI cases increased to 17,730, 17,810 and 17,730 cases, respectively. The report also indicated that almost 296,000 people living in the U.S. are suffering from SCIs.

In the future, exoskeletons will be more popular due to the advancement of technology. SuitX launched shieldX in June 2021 for health workers who are required to wear heavy anti-radiation aprons. Heavy aprons can cause neck and back problems and limit activities outside of work, which in turn can lead to shortened careers. Roam Robotics introduced Ascend in May 2021. This robotic partial knee orthosis adjusts according to the wearer's needs. It helps reduce knee pain and improves mobility.

The construction industry is being affected by musculoskeletal disorders and injuries such as Repetitive Strain Injury, Cumulative Trauma Disorders and Occupational Overuse Syndromes. The WHO published data in February 2021 that showed that around 1.71 billion people have musculoskeletal conditions. According to data from the Health and Safety Executive in November 2020, 480,000 people in Great Britain were suffering from work-related Musculoskeletal Disorders in all industries. This rate was 2,020 per 100,000 workers in construction. This is driving exoskeleton technology adoption due to its benefits in aiding or augmenting a user’s physical activity or capability, reducing physical demands and fatigue experienced construction workers, as well as improving their health, safety and performance.

The global economy has suffered significant damage from the COVID-19 pandemic, as well as the responses. These include sharp increases in unemployment, disruptions to supply chains, and general economic uncertainty. Ekso Bionics reported that the company saw a 36.0% decrease in revenue in FY2020, compared to FY2019. This is due to the decrease in capital equipment sales, which was a result cost containment measures that were triggered by the pandemic. According to the report, inpatient rehabilitation facilities had changed their priorities and delayed capital expenditures due to the pandemic. The report also indicated that exoskeleton product demand has declined by 38.0% in current business conditions, with 61 units booked for 2020 compared to the 98 in 2019.

COVID19 Exoskeleton Market Impact: A meager growth rate of 4.62% in 2020, compared with 17.4% in 2019.

Low purchasing power, limited exposure and low per capita incomes in developing countries have all limited exoskeleton adoption, which in turn has a negative impact on market growth. Third world companies face different funding challenges than those in developed countries. Patients in these countries don't have access to the latest technologies due to their limited financial support. Insufficient healthcare services in low income countries has meant that the majority of disabled people have limited access to rehabilitation treatments. These countries also rely heavily on medical device imports which can make them more expensive and limit access. This will likely limit market growth.

Mobility Insights

The mobile exoskeleton mobility segment was the most prominent in 2020 with a share of 61.1% and 62.2% respectively in terms revenue and volume. This segment is expected to grow at the fastest rate over the forecast period. The key drivers behind the growth of mobile exoskeletons are the rising demand for motor-equipped robotics to assist human body mechanics, and the increase in R&D activities. The favorable reimbursement policies for exoskeletons used in developed countries are another important factor that has contributed to segment growth.

Manufacturers have also introduced innovative mobile exoskeletons for different sectors that provide strength and freedom of movement, thereby boosting the segment's growth. The growing use of stationary exoskeletons in rehabilitation centers and an increase in the number of spinal cord injuries (SCIs) is the reason for the segment's growth.

Technology Insights

The largest share, 75.5% in terms revenue and 67.6% volume, was held by the powered technology segment in 2020. The market is growing because of the increasing use of powered exoskeletons across various industries for personal safety and productivity. The market growth can also be attributed to the many benefits of powered exoskeletons, such as increased strength and smoother lifting motion. They are also able to support construction workers in moving heavy objects without straining their body. This, in turn, increases productivity for both single workers as well as teams.

The fastest expected growth rate for the non-powered, or passive, segment will be recorded during the forecast period. Market growth is expected to be supported by increasing product launches in the future. In December 2020, Hilti, in collaboration with Ottobock SE, announced the launch its passive exoskeleton EXO-O1 for the construction industry. This passive exoskeleton, which does not need an energy source, transfers the weight of the arms to the hips via mechanical cables. According to Ottobock's research, and other independent studies the device can lower peak stress levels by as much as 47.0% for the shoulders and muscles.

Extremity Insights

The lower body segment was responsible for 44.0% of the total revenue and 53.9% of the volume in 2020. Segment growth is being driven by the increasing number of lower body disabilities, as well as the increased use of exoskeletons to provide stability for the paralyzed and elderly population, and enable them to move and be weight-bearing. They are also used in other applications, such as helping soldiers on the battlefield and increasing a player’s speed and coverage.

The fastest expected growth rate for the upper body segment will be during the forecast period. This can be attributed to the many benefits of the exoskeleton for the upper extremity, including post-stroke rehabilitation, neurological impairments and support for the disabled population in managing their daily activities. EksoUE, an upper-extremity rehabilitation device, was launched by Ekso Bionics Holdings, Inc. in July 2019. This is to expand its medical exoskeleton range.

End-use Insights

The largest share, 52.0% in terms revenue and 52.5% volume, was held by the healthcare end-use segment in 2020. Segment growth is being driven by the increasing incidence of spinal cord injuries (SCI), the growing use of these solutions at rehabilitation centers, as well as the subsequent rise in treatment rates. The healthcare industry is expected to adopt exoskeletons due to increasing awareness about technologically advanced systems and FDA approvals of medical exoskeletons. Ekso Bionics, for example, announced in April 2016 that its Ekso GT Robotic Exoskeleton was FDA approved for use in rehabilitation centers treating patients with spinal cord injuries and hemiplegia.

This industry is expected to experience the fastest growth rate over the forecast period. This segment's growth is due to increasing awareness about the benefits of exoskeleton technology in different industrial applications, and rising incidence of work-related injuries. The significant demand for new technologies that empower people in different sectors, such as manufacturing and construction, will likely boost the adoption of exoskeletons within the industrial sector, which should help to drive segment growth.

Regional Insights

North America had the largest revenue share at 47.4% in 2020 and the second-largest share of volume at 29.1%. This can be attributed to the increasing number of disabled people, high healthcare research spending by both private entities and government agencies, the availability medical devices that are technologically advanced, and the increase in collaborations within the medical device sector. The CDC published data showing that 13.7% of Americans have a mobility impairment. This is 61 million (26.0%) people. Market growth is also being supported by the increasing geriatric population, high purchasing power, increased human augmentation in military and industrial sectors, as well as the existence of many public and privately funded entities that offer grants and funds for the development and advancement of technologically advanced products. In September 2020, Sarcos was able to raise USD 40.0 millions in a Series C round of funding led by Rotor Capital. This funding will be used to increase commercial production of Guardian XO products.

Asia Pacific will experience the fastest revenue growth during the forecast period. The forecast period will see a strong regional market due to the large number of patients who require exoskeletons for rehabilitation. The market is also being driven by the growing healthcare infrastructure and the availability of funding for medical devices. Exoskeletons are being offered by Japanese companies to help with labor shortages and to encourage older workers to keep their jobs. Market growth is expected to be fueled by economic development in countries like India, China, Japan, and the favorable government efforts to expand healthcare infrastructure.

Market Share Insights & Key Companies

To gain an advantage in the market, key players in the market are investing continuously in developing new products and getting product approvals from regulatory bodies. This is expected to be a driving force. Ekso Bionics Holdings, Inc. was granted 501(k), by the FDA, to market its EksoNR robotic exoskeleton (ABI) for patients with acquired brain injuries (ABI). Cyberdyne, in January 2018, announced that it had been approved by the FDA to sell its HAL (Hybrid Assistive Leg) lower-body exoskeleton via licensed medical facilities. Market growth is expected to be driven by increasing market competition and new product launches over the forecast period. The following are some of the major players in the global exoskeleton industry:

• Ekso Bionics

• Hocoma

• Lockheed Martin Corporation

• Suit X (U.S. Bionics, Inc.

• Rex Bionics Plc.

• RB3D

• ReWalk Robotics Ltd.

• Cyberdyne, Inc.

• ActiveLink (Panasonic Corporation).

Up Market Research published a new report titled “Exoskeleton Market research report which is segmented by Mobility (Mobile, Fixed/Stationary), by Technology (Non-powered, Powered), By Players/Companies ReWalk Robotics Ltd, ActiveLink (Panasonic Corporation), Hocoma, Cyberdyne Inc, RB3D, Suit X (US Bionics Inc), Lockheed Martin Corporation, Rex Bionics Plc, Ekso Bionics”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Exoskeleton Market Report Segments:

The market is segmented by Mobility (Mobile, Fixed/Stationary), by Technology (Non-powered, Powered).

Exoskeleton Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Exoskeleton Market

Overview of the regional outlook of the Exoskeleton Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Exoskeleton Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Exoskeleton Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Mobile

                2. Fixed/Stationary

                1. Non-powered

                2. Powered

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Exoskeleton Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Exoskeleton Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.