Dallas, Texas, United States, Oct. 26, 2021 (GLOBE NEWSWIRE) -- Exoskeleton Market is valued at USD 499 million in 2021 and is projected to reach USD 3,340 million by 2027; it is expected to grow at a CAGR of 46.2% from 2021 to 2027.
The term exoskeleton means rigid, strong and inflexible external covering which is intended to protect the body of some of the invertebrates, especially arthropods. Wearable devices that work in tandem with the user and act as amplifiers that augment, reinforce or restore human performance are Exoskeletons.
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Key Development
In April 2021, Ottobock launched the Paexo Shoulder Jacket, Paexo Cool Sleeve, and Paexo Thumb Slim at the Hannover Messe Digital Edition 2021 event. These devices provide significant relief for the body during strenuous activities such as overhead work or lifting packages.
In March 2021, CYBERDYNE received medical device approval from Thai Food and Medical Products Approval Authority (Thai FDA) for HAL Single Joint Type. The product is for patients with reduced mobility in the upper and lower limbs due to muscle weakness or paralysis.
In March 2021, Ekso Bionics announced a partnership with US Physiatry (USP) to educate physicians on the clinical benefits of an EksoNR exoskeleton. USP is the largest in-patient physician practice in the US, focused exclusively on physical medicine and rehabilitation.
Impact of the COVID-19
The COVID-19 pandemic and the related responses to the pandemic have triggered a substantial impact on the economy worldwide, including sharp increases in unemployment, supply chain disruptions, and overall economic uncertainty. Hence, pandemic is likely to have a slight negative impact on the market and the mainly affected population is the geriatric group that uses the exoskeletons mostly. All the rehabilitation centers are either closed or partly open, so people do not have an option to approach these even in an emergency. Until all conditions are deemed the training and delivery are also limited.
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Key Players
Key players in the Global Exoskeleton Market are ReWalk Robotics, Ekso Bionics, Rex Bionics Plc., Suit X, Lockheed Martin Corporation, Hocoma, DIH Technologies, Meditouch, and Atoun.
Market Segmentation
By Technology
- Mobile Exoskeleton Active Passive
- Stationary Exoskeleton Active Passive
By End-User
- Healthcare
- Military
- Industrial
- Others
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
Regional Analysis
North America is Expected to Hold a Significant Share of the Market Over the Period due to the high purchasing power of patients, the growing geriatric population, and the presence of public and private organizations offering grants and funds for the development. The market in APAC region is expected to grow at the highest rate during the forecast period as it is likely to adopt exoskeletons across almost all major verticals like healthcare, industrial, and defense during the forecast period.
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