Exoskeleton Market Size, Share & Trends Report

Exoskeleton Market Size, Share & Trends Analysis Report By Mobility (Mobile, Fixed/Stationary), By Technology (Powered, Non-powered), By Extremity, By End Use, By Region, And Segment Forecasts, 2021 - 2028

  • Published Date: Aug, 2021
  • Base Year for Estimate: 2020
  • Report ID: GVR-1-68038-071-2
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2019
  • Number of Pages: 150

Report Overview

The global exoskeleton market size was valued at USD 218.0 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 20.5% from 2021 to 2028. The increasing incidence of stroke and the growing adoption and usage of exoskeletons in various industries, including construction, military, and automobile, are the factors contributing to the surge in the adoption of exoskeletons. Additionally, the increasing prevalence of spinal cord injury (SCI) is anticipated to bolster the market growth over the forecast period. As per the data published by the National Spinal Cord Injury Statistical Center (NSCISC) in 2021, the U.S. accounted for around 17,700 new cases associated with spinal cord injuries in 2018. The total number of SCI cases rose to 17,730 and 17,810 cases in 2019 and 2020, respectively. It also stated that nearly 296,000 people with SCIs are currently residing in the U.S.

North America exoskeleton market size, by mobility, 2018 - 2028 (USD Million) 

Moreover, the introduction of technologically advanced products is expected to drive the adoption of exoskeletons in the coming years. In June 2021, suitX announced the launch of shieldX for health workers that are required to wear hefty anti-radiation aprons. These heavy aprons cause back and neck problems, restricting activities outside of work and shortening careers. In May 2021, Roam Robotics launched Ascend, a robotic partial knee orthosis that adjusts as per wearer needs and helps in reducing knee pain and regaining mobility.

Musculoskeletal injuries and disorders such as Repetitive Strain Injury (RSI), Cumulative Trauma Disorders (CTD), and Occupational Overuse Syndromes (OOS) are affecting the construction industry. According to the data published by the WHO in February 2021, around 1.71 billion people across the world have musculoskeletal disorders. As per the data published by the Health and Safety Executive (HSE) in November 2020, Great Britain accounted for 480,000 workers suffering from work-related musculoskeletal disorders across all industries in 2019-20 with a rate of 2,020 cases per 100,000 workers in the construction industry. This, in turn, is driving the adoption of exoskeleton technology owing to the benefits offered in assisting or augmenting a user’s physical activity or capacity, reducing the physical demands and fatigue experienced by construction workers, and improving workers’ health, safety, and performance.

The COVID-19 pandemic and the related responses to the pandemic have caused a significant impact on the global economy, including sharp increases in unemployment, supply chain disruptions, and overall economic uncertainty. According to Ekso Bionics' annual report, the company registered an overall decrease in revenue by 36.0% in FY2020 compared to FY2019. It is due to the drop in sales volume of capital equipment, which is a result of cost containment measures triggered by the pandemic. The report states that the inpatient rehabilitation facilities had shifted their priorities to prepare and manage their business by delaying capital expenditures during the pandemic. It also stated that the demand for exoskeleton products is decreased by 38.0% in the current business environment, leading to 61 units booked in the year 2020 compared to 98 in 2019.

COVID19 Exoskeleton market impact: meager growth of 4.62% in 2020 as compared to 17.4% in 2019

Pandemic Impact

Post COVID Outlook

The exoskeleton market registered a declining growth rate of 4.6% from 2019 to 2020 as compared to 17.4% from 2018 to 2019.

The market is estimated to witness a y-o-y growth of over 18% in terms of revenue and nearly 12% in terms of volume in the next 5 years.

The market witnessed a decrease in capital equipment purchases owing to the temporary closing of rehabilitation centers and increased focus on COVID-related expenditure.

Increased strategic initiatives by market participants and ongoing clinical trials will positively impact market growth.

 

Furthermore, low purchasing power, limited exposure to technologically advanced products, and low per capita income in under-developed economies have limited the adoption of exoskeletons, which, in turn, is hindering the overall market growth. Companies in third world countries face various challenges associated with funding as compared to those in developed countries and patients in these countries do not have proper access to such novel technologies owing to limited financial support. For instance, inadequate healthcare services in low-income countries have resulted in limited access to rehabilitation therapies among the majority of the disabled population. Moreover, these countries rely significantly on medical device imports, in turn, making them expensive and limiting access. This is anticipated to challenge the market growth.

Mobility Insights

In 2020, the mobile exoskeleton mobility segment accounted for the largest share of 61.1% in terms of revenue and 62.2% in terms of volume. The segment is anticipated to register the fastest growth rate during the forecast period. Increasing demand for motor-equipped robots for assisting human body mechanics and surge in the R&D activities are the key factors driving the adoption of mobile exoskeletons. In addition, the presence of favorable reimbursement policies on the usage of exoskeletons in the developed countries is another significant factor contributing to the segment growth.

Moreover, innovative mobile exoskeleton introduced by manufacturers for various sectors to provide strength without restricting freedom of movement for enhancing productivity and significantly reducing serious injuries is bolstering the segment growth. The growth of the stationary exoskeleton segment is attributed to the rising usage of stationary systems in rehabilitation centers and the increasing prevalence of spinal cord injuries (SCIs).

Technology Insights

In 2020, the powered technology segment accounted for the largest share of 75.5% in terms of revenue and 67.6% in terms of volume. The increasing incorporation of powered exoskeletons in various sectors for increasing personal safety and productivity is aiding the market growth. In addition, the segment growth is attributed to the benefits offered by powered exoskeletons such as increasing strength, offering smoother lifting motion, supporting construction workers in moving weighted objects without straining their bodies, and acting as a force multiplier, which, in turn, boosts productivity among teams as well as single workers.

The non-powered or passive segment is anticipated to register the fastest growth rate during the forecast period. Increasing product launches are anticipated to support the market growth in the coming years. For instance, in December 2020, Hilti announced the launch of its passive exoskeleton, EXO-O1, in partnership with Ottobock SE, for the construction industry. The weight of the arms is transferred to the hips through mechanical cables by this passive exoskeleton that does not require an energy source. As per Ottobock's research and other independent studies, the device claims to lower peak stress by up to 47.0% on the muscles and shoulders.

Extremity Insights

In 2020, the lower body segment accounted for the largest share of 44.0% in terms of revenue and 53.9% in terms of volume. The increasing prevalence of lower body disabilities and a rise in the adoption of exoskeletons for offering stability to the geriatric and paralyzed population and providing locomotion and weight-bearing capabilities are boosting segment growth. In addition, they are utilized in various other applications that include assisting soldiers on the battlefield or increasing a player's speed and coverage.

The upper body segment is anticipated to register the fastest growth rate during the forecast period. This is attributed to the benefits associated with the adoption of exoskeleton for upper extremity including post-stroke rehabilitation, musculoskeletal and neurological impairments, and supporting the disabled population in properly managing their activities of daily living. For instance, in July 2019, Ekso Bionics Holdings, Inc. announced the launch of EksoUE, a rehabilitation device for upper extremities, for expanding its medical exoskeleton portfolio.

End-use Insights

In 2020, the healthcare end-use segment accounted for the largest share of 52.0% in terms of revenue and 52.5% in terms of volume. The increasing prevalence of spinal cord injuries (SCI), growing usage of these solutions in rehabilitation centers, and subsequent rise in the treatment rates are some of the major factors boosting the segment growth. In addition, surging awareness regarding technologically advanced systems, along with a rise in the number of FDA approvals on medical exoskeletons, is anticipated to drive the adoption of exoskeletons in the healthcare industry. For instance, in April 2016, Ekso Bionics announced that the company’s Ekso GT Robotic Exoskeleton obtained FDA approval for clinical use in rehabilitation centers for treating patients with hemiplegia and spinal cord injuries.

Global exoskeleton market share, by end use, 2020 (%)

The industry segment is anticipated to register the fastest growth rate during the forecast period. The growth of this segment is attributed to the increasing awareness regarding the benefits offered by exoskeleton technology in various industrial applications and the rising prevalence of work-related injuries. Moreover, significant demand associated with the introduction of novel technologies to empower people in various sectors, including manufacturing, construction, and distribution, is anticipated to bolster the adoption of exoskeletons in the industrial sector, thereby aiding segment growth.

Regional Insights

In 2020, North America accounted for the largest revenue share of 47.4% and the second-largest volume share of 29.1%. This is attributed to the growing disabled population, high research expenditure in the healthcare sector by private entities as well as government agencies, the availability of technologically advanced medical devices, and a surge in collaborations in the medical device industry. According to the data published by the CDC, 61 million (26.0%) adults in the U.S. have a disability with 13.7% of the total disabled population living with mobility disabilities. In addition, the rising geriatric population, the high purchasing power of the patients, increasing human augmentation in the military and industrial sectors, and the presence of many public and private entities offering funds and grants for the development of technologically advanced products are aiding the market growth. For instance, in September 2020, Sarcos raised USD 40.0 million in a Series C funding round led by Rotor Capital. The funding is aimed to increase the commercial production of the company’s Guardian XO product.

Asia Pacific is anticipated to register the fastest growth rate in terms of revenue during the forecast period. The presence of a large patient pool requiring exoskeletons for rehabilitation is anticipated to drive the regional market during the forecast period. In addition, growing healthcare infrastructure, coupled with the increasing availability of government funding on medical devices, is driving the adoption of exoskeletons thereby, aiding the market growth. For instance, companies in Japan are providing exoskeletons to workers in order to tackle a labor shortage and encourage older workers to stay on the job. Economic development in nations like India, China, and Japan and favorable government efforts to expand healthcare infrastructure is projected to fuel market growth.

Key Companies & Market Share Insights

Some of the key market players are continuously investing in the development of advanced products and gaining product approval from regulatory bodies to gain a competitive advantage over others in the market, which is expected to drive the market. For instance, in June 2020, Ekso Bionics Holdings, Inc. received 501(k) clearance from the FDA to market the company’s EksoNR robotic exoskeleton for patients with acquired brain injury (ABI). In January 2018, Cyberdyne announced that the company had received approval from the U.S. FDA to offer its HAL (Hybrid Assistive Limb) lower-body exoskeleton through licensed medical facilities for end users in the U.S. The growing market competition and increasing product launches are further expected to drive the market over the forecast period. Some prominent players in the global exoskeleton market include:

  • Ekso Bionics

  • Hocoma

  • Lockheed Martin Corporation

  • Suit X (U.S. Bionics, Inc.)

  • Rex Bionics Plc.

  • RB3D

  • ReWalk Robotics Ltd.

  • Cyberdyne, Inc.

  • ActiveLink (Panasonic Corporation)

Exoskeleton Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 257.9 million

Revenue forecast in 2028

USD 953.1 million

Growth Rate

CAGR of 20.5% from 2021 to 2028

Market demand in 2021

8,741.0 units

Volume forecast in 2028

22,277.0 units

Growth Rate

CAGR of 14.3% from 2021 to 2028

Base year for estimation

2020

Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD million, volume in units, and CAGR from 2021 to 2028

Report coverage

Revenue forecast, volume forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Mobility, technology, extremity, end use, region

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

U.S.; Canada; Germany; U.K.; Spain; Italy; France; Russia; Japan; China; India; Australia; Singapore; South Korea; Brazil; Mexico; Argentina; South Africa; Saudi Arabia; UAE

Key companies profiled

Ekso Bionics; Hocoma; Lockheed Martin Corporation; Suit X (U.S. Bionics, Inc.); Rex Bionics Plc.; RB3D; ReWalk Robotics Ltd.; Cyberdyne, Inc.; ActiveLink (Panasonic Corporation)

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

 

Segments Covered in the Report

This report forecasts revenue and volume growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research, Inc. has segmented the global exoskeleton market report on the basis of mobility, technology, extremity, end use, and region:

  • Mobility Outlook (Volume, Units; Revenue, USD Million, 2016 - 2028)

    • Mobile

    • Fixed/Stationary

  • Technology Outlook (Volume, Units; Revenue, USD Million, 2016 - 2028)

    • Powered

    • Non-powered

  • Extremity Outlook (Volume, Units; Revenue, USD Million, 2016 - 2028)

    • Upper Body

    • Lower Body

    • Full Body

  • End-use Outlook (Volume, Units; Revenue, USD Million, 2016 - 2028)

    • Healthcare

    • Military

    • Industry

  • Regional Outlook (Volume, Units; Revenue, USD Million, 2016 - 2028)

    • North America

      • U.S.

      • Canada

    • Europe

      • Germany

      • U.K.

      • Spain

      • Italy

      • France

      • Russia

    • Asia Pacific

      • Japan

      • China

      • India

      • Australia

      • Singapore

      • South Korea

    • Latin America

      • Brazil

      • Mexico

      • Argentina

    • MEA

      • South Africa

      • Saudi Arabia

      • UAE

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