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The global exoskeleton market size is estimated to grow by USD 1.85 billion at a Compound annual growth rate (CAGR) of 35.98% between 2022 and 2027.
To safeguard from spinal cord injury, there is a growing demand for rehabilitation and assistive devices, such as exoskeletons is growing to stabilize and aid interlimb-coordinated movements in patients with SCIs at levels T7 to L5 and T4 to T6. The rising incidence of SCIs will increase the demand for exoskeletons across the globe. Moreover, as per the Organisation for Economic Co-operation and Development (OCED), in 2021, more than 50 million people were injured due to road accidents globally. Furthermore, incidences of SCIs are higher among people over 65 years as aging causes deterioration in gait changes, decrease in strength, reaction time, and fine motor skills, increase in cystic changes in the spinal cord; increase in neuropathic pain; and increase in nerve entrapment. The increasing number of aging people increases the chances of SCI incidences, thereby driving the growth of the market.
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This report provides a detailed analysis of the market by End-user (Healthcare, Military, and Industry ), Mobility Type (Mobile and Fixed/Stationary ), and Geography (North America, Europe, Asia, and Rest of World (ROW)).
The market share growth by the healthcare segment will be significant during the forecast period. An exoskeleton is an innovative wearable device that provides external support to the user's body and enhances physical performance. These devices are gaining popularity in the healthcare industry owing to their potential to improve patient outcomes, aid rehabilitation, and reduce physical strain on healthcare workers. Exoskeleton technology enables people with neurological and musculoskeletal disorders, such as stroke and spinal cord injury, to regain mobility and improve their quality of life.
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The healthcare segment was valued at USD 77.11 million in 2017. Exoskeletons help patients relearn motor skills, strengthen muscles, and improve overall physical performance by assisting movement. The healthcare industry also uses exoskeletons to support medical workers during physically demanding tasks. Physical strain from manual lifting and repetitive motion can cause musculoskeletal injuries in healthcare workers. To combat this problem, exoskeletons are deployed to provide assistance and reduce the risk of injury. Exoskeletons have the potential to revolutionize surgical techniques, making procedures safer and more efficient. Hence, such factors will boost the growth of the the segment in exoskeleton market during the forecast period.
An exoskeleton is an innovative wearable device that provides external support to the user's body and enhances physical performance. These devices are gaining popularity in the healthcare industry due to their potential to improve patient outcomes, aid rehabilitation, and reduce physical strain on healthcare workers. In addition, exoskeletons also play an important role in the field of care for the disabled. Moreover, exoskeletons reduce the risk of secondary health problems associated with prolonged sitting or immobility, such as pressure sores and cardiovascular disease. This technology provides greater control and accuracy, reduces the risk of complications, and improves surgical outcomes. Exoskeletons have the potential to revolutionize surgical technology and make surgery safer and more efficient. Hence, these factors will boost the growth of the segment in the exoskeleton market during the forecast period.
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North America is estimated to contribute 40% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. The presence of advanced medical facilities, increasing disability from spinal cord injuries, and high demand for self-assisting exoskeletons make the US the largest contributor to the North American market. In addition, the existence of the American Spinal Cord Injury Association (ASIA), a favorable policy on coverage and reimbursement of third-party commercial payers of medical exoskeletons, aims to raise awareness of available treatment options for patients with SCI. The presence of major market players such as Ekso Bionics Holdings and Parker-Hannifin Corp. (Parker-Hannifin), offering exoskeletons in the region drives the market growth.
Furthermore, Mexico is another cleading revenue contributor to the market in North America. The Maxios government increased government and private hospital budgets due to an increase in the incidence of spinal cord injuries in its aging population, and increase the number of hospitals and rehabilitation centers using exoskeletons to move patients, thus boosting the North American market. In addition, researchers focusing on developing affordable exoskeletons are also contributing to the market growth during the forecast period.
The global exoskeleton market is witnessing significant growth, driven by technological advancements and increasing demand across various sectors like healthcare, military, and industrial. Innovations like Bionic’s Cray X and soft actuators are revolutionizing human augmentation equipment, enhancing physical capabilities and mobility. Merger and acquisition activities, along with government regulations and reimbursement policies, play pivotal roles in shaping the market landscape. Despite challenges like high equipment costs and regulatory hurdles, the industry is propelled forward by the introduction of powered lower-limb exoskeletons and wearable robots. Market players like Ekso Bionics and Parker Hannifin Corporation are leading the charge, focusing on improving materials, software technologies, and overall product affordability to expand market penetration and address musculoskeletal injuries effectively.
The prevailing trend in the market is the increasing adoption of exoskeletons integrated with both established and emerging technologies. There's a growing emphasis on leveraging exoskeletons equipped with Functional Electrical Stimulation (FES) and Brain-Computer Interface (BCI) for rehabilitating upper and lower extremities in patients with neuromotor disorders. FES facilitates coordinated muscle movement activation, aiding individuals in maintaining optimal physical function. Controlled by a BCI system within the MATLAB and Simulink environment, the FES exoskeleton device monitors brain electrical activity, utilizing advanced signal processing algorithms to control locomotion.
Furthermore, incorporating innovative approaches like FES and BCI into exoskeletons has the potential to significantly reduce healthcare expenses and enhance quality of life, particularly for individuals with spinal cord injuries, paraplegia, and paralysis. This increasing focus on integrating existing and emerging technologies into exoskeletons is poised to drive substantial growth in the market, shaping market trends during the forecast period.
Well-trained caregivers' requirement post-treatment is the major challenge that affects the growth of the market. Using a medical exoskeleton in a hospital, rehabilitation center, or home care facility requires the assistance of a well-trained caregiver who can assist in walking with the exoskeleton. However, the availability of such dedicated caregivers to support patients with spinal cord injuries and locomotion impairments is limited. Recruitment of well-trained caregivers is limited by factors such as human resources shortages, lack of standardization in training curricula and accreditation policies, and poor patient-caregiver coordination during exoskeleton ambulation.
Therefore, well-trained and certified exoskeleton trainers with hands-on training are required to support the use of medical exoskeletons in spinal cord injury patients. Companies such as ReWalk Robotics offer extensive training on the use of exoskeletons through the ReWalk Training Center (Exoskeletons). Considering all these factors, the shortage of well-trained caregivers is the major challenge and will impede the growth of the global exoskeleton market during the forecast period.
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The market trends and analysis report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market growth analysis report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Exoskeleton Market Customer Landscape
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Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Bionik Laboratories Corp.: The company offers exoskeleton such as ARKE lower body exoskeleton.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is experiencing significant growth, driven by various factors such as technological advancements and an aging population. With applications spanning medical, automotive, defense, and construction industries, exoskeletons offer solutions for spinal cord injuries (SCI) and occupational disorders like repetitive strain injury (RSI). Innovations like Bionic’s Cray X and Wandercraft SAS's Atalante X showcase the industry's progress, while regulatory frameworks ensure safety and quality standards. Despite challenges like high costs and regulatory hurdles, the market is witnessing expansion, particularly in emerging economies. Advancements in materials, sensors, actuators, and control systems have led to the development of lightweight, portable exoskeletons, revolutionizing human augmentation and industrial applications alike. As research and development activities continue and investment grows, the market is poised for further evolution and adoption worldwide.
The market research and growth report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Exoskeleton Market Scope |
|
Report Coverage |
Details |
Page number |
153 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 35.98% |
Market growth 2023-2027 |
USD 1.85 billion |
Market structure |
Concentrated |
YoY growth 2022-2023(%) |
34.14 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 40% |
Key countries |
US, Germany, UK, China, and Japan |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Bionik Laboratories Corp., Cyberdyne Inc., DIH Group, Ekso Bionics Holdings Inc., German Bionic Systems GmbH, Honda Motor Co. Ltd., Hyundai Motor Co., Lockheed Martin Corp., Marsi Bionics SL, Myomo Inc., Ottobock SE and Co. KGaA, Panasonic Holdings Corp., Parker Hannifin Corp., Press Brake Safety, RB3D, ReWalk Robotics Ltd., Rex Bionics Ltd., Sarcos Technology and Robotics Corp., and Wandercraft |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview |
If our market report forecasting report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Mobility Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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