Exoskeleton Market Size, Share & Trends Analysis Report, By Mobility, By Technology, By Extremity, By End-use, By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global exoskeleton market size was valued at USD 334.5 million in 2022 are expected to expand at a compound annual growth rate (CAGR) of 16.9% in terms of revenue. The rapidly growing global geriatric population, rising adoption rates of medical devices in different industries such as automobile, military, defense, and construction, and rising incidence of stroke are some of the key driving forces responsible for the growth of exoskeleton market.

Furthermore, the growing incidence rate of spinal cord injuries (SCI) is expected to drive the demand across global market. As per National Spinal Cord Injury Statistical Center (NSCISC) estimates in 2021, the number of SCI cases in 2019 and 2020 were 17,730 and 17,810, respectively. Moreover, approximately 296,000 Americans suffer from some form of SCIs.

Exoskeletons solutions are being widely adopted across industries to support reduce accidents and boost productivity. The rising demand has led to the development of several startups that are expertizing in the exoskeleton technology and providing solutions for rehabilitation. In addition, the continuously growing exoskeleton industry is driving the players in the market to devise or formulate innovative development initiatives to boost the adoption rate over the forthcoming years. For instance, suitX launched shieldX in 2021. This exoskeleton can be utilized by the health workers that are wearing heavy anti-radiation aprons and are prone to suffering from neck & back problems.

Some of the most common musculoskeletal injuries and disorders affecting the construction industry are cumulative trauma disorders (CTD), occupational overuse syndrome (OOS), and repetitive strain injury (RSI). As per WHO data estimates published in February 2021, approximately 1.71 billion individuals across the globe suffer from musculoskeletal disorders. According to Health and Safety Executive (HSE) data estimates in November 2020, approximately 480,000 workers in Great Britain suffer from occupation-related musculoskeletal disorders across several industries.

These are some of the driving forces boosting the adoption of exoskeleton solutions owing to the benefits associated with exoskeleton technology such as augmenting or assisting user’s physical activity or capability, improving users’ health & productivity, and reducing fatigue experienced by the industrial workers.

However, the growth and development of exoskeleton market is restrained by the limited technological advancements and low per capita income in emerging economies and under-developed countries. Companies in under-developed nations face several challenges in the form of lack of funding and the lack of accessibility to these novel technologies for the patients. For instance, lack of adequate healthcare services in emerging economies has restricted access to rehabilitation therapies for disabled communities. Furthermore, these developing countries heavily depend on medical device imports which make these devices more expensive and restrict access, thereby challenging the development and growth of the market.

The COVID-19 outbreak had an adverse impact on the global economy, disrupted supply & demand chains, increased unemployment, which led to overall economic uncertainty. As per Ekso Bionics’ 2020 annual report, it stated an overall decrease of 36.0% in revenue earning in FY2020 as compared to FY2019 owing to the significant decline in sales of medical devices. Furthermore, the annual report stated that the demand for exoskeleton-related products dramatically reduced by around 38.0% during the onset of the pandemic leading to a booking of 61 units in 2020 as compared to 98 units in 2019.

Mobility Insights

In 2022, the mobile segment dominated the exoskeleton market and accounted for the largest revenue share of 61.4% and largest volume share of 62.3%. The mobile segment is anticipated to register the fastest growth rate during the coming years. This significant market share and major growth rate is attributable to the surge in demand for the motor-equipped robots for aiding human body mechanics and rise in research and development activities.

Moreover, the availability of favorable reimbursement policies promoting the adoption of exoskeleton technologies in emerging economies & developing nations is directly contributing to the development and growth of the segment. Furthermore, key participants are constantly introducing innovative solutions for various industries which support worker/user’s health, boost productivity, reduce fatigue, and minimize risks of serious injuries.

Technology Insights

In 2022, powered technology segment dominated the exoskeleton market and accounted for the largest revenue share of 73.9% and volume share of 67.6% owing to the rising implementation of powered exoskeleton solutions in several industries to enhance personal safety and boost productivity. Furthermore, the benefits associated with powered technology products are smoother lifting motion, reduced strain on worker’s body, increased strength, force multiplier, enhanced productivity.

However, non-powered or passive technology segment is anticipated to register the fastest growth rate during the forthcoming years owing to the growing number of innovative product launches. For instance, in December 2020, Hilti partnered with Otto bock SE to launch EXO-O1, a passive exoskeleton used by the construction industry. In this passive exoskeleton, the weight of the arms using mechanical cables is transferred to the hips without the use of an energy source. As per Otto back research studies, EXO-O1 reduces lower peak stress on muscles and shoulders by 47.0%.

Extremity Insights

In 2022, lower body segment dominated the exoskeleton market and accounted for the largest revenue share 42.7% and volume share of 53.1% owing to the alarming rise of lower body disabilities and growing adoption rates of exoskeleton products by paralyzed and geriatric population for stability, mobility, and weight-bearing capabilities. Moreover, these lower body solutions are widely used by the military and defense personnel for assisting soldiers or enhancing soldiers’ speed & coverage.

However, upper body segment is anticipated to register the fastest growth rate during  he forthcoming years owing to the benefits provided by the exoskeleton products for the upper extremities such as supporting disabled communities and rehabilitation aid in post-stroke, neurological, or musculoskeletal impairments. For instance, in July 2019, Ekso Bionics Holding Inc. launched EksoUE, used to provide rehabilitation aid for the upper extremities.

End-use Insights

In 2022, healthcare segment dominated the exoskeleton market and accounted for the largest revenue share of 50.6% and volume share of 51.1% owing to the rising incidence rate of spinal cord injuries (SCIs), widespread adoption of these products & solutions in rehabilitation centers, and significant surge in treatment numbers. Moreover, growing number of regulatory approvals and rising awareness towards technologically advanced systems are driving the demand & adoption rate of exoskeleton products in the healthcare industry.

For instance, in November 2021, ReWalk Robotics received U.S. FDA approval for home exoskeleton device aiding in ankle function restoration in stroke patients. The expansion of the company’s line up for improving exoskeleton technology to empower people to stand, walk, and carry heavy objects is one of the critical factors expected to drive the market during the forecast period. Companies such as ReWalk Robotics, Ekso Bionics, and Cyberdyne are among few players contributing to the market growth.

On the other hand, industry segment is anticipated to register the fastest growth during the forthcoming years owing to the rising awareness levels towards the benefits associated with exoskeleton technologies in several industry applications and rapidly growing incidence rate of occupation-related injuries. Furthermore, the surge in demand for novel technologies and growing adoption of the same in multiple sectors such as construction, manufacturing, and distribution is expected to accelerate growth of the industry segment.

Regional Insights

In 2022, North America dominated the exoskeleton market and accounted for the largest revenue share of 46.5% and volume share of 27.7% owing to the growing prevalence of disabled individuals, rising expenditure on research activities, growing public & private support, increasing number of partnerships & collaborations amongst key participants, and availability of technologically advanced products. According to CDC data estimates, approximately 61.0 million individuals suffer from some kind of disability in the U.S. and amongst the total disabled population 13.7% of the population suffers from mobility disabilities.

Moreover, the rapidly growing geriatric population, rising disposable income, availability of public & private investors, widespread presence of key market players, and growing human augmentation in industry and military verticals is driving the growth. For instance, in September 2020, Sarcos raised a funding of USD 40.0 million in Series C round led by Rotor Capital and will utilize this funding to expand commercial production levels of Guardian XO product.

On the other hand, Asia Pacific is anticipated to register the fastest growth rate during the forthcoming years owing to growing patient pool requiring rehabilitation support. Developing & advancing healthcare infrastructure, availability of government support & funding is driving the development & growth of exoskeleton market in Asia Pacific. Constant economic development in economies such as China, Japan, and India coupled with favorable public & private support is expected to bolster the development & growth.

Key Companies & Market Share Insights

The key participants are constantly focusing on devising innovative product development strategies and receiving timely product approvals from regulatory authorities to expand their business footprint and grow their product portfolio. For instance, in June 2020, Ekso Bionics received U.S. FDA approval for clinical use of EksoNR robotic exoskeleton which is used in patients suffering from acquired brain injury (ABI).

Growing number of technological collaborations, partnerships, geographic expansion, and mergers & acquisitions are anticipated to accelerate the market growth during the forthcoming years.Some of the key players in global exoskeleton market include:

• Lockheed Martin Corporation

• RRB3D

• Ekso Bionics

• suitX

• Re Walk Robotics Ltd

• Hocoma

• Rex Bionics PLC.

• Active Link (Panasonic Corporation

• Cyber dyne, Inc.

Recent Development

• In December 2022, Ekso Bionics announced the acquisition of Parker Hannifin Corporation’s Human Motion and Control business unit. This acquisition includes Parker’s Indego lower limb exoskeleton product line and the strategic development of robot-assisted prosthetic and orthotic devices. 

• In June 2022, CYBERDYNE Inc. formed a business and capital alliance with LIFESCAPES Inc. This collaboration highlighted the combined effort to further leverage the exoskeleton technology arena and improve rehabilitation options for patients with severe paralysis.

• In June 2022, CYBERDYNE Inc. announced its collaboration with the Social Security Organization (SOCSO) in Malaysia. This initiative led to the expansion of Cybernics Treatment using hybrid assistive limb (HAL) for SOCSO-insured patients.

Exoskeleton Market Report Scope

Global Exoskeleton Market Report Segmentation

This report forecasts revenue and volume growth at global, regional, and country level in addition to provides an analysis on latest industry trends and opportunities in each of the sub segments from 2016 to 2030. For this study, Grand View Research, Inc. has segmented the global exoskeleton market report based on the mobility, technology, extremity, end-use and region:

• Mobility Outlook (Revenue (USD Million) and Volume (Units), 2016 - 2030)

  • Mobile

  • Fixed/Stationary

• Technology Outlook (Revenue (USD Million) and Volume (Units), 2016 - 2030)

  • Powered

  • Non-powered

• Extremity Outlook (Revenue (USD Million) and Volume (Units), 2016 - 2030)

  • Upper Body

  • Lower Body

  • Full Body

• Technology By Extremity Outlook (Revenue (USD Million) and Volume (Units), 2016 - 2030)

  • Powered

    • Upper Body

    • Lower Body

    • Full Body

  • Non-Powered

    • Upper Body

    • Lower Body

    • Full Body

• End-use Outlook (Revenue (USD Million) and Volume (Units), 2016 - 2030)

  • Healthcare

  • Military

  • Industry

• Regional Outlook (Revenue (USD Million) and Volume (Units), 2016 - 2030)

  • 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