Global Exoskeleton market is expected to reach ~USD 2500 Mn by 2028F: Ken Research

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Global Exoskeleton Market By Geography

The Global Exoskeleton market is segmented by geography into North America, Europe, Asia- pacific and LAMEA.

North America accounted for the largest market share among all regions within the total Global Exoskeleton Market in 2022.

The growth is primarily due to the increase in disability issues in individuals as well as continuous spending on research & development for the exoskeleton.

In August 2018, the Centers for disease control and prevention which is the public health agency of the U. S that serves under the U.S department of health and human services stated that in one of four U.S Adults i.e., around 61 million Americans suffer from a disability that majorly impacts their life activities.

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Competition Scenario In Global Exoskeleton Market

The Global Exoskeleton Market is highly competitive with ~100 players which include globally diversified players, regional players as well as a large number of country-niche players each with their niche in Exoskeleton manufacturing. Large global players constitute ~20% of competitors, while country-niche players represent ~45% of competitors. Most of these country players include component manufacturers and assembling companies. Some of the major players in the market include Ekso Bionics Holdings, ReWalk Robotics, Cyberdyne Inc., Rex Bionics Ltd., Sarcos, Lockheed Martin Corporation, B-Temia, Ottobock, DIH Medical, Medi-Touch, and among others.

What Is The Expected Future Outlook For The Overall Global Exoskeleton Market Across The Globe?

The Global Exoskeleton market was valued at USD ~billion in 2022 and is anticipated to reach USD ~2.5 billion by the end of 2030, witnessing a CAGR of ~% during the forecast period 2022-2030. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.

The Global Exoskeleton market is driven by adoption of the exoskeleton in the healthcare sector for robotic rehabilitation. However, the market is also constantly being influenced by rapid development in technology, product innovation, and diversification in some countries.

With the increasing collaboration and emergence of new products, the Global Exoskeleton market is changing rapidly. For instance, In February 2022, CYBERDYNE Inc. received its marketing license approved by the Ministry of Health Republic of Indonesia, for Medical HAL Single Joint Type which is a “Wearable Cyborg” for the upper body exoskeleton that improves the physical function of the user.

In September 2020, Sarcos Robotics raised US$ 40 Million in Funding, the funding is likely to be used for the production of Guardian XO which is an industrial exoskeleton that is going to be the world’s first full-body, battery-powered Exoskeleton with enhanced strength and endurance.

The Global Exoskeleton Market is forecasted to grow exponentially with a CAGR of ~20% during the forecast period primarily driven by the adoption of the exoskeleton in the healthcare sector for robotic rehabilitation. Though the market is highly competitive with ~ 100 participants, few global players control the dominant share and country-niche players also hold a significant share. North America is the dominating region, owing to the High Purchasing power of the Users.

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Key Topics Covered in the Report

• Snapshot of Global Exoskeleton Market
• Industry Value Chain and Ecosystem Analysis
• Market size and Segmentation of the Global Exoskeleton Market
• Historic Growth of the Overall Global Exoskeleton Market and Segments
• Competition Scenario of the Market and Key Developments of Competitors
• Porter’s 5 Forces Analysis of the Global Exoskeleton Industry
• Overview, Product Offerings, and Strategic Developments of Key Competitors
• COVID-19 Impact on the Overall Global Exoskeleton Market
• Future Market Forecast and Growth Rates of the Total Global Exoskeleton Market and by Segments
• Market Size of Mobility/End-user Segments with Historical CAGR and Future Forecasts
• Analysis of the Global Exoskeleton Market
• Major Production/Supply and Consumption/Demand Hubs within Each Major Country
• Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
• Overview of Notable Emerging Competitor Companies within Each Region

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Notable Emerging Companies Mentioned in the Report

• Fourier Intelligence
• Seismic
• ROAM Robotics
• Trexo Robotics
• Bionic Yantra

Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report

• Exoskeleton Manufacturers
• Exoskeleton Raw Material Suppliers
• Exoskeleton Products Manufacturers
• Government Ministries of health and rehabilitation
• Government Ministries of Defense
• Exoskeleton Industry Association
• Exoskeleton Companies
• Venture Capitalists Targeting Exoskeleton Industry

Time Period Captured in the Report

• Historical Period: 2019-2021
• Forecast Period: 2022E-2030F

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Global Exoskeleton market

Global Exoskeleton Market expected to record a CAGR of ~20% during the forecast period (2017-2028): Ken Research

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What Is The Size Of Global Exoskeleton Industry?

Global Exoskeleton market is growing at a CAGR of ~% in 2019-2022 and is expected to reach ~USD 2.5 Bn by 2030.

The Exoskeleton Market is largely driven by adoption of the exoskeleton in the healthcare sector for robotic rehabilitation

Robotic rehabilitation means designing wearable robotic exoskeletons to improve movement in persons with impaired physical functioning. According to the Rehabilitation Council of India, a government body that regulates training programs and courses targeted at the disabled, and special education requirement communities, stated that for every 1 billion of the population the spinal cord injury rate is between 1.85% to 2.19% out of which 75% are from rural areas.

The High Cost of exoskeletons is one of the Major challenges hindering the growth of the global exoskeleton market. Due to rapid advancements in exoskeleton technology, i.e., providing better efficiency and high payload the cost of exoskeletons rises significantly. Furthermore, the average cost of an Exoskeleton in the healthcare sector varies from US$ 77,000 to US$ 100,000.

The COVID-19 pandemic slowed the growth of the Global Exoskeleton Market, owing to the shutdown of production activities in various industrial areas including Robotic Exoskeleton manufacturing units. As a result, production showed a decline in the Global Exoskeleton market.

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Global Exoskeleton Market By Technology

The Global Exoskeleton market is segmented by Technology into Powered and Passive.

DGBEF segment held the largest market share of the Global Exoskeleton Market in 2022, as it improves thermal stability, has strong mechanical properties, and provides moisture resistance. It is used extensively across multiple end-user industries such as building & construction and automotive.

DGBEF is Diglycidyl Ether Bisphenol F, a reaction product of phenol and formaldehyde. This type of Exoskeleton is sold as liquids and solid resin dissolved in solvent and prepregs.

DGBEF performs better in resisting chemical attack as compared to other types, owing to its higher density of cross-links.

Global Exoskeleton Market By Mobility

The Global Exoskeleton market is segmented by Mobility into Mobile and Stationary

The liquid form segment held the largest market share of the Global Exoskeleton Market in 2022. The reason behind the largest share of this segment is a wide area of applications in almost all industries.

Exoskeleton in liquid form prevents corrosion and as a sealant, it protects surfaces, including pipelines, metal, floors, countertops, and equipment parts.

It is often found in transistors and electrical circuits to protect parts from moisture, dirt, dust, and other debris that can damage materials over time.

In March 2019, Axalta launched liquid epoxy-based casting resin system, Voltacast 3310/Voltacast H134. The launch of products expanded the Voltacast product portfolio of casting resins from Axalta’s Energy Solutions business.

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Global Exoskeleton Market By Body Type

The Global Exoskeleton market is segmented by Body type into Full Body, Upper Body and Lower Body.

The Lower Body segment accounted for the largest market share in the Body Type segment in 2022.

Rise in lower body disabilities and the adoption of exoskeletons by paralyzing or old populations is likely to drive the lower body segment in the global exoskeleton market.

The lower body exoskeletons are also used in defense for increasing the speed of soldiers that helping them to carry heavy equipment such as ammunition and guns for a longer duration.

Global Exoskeleton Market By End-User

The Global Exoskeleton market is segmented by End-User into Healthcare, Defense/Military, Industrial and Others.

The Healthcare segment accounted for the largest market share in the End-User segment in 2022.

The growth is primarily due to the adoption of the exoskeleton in the healthcare sector for robotic rehabilitation and robotic therapy.

Many Hospitals and Rehabilitation Centers use exoskeletons for the treatment of patients suffering from spinal injuries, paralysis, and stroke.

Key Topics Covered in the Report

• Snapshot of Global Exoskeleton Market
• Industry Value Chain and Ecosystem Analysis
• Market size and Segmentation of the Global Exoskeleton Market
• Historic Growth of the Overall Global Exoskeleton Market and Segments
• Competition Scenario of the Market and Key Developments of Competitors
• Porter’s 5 Forces Analysis of the Global Exoskeleton Industry
• Overview, Product Offerings, and Strategic Developments of Key Competitors
• COVID-19 Impact on the Overall Global Exoskeleton Market
• Future Market Forecast and Growth Rates of the Total Global Exoskeleton Market and by Segments
• Market Size of Mobility/End-user Segments with Historical CAGR and Future Forecasts
• Analysis of the Global Exoskeleton Market
• Major Production/Supply and Consumption/Demand Hubs within Each Major Country
• Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
• Overview of Notable Emerging Competitor Companies within Each Region

Request free 30 minutes analyst call

Notable Emerging Companies Mentioned in the Report

• Fourier Intelligence
• Seismic
• ROAM Robotics
• Trexo Robotics
• Bionic Yantra

Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report

• Exoskeleton Manufacturers
• Exoskeleton Raw Material Suppliers
• Exoskeleton Products Manufacturers
• Government Ministries of health and rehabilitation
• Government Ministries of Defense
• Exoskeleton Industry Association
• Exoskeleton Companies
• Venture Capitalists Targeting Exoskeleton Industry

Time Period Captured in the Report

• Historical Period: 2019-2021
• Forecast Period: 2022E-2030F

For More Insights On Market Intelligence, Refer To The Link Below: –

Global Exoskeleton market

Growing Demand from Healthcare Sector for Robotic Rehabilitation, Followed by Huge Investment for Development of Exoskeleton Technology to Drive the Global Exoskeleton Market over the Forecast Period: Ken Research

Exoskeletons are wearable devices used to increase physical competency of the wearer. These wearable devices assists limb movements with the better strength help the wearer for performing different tasks. The exoskeleton devices are powered with electric motors, pneumatics, actuators, sensors, hydraulics, levers and a combination of technologies. They are also used for improving the quality of life by removing the mobility disorders in the medical field which are on the rise.

According to study, “Global Exoskeleton Market 2019 by Manufacturers, Regions, Type and Application, Forecast to 2024” the other major companies which are currently working in the global exoskeleton market are Cyberdyne, ReWalk Robotics, Hocoma, LockHeed Martin, Ekso Bionics, Bionik Laboratories, Meditouch, Myomo, Interactive Motion Technologies, DIH Technologies, Parker Hannifin, Wandercraft, B-TEMIA Inc., Focal Meditech, Rewalk Robotics, Mitsubishi Heavy Industries, Daiya Industry Co., Rex Bionics Ltd., Panasonic, Ottobock, Alter G, Myomo, US Bionics. These manufacturers are entering into strategic collaborations, product portfolio expansions and mergers & acquisitions, which are their primary sustainability strategies to maintain their proceeds margins in the long run. In addition, many of the startup companies have entered in profitable market space to exploit opportunities present in the market.

Based on product type, global exoskeleton market is segmented into rigid exoskeleton and soft exoskeleton. Based on body part, market is segmented into lower body exoskeleton, upper body exoskeleton and complete body exoskeleton. Based on the component type, the market is characterized into sensors, power source and actuator etc. Sensors include accelerometer, microphone, tilt sensor, gyroscope, position sensor and others. Actuator includes electrical, hydraulic, pneumatic, piezoelectric and others. Based on the indication type, market is segmented into paraplegia, paralysis and weaker appendages. Based on technology movement, the market is segmented into stationary technology movement and mobile technology movement. Stationary exoskeleton gives power assistance over the week limbs and aids the body parts to get stronger. Mobile exoskeleton supports powered knee or hip motion to enable individuals with spinal cord injuries to stand & walk. Based on technology, market is segmented into active, semi-passive and passive. Based on drive, market is segmented into electric actuator, fuel cell, hydraulic actuator, fully mechanical, electric servo and others. Based on the end-user, market is classified into defense or military, healthcare and industrial.

The global exoskeleton market is driven by growing demand from healthcare sector for robotic rehabilitation, followed by huge investment for the development of the exoskeleton technology, growing research & development (R&D) activities, increasing prevalence of spinal cord injuries (SCIs), increase in demand for motor-equipped robots and advancement in robotic technologies. Apart from benefits, risks involved with using exoskeletons due to vague safety guidelines is a major restraint factor associated with market. Some of the other factors hindering factors associated with the market include strict government regulations and high costs associated with devices.

North American region dominates global exoskeleton market owing to rise in purchasing power of patients and increase in geriatric population. The European region held the second largest market share due to high penetration of aged population. The global market for exoskeleton is estimated to grow at a CAGR of about 53.6% over the forecasted period, and is expected to reach US $950 million USD by 2024, from US $110 million in 2019.

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Global Exoskeleton Market

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