Wilmington, Delaware, United States, April 13, 2023 (GLOBE NEWSWIRE) -- The global exoskeleton market was valued USD 321.4 Mn in 2022 and is estimated to reach USD 2 Bn by 2031. It is expected to grow at a CAGR of 20.1% during forecast period.
Advantages of exoskeletons for personal mobility in the healthcare sector are fueling the exoskeleton market. Surge in number of patients with body movement disorders, such as stroke, Parkinson’s disease, and other diseases, that limit voluntary body movements and restrict everyday activities is driving industry growth. Exoskeletons enable upright walking and the relearning of lost functions for stroke and paralysis patients.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | USD 321.4 Mn in 2022 | |
| Estimated Value | USD 2 Bn by 2031 | |
| Growth Rate | 20.1% | |
| Forecast Period | 2022 to 2032 | |
| No. of Pages | 250 Pages | |
| Market Segmentation | By Mobility Type, Technology Type, Extremity Type, and End-User | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | Ekso Bionics, Hocoma, Lockheed Martin Corporation, Rex Bionics Plc,RB3D, ReWalk Robotics Ltd, Cyberdyne, ActiveLink | |
Significance of exoskeletons in the manufacturing sector for reduced work-related injuries and fatigue, resulting in increased productivity and improved work quality, is propelling the global market. Moreover, rise in adoption of medical devices in various industries, including military, automobile, defense, and construction, is fueling market demand.
Growth Drivers
- Improvement in quality of life of patients with stroke and other movement disorders increases demand for exoskeletons
- Reduced work-related fatigue and injuries, resulting in increased productivity and work quality in the manufacturing sector is bolstering market growth
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Key findings of Report
Extensive Research and Development – Advancement in technology to build innovative products is anticipated to trigger market development in the next few years. Active robotic exoskeletons are used to improve mobility by providing spinal cord or stroke injury rehabilitation, and improved strength & endurance, which enables military personnel in high-risk areas to be more effective.
Key role of major players in the launch and development of new active or powered exoskeletons is indicative of their increased market share during the forecast period. For instance, Bionics Laboratories Corporation and Hocoma AG introduced newly developed active wearable products to the market. Prospects of substantial investment in the development of active exoskeletons are expected to boost market growth.
Mobile Exoskeletons – Based on mobility, mobile exoskeletons registered the leading 19.6% CAGR in the historical forecast period from 2017 to 2021. Advancements in technology have led to increase in adoption of exoskeleton products in several end-use industries. AI, interactive learning, high-speed Internet, and digital assistants in robots are likely to benefit the medical, logistics, and engineering industries.
Wearable robotic exoskeletons are dynamic mobility devices. Exoskeletons assist in mobility by storing power in passive as well as motorized compressed gas bags. Wearable robots are used in a number of end-use industries, including military, construction, and war fighters.
Surge in popularity of exoskeletons to aid in personal mobility is a key factor propelling the mobile exoskeletons segment. Rise in number of patients with body movement disorders and conditions that restrict voluntary movement is propelling the demand for mobility exoskeletons to help patients lead a normal life.
Regional Landscape
North America is anticipated to account for more than 41% share of the global market during the forecast period. Extensive research for the development and testing of exoskeletons is a key factor fueling growth of the market in the region. The U.S. is a key contributor to the growth of the exoskeleton market in the region. This can be ascribed to exponential rise in demand for exoskeletons in the defense sector. The quest for commercial exoskeleton technologies for military applications that could provide strength and endurance to soldiers while also protecting them from strain injuries is likely to drive the exoskeleton market in the region.
Increase in demand for exoskeletons in the healthcare sector for orthopedic rehabilitation is another key factor fueling market expansion in the U.S. Presence of a well-developed infrastructure for technology and education, as well as a surge in the adoption of advanced technology, are fueling the growth of the exoskeleton market in the region. Rapid technical innovations and enormous investment in exoskeleton technology are anticipated to accelerate the exoskeleton market growth rate in the region.
China and Japan are key markets for exoskeletons in Asia Pacific. Significant adoption of exoskeletons as keys to preventing workplace injury and allowing aging workers to stay in the workplace longer is stirring the growth of exoskeleton market in these countries. Lower costs and increased line of consumer products are anticipated to bolster the exoskeleton market in these countries in the next few years.
Advantages of coverage of exoskeletons by insurance providers in Japan are indicative of their increasing applications in medicine. Cyberdyne, Panasonic, and Tatsumi are some key companies that are steering the healthcare exoskeleton market in Japan. On the other hand, exoskeletons are still at a nascent stage in China, at least when it comes to medical applications.
Key Players
Prominent companies in the exoskeleton market include Ekso Bionics, Lockheed Martin Corporation, RB3D, Cyberdyne Inc., Hocoma, Rex Bionics Plc, ReWalk Robotics Ltd, and ActiveLink
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The exoskeleton market is segmented as follows:
Exoskeleton Market, by Mobility
- Mobile
- Fixed/Stationary
Exoskeleton Market, by Technology
- Powered
- Non-Powered
Exoskeleton Market, by Extremity
- Upper Body
- Middle Body
- Full Body
Exoskeleton Market, by End-user
- Healthcare
- Military
- Industry
Exoskeleton Market, by Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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