New york, Jan. 23, 2023 (GLOBE NEWSWIRE) -- According to our new research study on "Exoskeleton Robotic System Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Application, and Geography," the rising incidence of stroke and musculoskeletal disorders and increasing strategic initiatives are expected to fuel the market's growth.
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Exoskeleton Robotic System Market Report Scope & Strategic Insights:
| Report Coverage | Details |
| Market Size Value in | US$ 1.00114 Billion in 2021 |
| Market Size Value by | US$ 4.22463 Billion by 2028 |
| Growth rate | CAGR of 23.0% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
| No. of Pages | 166 |
| No. of Tables | 57 |
| No. of Charts & Figures | 67 |
| Historical data available | Yes |
| Segments covered | Type, and Application |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America |
| Country scope | US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Exoskeleton Robotic System Market: Competitive Landscape and Key Developments
Lockheed Martin Corp, Cyberdyne Inc, Panasonic Holdings Corp, Hocoma AG, Rewalk Robotics Inc, Ekso Bionics Holdings Inc, Parker Hannifin Corp, Myomo Inc, B-Temia In, AlterG Inc, and INNOPHYS Co LTD are among the leading companies operating in the global exoskeleton robotic system market. These players focus on expanding, diversifying their market presence, and acquiring a novel customer base, thereby tapping prevailing business opportunities.
In February 2022, Hocoma announced that the SwissNeuroRehab Flagship project will be supported by funding from the Swiss innovation agency Innosuisse. The SwissNeuroRehab project aims at developing and evaluating a novel model of neurorehabilitation along the continuum of care, from hospital to home, by combining the best available digital and technological methods to create innovative and efficient therapeutic programs tailored to the individual patient needs.
In December 2021, ReWalk Robotics, Ltd. announced it had donated one of its ReStore Exo-suits to Brooks Rehabilitation, located in Jacksonville, Florida. The therapy team will utilize the ReStore in a specialized Neuro Recovery Centers to conduct gait training sessions with patients seeking post-stroke rehabilitation.
In November 2021, FDA awarded breakthrough device designation to ReWalk ReBoot Soft Exo-Suit for stroke rehab at home. The ReBoot is a lightweight, battery-powered orthotic exo-suit intended to assist ambulatory functions in individuals with reduced ankle function due to neurological injuries and stroke. It is a sister product to the ReStore device, which received FDA clearance in 2019 for use in the rehabilitation setting.
In June 2020, Ekso Bionics Holdings, Inc. announced it had received 501(k) clearance from the US Food and Drug Administration (FDA) to market its EksoNRTM robotic exoskeleton for use with patients with acquired brain injury. EksoNR is the first exoskeleton device to receive FDA clearance for rehabilitation use with acquired brain injury, significantly expanding the device’s indication to a broader group of patients.
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Rising Incidence of Stroke and Musculoskeletal Disorders:
Stroke continues to be a disease of major concern for public health, despite advancements in the medical industry. According to the Indian Stroke Association, the incidence of stroke in India has increased by ~100% over the past few decades. Furthermore, ~1.8 million people in India suffer a stroke yearly, and only early treatment can reduce morbidity and mortality. Even though the growing incidence of this noncommunicable disease threatens the larger population, stroke treatment and rehabilitation remain underdeveloped in the country. As per the Centers for Disease Control and Prevention, every year, more than 795,000 people in the US have a stroke, of which ~610,000 are first or new strokes. Further, stroke is the fifth-highest cause of death in the US, causing 147,810 deaths in 2018. Overall, there were an estimated 460,000 strokes in the US in 2019 (two-thirds were ischemic), 190,000 were stroke-related deaths, and 3.83 million stroke-disability-adjusted life years. Therefore, the rising incidences of stroke has increased the demand for exoskeleton robotic system for rehabilitation of stroke patients, which helps in improving the quality of life.
Furthermore, musculoskeletal disorders affect the mobility of an individual. The rising prevalence of musculoskeletal disorders, such as tendinitis, sarcopenia, osteopenia, and low back injuries, is expected to fuel the need for exoskeletal robotic systems. According to the World Health Organization (WHO), musculoskeletal diseases affect ~1.71 billion people globally, and low back pain is the leading cause of disability in 160 countries. These exoskeleton robotic systems assist the patients in managing their condition and regaining their mobility, thereby improving their overall quality of life. Thus, the rising prevalence of stroke and musculoskeletal disorders has fueled the use of exoskeletal robotic systems for rehabilitation.
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Exoskeleton Robotic System Market: Segmental Overview
Based on type, the exoskeleton robotic system market is segmented into lower body exoskeleton, upper body exoskeleton, and full body exoskeleton. The lower body exoskeleton segment held the largest market share in 2021. The upper body exoskeleton segment is anticipated to register the highest CAGR of 23.6% during the forecast period.
Based on application, the exoskeleton robotic system market is segmented into healthcare, defense, and industrial. The healthcare segment held the largest share of the market in 2021. The industrial segment is expected to grow at the highest CAGR during the forecast period.
In 2021, North America dominated the exoskeleton robotic system market. The US holds the largest share of the market in this region. The growing incidence of spinal cord injuries in the US is fueling the exoskeleton robotic system market expansion. According to the American Association of Neurological Surgeons, an estimated 17,000 new spinal cord injuries (SCIs) occur annually in the US. According to the National Multiple Sclerosis Society, about 1 million people in 2020 were affected by multiple sclerosis in the US. Thus, a rise in spinal cord injuries and multiple sclerosis potentially disable patients, increasing the need for exoskeleton robotic systems to assist patients in attaining mobility.
Further, the market players accelerated the production of technologically developed products in the country. For instance, in May 2020, Raytheon developed XOS 2, a second-generation robotics suit for the US army.
In October 2020, Sarcos Defense, a wholly owned subsidiary of Sarcos Robotics, received a contract by the US Navy to develop Sarcos Guardian XO wearable exoskeleton robot—a remote-controlled variant for upper body.
In March 2019, US Navy partnered with Sarcos Robotics for exoskeletons and inspection robots. This partnership provided a good opportunity for shipyards to develop innovative solutions to enhance work while providing a safer, more ergonomic work environment for employees.
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Browse Adjoining Reports:
Medical Exoskeleton Market to 2027 - Global Analysis and Forecasts By Drive Type (Pneumatic Actuator, Hydraulic Actuator, Electric Actuator, Mechanical, Shape Memory Alloy Actuator, Other Actuator); Type (Powered Exoskeleton, Passive Exoskeleton); Extremity (Lower Body Exoskeleton, Upper Body Exoskeleton); Application (Spinal Cord Injury, Multiple Sclerosis, Cerebral Palsy, Stroke and Others); End User (Rehabilitation Centers, Physiotherapy Centers, Physiotherapy Centers, and, Others), and Geography
Military Exoskeleton Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Power (Active and Non-Active); and Type (Full Body Exoskeleton and Partial Body Exoskeleton)
Smart Exoskeleton Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Component (Sensors, Actuators, Power Source, Control System, Others); Type (Soft Exoskeleton, Rigid Exoskeleton); Body Part (Upper Body, Lower Body, Full body); Application (Industrial, Healthcare, Military, Others) and Geography
Advanced Prosthetics and Exoskeletons Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type (Lower Limb, Upper Limb, Full Body); Mobility (Stationary, Mobile); End user (Hospitals and Clinics, Orthotic and Prosthetic Centers, Others), and geography
Rehabilitation Robotics Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Types (Assistive, Exoskeleton, Neuro, Prosthetic and Therapeutic); Solutions (Rehabilitation Therapy and Rehabilitation Nursing); Age Group (Children and Adults); and End User (Clinicians and Rehabilitation Centers)
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