Seoul, South Korea, Aug. 21, 2022 (GLOBE NEWSWIRE) -- The global exoskeleton market size accounted for USD 493 Million in 2021 and is predicted to be worth USD 13,949 Million by 2030, with a CAGR of 45.5% during the forthcoming period from 2022 to 2030.
Exoskeleton Market Report Highlights:
- Global exoskeleton market size in 2021 accounted for USD 493 million and is projected to grow at a CAGR of 45.5% from 2022-2030
- North America exoskeleton market is expected to lead the global market with more than 40% market share
- Asia-Pacific exoskeleton market is expected to witness fastest growth in terms of exoskeleton adoption over the forecast period
- Use of AI and IoT-enabled exoskeletons will improve the exoskeleton industry scenario
- Global exoskeleton market share will profit from the increased demand for industrial exoskeletons
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Exoskeleton Market Report Coverage:
| Parameter | Exoskeleton Market | |
| Exoskeleton Market Size 2021 | USD 493 Million | |
| Exoskeleton Market Forecast 2030 | USD 13,949 Million | |
| Exoskeleton Market CAGR During 2022 - 2030 | 45.5% | |
| Exoskeleton Market Analysis Period | 2018 - 2030 | |
| Exoskeleton Market Base Year | 2021 | |
| Exoskeleton Market Forecast Data | 2022 - 2030 | |
| Segments Covered | By Mobility, By Technology, By Extremity, By End-use, And By Region | |
| Exoskeleton Market Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa | |
| Key Companies Profiled | Bionik Laboratories Corp., Ekso Bionics, Cyberdyne Inc., Hocoma, B-Temia, Hyundai Motor Company, Lockheed Martin Corporation, Parker Hannifin, REX Bionics, Levitate Technologies, Inc., Ottobock SE & Co. KGaA, and ReWalk Robotics | |
| Report Coverage | Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis | |
Exoskeletons are robotics wearable devices that work in tandem with the consumer to augment, strengthen, or reconstruct human physical performance. Exoskeletons are also known as powered armor, robotic suits, wearable machine, exo-frame or exosuit, as well as power jackets. The growing demand for orthopedic rehabilitation in the healthcare industry, the increasing incidence of cardiac events, and the growing investment in the exoskeleton in the industrial, military, and defense sectors, are driving growth in the exoskeleton market size.
Exoskeleton Market Dynamics
Growing applications across a wide range of industries, an aging workforce, technological advancements, and expanding reach in the military and healthcare industries are driving growth in the worldwide exoskeletons market value. These outfits are projected to be widely used in healthcare systems and to benefit from an increase in the number of rehabilitation clinics. The development of active and partially passive technology is one of the primary factors influencing the need for exoskeletons market. Several companies are focusing on the discovery and development of new exoskeleton systems. As a result, these factors are propelling the exoskeletons market trend. Global use of AI and IoT-enabled exoskeletons will improve the industry scenario. Furthermore, the global exoskeletons market size will profit from the increased demand for industrial exoskeletons.
Furthermore, as the global number of people with disabilities expands, so does the demand for robotic rehabilitation technology. Musculoskeletal injuries and illnesses such as Cumulative Trauma Disorders (CTD), Repetitive Strain Injury (RSI), as well as Occupational Overuse Syndromes (OOS) are likely to fuel global exoskeletons market revenue growth. Musculoskeletal problems affect 1.71 billion individuals worldwide, according to World Health Organization data from February 2021. Moreover, the COVID-19 epidemic had a huge influence on the global exoskeleton market. Import and export restrictions on raw materials will improve the market environment following COVID-19.
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Exoskeleton Market Segmentation
The global exoskeleton market has been segmented by Acumen Research and Consulting based on mobility, extremity, technology, and end-use. In terms of mobility, the segment is separated into fixed/stationary, and mobile. Based on the extremity, the industry is divided into passive, and powered. By technology, the market is classified into lower body, full body, and upper body. In terms of end-use, the segment is categorized into healthcare, industrial, military, and others.
Exoskeleton Market Regional Outlook
The global exoskeleton market is divided into five geographic regions: North America, Latin America, Asia-Pacific, Europe, and the Middle East and Africa. According to the exoskeleton industry analysis, the North America region accounted for the largest revenue share in the market over the forecasting years. Expansion in the regional market is anticipated in response to the existence of a sizable demand for exoskeletons from healthcare and industrial sector. Furthermore, rising government funding for medical equipment, combined with expanding healthcare infrastructure, is increasing the use of advanced robotics, resulting in market revenue growth.
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Exoskeleton Market Players
Recently, important players have been concentrating on developing novel product development strategies and obtaining timely product approvals from regulatory authorities in order to broaden their company footprint and product portfolio. The increasing number of technical partnerships, collaborations, geographic expansion, and acquisitions and mergers is expected to propel the exoskeletons market expansion in the projected years.
Some of the prominent exoskeleton market companies is Bionik Laboratories Corp., Ekso Bionics, Cyberdyne Inc., Hocoma, B-Temia, Hyundai Motor Company, Lockheed Martin Corporation, Parker Hannifin, REX Bionics, Levitate Technologies, Inc., Ottobock SE & Co. KGaA, and ReWalk Robotics.
In February 2022, CYBERDYNE Inc. reported that the Ministry of Health Republic of Indonesia approved its application for a medical device advertising licence for Medical HAL Single Joint Type, a wearable cyborg that enhances physical muscle strength.
Questions Answered By This Report:
- What was the market size of exoskeleton market in 2021?
- What will be the CAGR of exoskeleton market during the forecast period from 2022 to 2030?
- Who are the major players in global exoskeleton market?
- Which region held the largest share in exoskeleton market in 2021?
- What are the key market drivers of exoskeleton market?
- Who is the largest end user of exoskeleton market?
- What will be the exoskeleton market value in 2030?
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