Global Exoskeleton Market Insights Forecasts To 2030

·         The global Exoskeleton market was valued at USD 334.5 Million in 2021.

·         The market is growing at a CAGR of 18% from 2022 to 2030

·         The global Exoskeleton market is expected to reach USD 1,253.7 Million by 2030

·         The Asia Pacific is expected to grow the fastest during the forecast period

 

Get more details on this report -

Request Free Sample PDF

The global Exoskeleton market is expected to reach USD 1253.7 Million by 2030, at a CAGR of 18% during the forecast period 2022 to 2030. The market growth is attributed to the increasing use of AI and IoT powered exosuits for rehabilitation reasons in the medical industry.

 

Market Overview

Artificial intelligence based exoskeleton is widely used for various purposes and areas like manufacturing facilities, rehabilitation centers, military, and construction sites. It helps users in reducing the stress and fatigue caused by doing repetitive activities and decreasing the risks of getting injured caused by carrying, lifting, moving heavy loads. Apart from this, the adoption of exosuits helps to increase productivity and improve proficiency, thus boosts the expansion of the market. Although exoskeletons was into existence for quite a long time. The market expansion has been witnessed owing to certain factors like increasing demand from the healthcare sector for robotic rehabilitation and increasing investment for the development of exoskeleton technology. Exoskeletons for medical rehabilitation are worn by the user while they are working on their performance. Consequently, following a routine of supervised training, the user no longer utilises this exoskeleton. A customizable rehabilitation exoskeleton that repeatedly performs the same motion while recording data for each patient is required. Patients, typically those with impairments of lower limb mobility, use it in 1- to 2-hour sessions. The patient begins to walk correctly after using the rehabilitation tools. The segment's growth is primarily being driven by the rising prevalence of disability and the execution of strategic initiatives by market participants.

 

Report Coverage

This research report categorizes the market for Exoskeleton based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Exoskeleton market. Recent market developments and competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the Exoskeleton market.

 

Driving Factors

Robot based therapy systems are widely used in the rehabilitation processes because they offer countless benefits to performing repeated movements during goal directed tasks, the evaluation of various functional and physiological parameters during rehabilitation exercises, performing home exercises, and activities, and improving motivation. In addition, the increasing use of exoskeletons for the above mentioned purposes  owing to the increasing number of people having physical disabilities are expanding the market.

 

Restraining Factors

The main concerns in the regulation and the development of the medical devices are device reliability and user safety. It is very important for the manufacturers to take into account the expertise related to technical designing while testing the product. Th malfunctioning of the medical devices may result into life threatening consequences, thus exoskeleton that are manufactured for the healthcare segment should be thoroughly checked.

 

Segmentation Analysis

·         In 2021, the mobile segment holds the largest market share of 60.7%.

On the basis of mobility, the global exoskeleton market is segmented into mobile and fixed. Among these, the mobile segment holds the largest market share of 60.7% owing to the increasing demand for motor-equipped robots for aiding human body mechanics and rising research and development activities. Apart from this, the availability of favourable reimbursement policies that promotes the adoption of exoskeleton technologies in developing nations is directly contributing to the development and growth of the segment. Apart from this, the key market players are launching innovative technologies for various technologies that support worker, improves productivity, reduce fatigues, as well as decrease risks of serious injuries. The growth is seen by stationary exoskeleton technologies is owing to the increasing usage of stationary system in rehabilitation centers.

 

·         In 2021, the powered technology segment holds the largest market share of 74.7%.

Based on technology, the global exoskeleton market is segmented into powered and non-powered. Among these, powered technology segment is dominating the market with the largest market share of 74.7% due to the increasing use of powered exoskeleton solutions in various industries for enhancing personal safety and boost productivity. Apart from this, the benefits related to the powered technology products are smoother lifting motion, force multiplier, reduced strain on worker’s body, enhanced productivity, and increased strength.

 

·         In 2021, the lower body segment dominates the market with the largest market share of 43.3%.

On the basis extremity, the global exoskeleton market is segmented into upper body, lower body, and full body. Among these, the lower body segment holds the largest market share of 43.3% due to the alarming increase of lower body disabilities and increasing adoption of exoskeleton products by paralyzed and geriatric population for mobility, stability, and weight bearing capabilities. Apart from this, lower body technologies are increasingly used by defence and military personnel to assist soldiers.

 

·         In 2021, the healthcare segment holds the largest market share of 51.3%.

Based on the end use, the global exoskeleton market is segmented into healthcare, military, and industry. Among these, the healthcare segment is dominating the exoskeleton market due to the increase in the incidence rate of Spinal Cord Injuries (SCIs), increasing adoption of such products and services in rehabilitation centers and sudden rise in the treatment numbers are the important growth factors. Apart from this, the increasing number of regulatory approvals as well as rising awareness towards technologically advanced systems are the key factors driving the demand and use of exoskeleton products in the healthcare sector.

 

Regional Segment Analysis of the Exoskeleton Market

·         North America (U.S., Canada, Mexico) 

·         Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)

·         Asia-Pacific (China, Japan, India, Rest of APAC)

·         South America (Brazil and the Rest of South America) 

·         The Middle East and Africa (UAE, South Africa, Rest of MEA)

 

Get more details on this report -

Request Free Sample PDF

 

North America emerged as the largest market for the global Exoskeleton market, with a market share of around 47% in 2021.

·         North America is dominating the market by holding the largest market share of 47% due to the increasing number of disabled persons, increasing expenditures on research activities, rising partnerships and collaborations among key market players, increasing private and public support, and availability of technologically advanced products. Apart from this, the other factors include rising geriatric population, increasing disposable income, large number of key market players, availability of private and public investors, and growing human augmentation of military and industry segments are boosting the overall growth of the market.

 

·         Asia Pacific on the other hand is witnessing the fastest market growth over the forecast period due to the increasing number of patients who are looking for rehabilitation support. In addition, development and advancement of healthcare infrastructure , and government support are other driving factors which help in the expansion of the global exoskeleton market in the Asia Pacific region. In Asia Pacific region, India, Japan, and China are the major countries which are witnessing the significant market expansion along with favourable private and public support.

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global Biopesticides market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

 

List of Key Market Players:

·         Hocoma

·         Ekso Bionics

·         Suit X

·         Lockeed Martin Corporation

·         Rex Bionics Plc.

·         Cyberdyne, Inc.

·         RB3D

·         ReWalk Robotics Ltd.

 

Key Target Audience

Ø  Market Players

Ø  Investors

Ø  End-users

Ø  Government Authorities 

Ø  Consulting And Research Firm

Ø  Venture capitalists

Ø  Value-Added Resellers (VARs)

 

Recent Development

·         In June 2022, Ekso Bionics has got the approval from U.S. FDA for the clinical use of EksoNR robotic exoskeleton which is to be used for the treatment from Acquired Brain Injury (ABI).

 

Market Segment

This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Spherical Insights has segmented the global Exoskeleton market based on the below-mentioned segments:

 

Exoskeleton Market, by Mobility

·         Mobile

·         Fixed

 

Exoskeleton Market, by Technology

·         Powered

·         Non-powered

 

Exoskeleton Market, by Extremity

·         Upper Body

·         Lower Body

·         Full Body

 

Exoskeleton Market, by End Use

·         Healthcare

·         Military

·         Industry

 

Exoskeleton Market, Regional Analysis

·         North America

o    US

o    Canada

o    Mexico

·         Europe

o    Germany

o    Uk

o    France

o    Italy

o    Spain

o    Russia

o    Rest of Europe

·         Asia Pacific

o    China

o    Japan

o    India

o    South Korea

o    Australia

o    Rest of Asia Pacific

·         South America

o    Brazil

o    Argentina

o    Rest of South America

·         Middle East & Africa

o    UAE

o    Saudi Arabia

o    Qatar

o    South Africa

o    Rest of Middle East & Africa